The company, best known for its currency exchange and international money transfers, launched the no-fee product that replicates the features of a traditional chequing account at a new pop up “branch” at Toronto’s Eaton Centre mall. (The Logic)

Talking point: Challenger banking is becoming a crowded field in Canada, buoyed by a competition-friendly federal government. Wise will compete with fintechs Wealthsimple, Koho and Neo Financial, as well as digital banks Tangerine, EQ Bank and Haventree, which launched in July. Wise’s Canadian launch is part of an international expansion into banking: it’s exploring a banking licence in the U.K., was recently denied one in the U.S. and recently became licensed to offer various financial services in the United Arab Emirates, India and Australia. In an interview, Vinay Nilakantan, Wise head of product for North America, declined to say whether the company will seek a Canadian banking licence under the federal regulator’s new fast-track program, but said the company is “constantly evaluating” opportunities.

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