Rogers Applies to Become a Canadian Bank

Rogers has various diversified investments, and the next giant leap forward might be its plans–to become a bank. The company plans to incorporate under Canada’s Bank Act, once it applies to the Minister of Finance.

As for the name, it will be known as Rogers Bank and Banque Rogers in French, with headquarters to be in Toronto. The plan is to deal primarily with credit and mobile payment services, similar to the separate financial entities other companies like Canadian Tire, HBC, Loblaws have created. There will be no physical locations.

Rogers Public Affairs Manager Carly Suppa:

“We have no plans to become a full-service deposit-taking financial institution..the license, if granted, would give us the flexibility to pursue a niche credit card opportunity to our customers should this make sense at a future date.”

The timeline for Rogers Bank to be approved could take up to a year. One possible intention of Rogers Bank coming into fruition would be to dominate the early adoption of mobile payments, given that most mobile devices are quickly adopting NFC technology.

What do you think? Is Rogers Bank something you would consider being a part of?

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