DISQUS

StartupNorth: IOUCentral - P2P Banking isn’t always so simple?

  • Thusenth · 1 year ago
    Anyone could have seen this one coming. Our banking system is no where close to that of the United States. Anyone who's driven through both can quickly realize anyone can open a bank up in the US. In Canada, if you're going to be accepting deposits at that sort of scale, you'll need to be a chartered bank, a trust, a credit union or a caisses populaire. The government has a tight leash on banking in Canada (and thankfully so).
  • Dan · 1 year ago
    My guess is that they were trying to persuade the regulators that they aren't actually a deposit-taking institution. Which I do have some agreement with, they're merely transferring money from one chartered bank account to another (their's at National Bank of Canada).

    Paypal seems to be operating here quite well working with the same principles, and the Canadian banks haven't been forced to shut them out either.
  • P2P-Banking.com · 1 year ago
    More on current status and reasons why the regulator intervened:
    http://www.wiseclerk.com/group-news/countries/c...
  • Josh Neumann · 1 year ago
    Looking forward to further updates. Social lending is always an interesting topic, and it will be interesting to see which firm wins out. Keep us posted.
  • nfcucom · 6 months ago
    Thanks for the info! It took some time to catch on but I’ve got it now. thanks.
    If you want to visit my site www.nfcu-org.com.