News Summary

Wealthsimple, a Toronto-based FinTech company, has announced a partnership with UK-based FinTech Wise to enhance its international money transfer services. This collaboration aims to meet the growing demand for faster and more affordable cross-border payments in Canada. Wealthsimple users can now send money to 30 countries in more than 10 currencies directly from their chequing accounts, with a daily limit of up to $1 million CAD. The service, powered by Wise’s enterprise payment division, promises no hidden markups and aims to provide a seamless experience. This move aligns with the Canadian government’s plans to introduce a Real-Time Rail payment system by 2026, and the FinTech sector’s push for increased competition in the financial market.