TORONTO - Rogers Communications Inc., Canada's biggest wireless phone company, plans to start a bank, primarily focused on credit, payment and charge-card services, a filing with the Canadian government said.
The financial institution, to be called Rogers Bank, would be incorporated under Canada's Bank Act, according to a notice published on Saturday in the Canada Gazette.
Toronto-based Rogers is trying to position itself in Canada's nascent yet fast-growing mobile-banking market, where smartphones are evolving into electronic wallets.
Telecom carriers in third-world countries, such as Kenya and Nigeria, already provide mobile payments systems.
According to a comScore survey, about 12.3% of Canadian mobile subscribers accessed banking, credit card, insurance or brokerage account information using their mobile phones in March.
Rogers Bank, if approved, would be headquartered in Toronto, the notice said. Objections to the application must be filed in writing to the banking regulator, the Office of the Superintendent of Financial Institutions, by Oct. 24, the notice said.
The company wasn't immediately available to comment.
