Voyageur 52
News for residents of the “11th province”: Canadians abroad.
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Wealthsimple First Canadian Fintech to Join the Global Wire Transfer Network
If you've ever wired money out of Canada and winced at the fee, this one's for you. Wealthsimple said Tuesday it has become a direct member of SWIFT, the Brussels-based messaging network that connects more than 11,500 banks and financial institutions in 200-plus countries. It's the first Canadian fintech to get that access.
The practical difference is price. Sending a wire from one of the Big Six banks typically has typically cost between $35 and $50 before now. Wealthsimple will charge $15 to send and nothing to receive. The company says its three million clients will be able to wire money to foreign lawyers, investment accounts, or businesses that only accept wire transfers.
Canada's banking market is one of the most concentrated in the developed world, with six banks holding more than 90% of the market. Ottawa has been trying to open it up, and the banking regulator is making it easier for fintechs and credit unions to get licences. Wealthsimple has been quietly collecting the infrastructure pieces without bothering with a banking licence at all.
Read more: The Globe and Mail
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The World Is Calling Our Energy Minister
The Iran war is barely a week old and Tim Hodgson's phone is ringing off the hook. Canada's energy minister said he's getting calls from countries asking how quickly Canadian producers can fill the gap as oil and gas prices climb and shipments through the Strait of Hormuz slow to a crawl.
"The world right now is feeling incredibly insecure as a result of this weekend," Hodgson told CBC News on the sidelines of a major mining conference in Toronto. He was honest about the timeline, though. "You don't change the amount of production of LNG or oil in days."
Hodgson also announced $3.6 billion in new critical minerals investment, saying that Canada's rocks and metals are bargaining chips in trade talks. "In trade negotiations, our critical minerals are cards in our hands," he said. He added, pointedly, that Canada would never use its resources as a "coercive tool" - a line thrown out for both Washington and Beijing without naming either.
Read more: CBC News