News Summary

The Bank of Montréal (BMO) has partnered with Calgary-based FinTech startup Link to launch a new digital workplace savings platform. This collaboration aims to modernize employee retirement savings by offering a one-stop solution for managing employer-backed group plans such as Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), and Deferred Profit-Sharing Plans (DPSPs). The platform allows users to create diversified, flexible, and low-fee portfolios using exchange-traded funds (ETFs). BMO acquired a minority stake in Link in May 2023, which has helped the startup continue developing its technology. Link was founded in 2016 and focuses on providing affordable retirement saving solutions for smaller businesses. This initiative comes amid high stock market volatility, highlighting the need for streamlined administration of workplace savings.