The CEO believes that Koho Financial has the potential to amplify competitive dynamics within Canada’s banking industry.

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In an interview with BNN Bloomberg, Daniel Eberhard, CEO of Koho Financial, discussed the company’s plans to obtain a banking license. According to Eberhard, this move could lead to increased competition in Canada’s banking sector and improve the overall user experience.

Last week, Bloomberg News reported that Koho will be applying for a banking license with OSFI, allowing them to offer prepaid cards and lending services in addition to their current products such as savings accounts and virtual credit cards. Eberhard believes that becoming a Schedule 1 bank will enable Koho to better serve a specific need in the market.

Eberhard also addressed the misconception that competition and systemic stability are opposing forces, stating that he believes the opposite to be true. Currently, Koho works with Mastercard and Peoples Bank of Canada, but the banking license will allow them to expand their offerings.

To watch the full interview with Eberhard, click on the video at the top of this article.  

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