Canada

Canadian banks, financial institutions, fintechs and commerce companies have come together to develop a Canadian dollar-backed stablecoin that is slated to go live in early 2026. The move comes as U.S.-based banks continue to evaluate their own participation in the post-GENIUS Act world.

The Toronto-based bank announced enterprise-wide and business-specific revenue and expense targets, almost exactly one year after it was hit with more than $3 billion in fines and an asset cap for money-laundering-related blunders.

The Canadian bank said it will take at least a year to hit an inflection point in U.S. loan growth. It has been shedding assets in an effort to free up space for growth in more promising business lines.

The Toronto-based bank has promoted Kevin Li to take over as head of its American operations. He will succeed Shawn Beber, who is retiring.

The card brand's Pismo platform will support banking services for the Auckland-based fintech Dosh; Tether collaborates with a blockchain firm to expand USDT. That and more in American Banker's global payments and fintech roundup.

The U.K. challenger bank would follow London fintech Wise in emphasizing New York over London in an effort to boost valuation and establish a foothold in the U.S. Plus, Lloyds is in talks to buy all-in-one card fintech Curve; and more news in the global payments and fintech roundup.

A jump in provisions dragged down the Royal Bank of Canada's profits last quarter, prompted by the bank's fears of a potential tariff-driven recession.

The bank, which expanded into the U.S. last year by investing in KeyCorp, wants to provide wealth management to rich Indian immigrants, many of whom own businesses.

As Trump loomed over the election, Mark Carney told supporters he would focus on strengthening Canada's economic independence, including making the nation into an "energy superpower."

Dodig, who has led the Canadian bank since 2014, will be succeeded by Harry Culham, CIBC's head of capital markets.

The president exempted Mexican and Canadian goods covered by the North American trade agreement from his 25% tariffs, offering reprieves to America's two largest trading partners.

President Donald Trump's 25% tariffs on Canada and Mexico are on track to go into place on Tuesday and he plans to impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the nation's largest trading partners.

The Ontario-based lender announced a partnership that represents the first dividend from its recent acquisition of a Minnesota-based community bank.

Interchange reductions for small Canadian businesses join global efforts to curb swipe fees, prompting Visa and Mastercard to diversify

The workforce management platform and payment company launched a card to pay corporate expenses, an option that the country's large banks have mostly avoided.

Canadian Imperial Bank of Commerce is planning its second executive shuffle in six months, which the CEO says is part of its routine talent-management process.

Provisions for credit losses rose 7% in the third quarter, which was less than other Canadian banks have reported. The Toronto-based company also benefited from the first full quarter of results from the unit it acquired from HSBC.

The Bank of Nova Scotia increased its provisions for potential credit losses in the third quarter and said its KeyCorp stake would provide a hefty return on investment.

KeyCorp wasn't seeking capital but saw the benefits of Scotiabank's minority stake. The deal would enable the Canadian lender to step into the U.S. consumer market.

VersaBank in London, Ontario, agreed nearly two years ago to buy a small Minnesota bank. The buyer's CEO says he remains hopeful approval will come soon.