Start Your Fintech Company in Canada

Renno & Co can help you from A-Z! From Licensing to Global Expansion

Comprehensive support to launch your fintech in Canada. Obtain payment licences (e.g MSB/PSB), secure multi-currency bank accounts, and leverage Canada's fintech-friendly regulations for global growth.

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Steps to Launch Your Fintech in Canada

Here's what you'll need to get started

Step 1

Incorporate Your Canadian Company

Step 2

MSB Registration with FINTRAC

Step 3

PSP Registration (RPAA) with the Bank of Canada

Step 4

Set Up Multi-currency bank accounts

Step 5

Fractional AML Services

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Our Licensing Packages

Choose the right solution for your fintech launch
We offer flexible packages to fit your needs, from basic licensing to full go-live support. Whether you need help with registration, banking setup, or ongoing AML compliance, we’ve got you covered.

Service
Basic
Premium
Go-Live Package
MSB Registration with FINTRAC
PSP Registration with the Bank of Canada
Bank Account Set Up with FIs
Fractional AML Services
Price
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100% success in Canadian MSB Registrations! With Renno & Co., you get Legal expertise and Compliance mastery.

Specializing in helping fintech, remittance, and payment companies, including banking-as-a-service providers, FX companies, and crypto companies, get licensed and compliant in Canada.

MSB Registration Process & Timeline

Registration Timeline

Stage 1: Company Formation
(1-2 Days)

Stage 2: Canadian Fintech Licensing

Stage 3: Setting Up Bank (FI) Accounts

Stage 4: Canadian Compliance Support

Stage 1: Company Formation (1-2 days)

Renno & Co. helps you incorporate your Canadian company seamlessly. We’ll assist in selecting the best jurisdiction (Ontario, Alberta, British Columbia), complete your incorporation paperwork, and handle all necessary documents.

Documents Required From You:

Short Incorporation Questionnaire

Our Deliverables To You:

Structuring Advice

Incorporation Service

Corporate documents (bylaws, articles of incorporation, etc.)

Get Started With Company Incorporation

Stage 2: Canadian Fintech Licensing

Fintech companies in Canada must comply with two main regulatory frameworks:
1. AML Compliance (Anti-Money Laundering): Focuses on preventing money laundering and terrorist financing.Involves customer KYC, transaction monitoring, and reporting suspicious activities.
2. Risk Management: Ensures protection of client funds and data, with requirements like safeguarding, continuity plans, and data protection.

MSB Registration (2-3 Months)

MSBs must register with FINTRAC to comply with Canada's AML regulations, focusing on transaction monitoring and KYC obligations.

Who needs to register as an MSB?
Common business models requiring MSB registration:

Currency Exchange

Crypto Exchange

Payment Service Providers

Remittance Companies

Multi-Currency Account Providers

Merchant Account Providers

Our Services

Corporate Documentation

Dedicated Consultant

AML Policy Development

Business Plan Drafting

FINTRAC Representative

MSB/fMSB Registration

Required From You

Completion of the MSB questionnaire, providing details about your services, products, and key personnel.

RPAA Registration (1 Month)

Starting November 2024, all MSBs must register as PSPs under Bank of Canada’s RPAA, increasing risk management compliance requirements.

Who Needs to Register with the Bank of Canada?

Payment Service Providers

Remittance Companies

Multi-Currency Account Providers

Merchant Account Providers

Our Services

Assistance with Bank of Canada registration

Writen risk management framework development (all RPAA-registered companies need to prepare a written risk management framework)

Ongoing regulatory advice

Click Here To Start MSB & RPAA Registration Process

Stage 3: Setting Up Bank (FI) Accounts

Without a proper bank account, your fintech company cannot operate. Renno & Co will help you establish multi-currency accounts with suitable Financial Institutions (FIs), ensuring smooth operations.

Our Services

FI Assessment

Introduction to banking partners

Onboarding package preparation

Coordination of FI queries on your behalf

Required From You

Completion of the FI onboarding questionnaire.

Secure Your Multi-Currency Account

Stage 4: Canadian Compliance Support

Compliance is not a one-time task but an ongoing requirement. Renno & Co provides full support for maintaining compliance post-licensing, ensuring your business remains compliant with all AML and regulatory obligations.

Ongoing Support Includes

AML Compliance Maintenance

Support in onboarding with reputable financial institutions

Physical presence support in Canada (expected from FINTRAC and from most FIs)

Our Fractional AML Service

We offer part-time AML compliance support, helping companies establish physical presence and comply with Canadian regulations.

Talk To A Compliance Expert

The Renno & Co. Difference

Fusion of Legal and Compliance Expertise

Experience the power of Renno's comprehensive solution, spanning legal counsel and regulatory compliance. You don't need to work with multiple firms; Renno offers comprehensive support, whereas others provide a piecemeal service.

Deep Canadian Roots

You can rely on Renno's counsel for everything related to Canada's legal and regulatory landscape. Our team is in tune with the latest developments and safeguards your rights and interests in Canada.

Fintech Focus

We are Fintech lawyers at our core. With extensive expertise in the Canadian Fintech sector, we have the capabilities to facilitate connections for your business that can support its growth.

Partner with Renno today to get started in Canada

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Latest Insights

Explore our latest articles, blog posts, and white papers to stay ahead in the evolving world of fintech compliance.

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FAQ

1. What is a Money Services Business (MSB) in Canada?
An MSB refers to businesses that offer services like currency exchange, money transfer, or payment processing. In Canada, MSBs are required to register with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) to comply with Anti-Money Laundering (AML) regulations. By obtaining this license, businesses can engage in various financial services, including handling cryptocurrencies and cross-border payments, while staying compliant with federal laws.
2. How do I start a fintech company in Canada?
Starting a fintech company in Canada involves several key steps:
- Incorporate a Canadian entity (CADCo).
- Register the company as an MSB with FINTRAC.
- Register as a Payment Service Provider (PSP) under the Bank of Canada's Retail Payment Activities Act (RPAA).
- Set up bank accounts with financial institutions (FIs).
- Establish ongoing AML compliance procedures. Renno & Co. offers comprehensive support to help navigate each step, ensuring you meet all the legal and regulatory requirements to launch and operate your fintech business.
3. What’s the difference between an MSB and an fMSB?
An MSB requires a physical presence in Canada with representatives working within the country. This can involve maintaining an office or having staff based in Canada.

An fMSB, on the other hand, refers to a foreign business that provides money services to Canadian clients without having a physical presence. Renno & Co. assists both MSBs and fMSBs with registration, AML compliance, and setting up the necessary structures to operate in Canada.
4. What does AML compliance involve for fintech companies?
AML compliance for fintech companies in Canada involves several crucial steps:Know Your Customer (KYC): Verification of customer identities before transactions.
- Transaction Monitoring: Real-time tracking of suspicious activities.
- Report Filing: Submitting Suspicious Transaction Reports (STRs) to FINTRAC.
- Record Keeping: Keeping detailed records of all financial transactions.
- Employee Training: Training staff to detect and prevent money laundering. AML compliance is essential for reducing the risk of financial crimes such as money laundering and terrorism financing.
5. What services can I provide with an MSB/fMSB license?
With an MSB or fMSB license, businesses can offer various financial services, such as:
- Currency exchange
- Payment processing services
- Cross-border remittances
- Merchant account services
- Over-the-counter (OTC) crypto trading and payments
- Non-custodial crypto services (such as Bitcoin or Ethereum)
- Gateway services for international payments.

These licenses allow fintech companies to service clients in Canada and globally, depending on local regulations.
6. How long does it take to register as an MSB in Canada?
The MSB registration process usually takes 2-3 months. During this time, businesses must complete required forms, provide documentation, and establish AML policies. Renno & Co. assists businesses throughout the entire process, from drafting corporate documents to communicating with FINTRAC and refining your business’s compliance framework.
7. Who needs to register as an MSB in Canada?
Business models that typically need to register as an MSB include:
- Currency exchanges
- Payment processors
- Crypto exchanges
- Remittance companies
- Multi-currency account providers
- Merchant account providers
- Non-custodial crypto service providers

If your business handles money or financial transactions on behalf of clients, it will likely need to register as an MSB with FINTRAC.
8. What happens if my MSB registration expires?
If your MSB/fMSB registration expires or is seized, the first step is to contact FINTRAC to reactivate it. The process may involve re-registering, depending on how long your registration has lapsed and the reason behind the expiration. Renno & Co. can guide you through the process to restore compliance and continue operations.Not necessarily; however, some financial institutions expect a certain degree of physical presence in Canada and having a local director helps with that.
9. Is a local director required for MSB registration in Canada?
A local director is not always a legal requirement for MSB registration, but having one is highly recommended. Financial institutions often prefer MSBs with a physical presence in Canada to ensure business continuity and compliance. A local director can also facilitate relationships with banks and other financial service providers.
10. What is the Retail Payment Activities Act (RPAA)?
The RPAA is a new regulatory requirement for fintech companies offering payment services. Starting November 2024, most MSBs must also register as Payment Service Providers (PSPs) under the RPAA, managed by the Bank of Canada.

The RPAA focuses on broader compliance obligations, particularly around risk management, client fund protection, and business continuity. PSP registration adds additional oversight for fintech companies, ensuring safer and more secure payment processing systems.
11. How much does it cost to register an MSB or fMSB in Canada?
Renno & Co. offers flexible packages for MSB/fMSB registration:
- Basic package: $9,500 USD
- Premium package: $11,500 USD (includes additional services such as bank account setup and ongoing compliance) These fees cover registration assistance, AML compliance, and document preparation, with additional fees depending on ongoing services such as Fractional AML services.
12. Can I provide crypto services with an MSB/fMSB license?
Yes, you can offer non-custodial crypto services (e.g., Bitcoin, Ethereum) with an MSB/fMSB license. However, if your company engages in custodial crypto services or manages smaller crypto assets, you may need additional registration with securities regulators. Renno & Co. helps businesses navigate both MSB registration and any additional regulatory requirements for crypto-related activities.
13. Will my MSB allow me to provide services to non-Canadians?
Yes, Canadian regulators do not restrict MSBs from servicing non-Canadian clients. However, if you operate internationally, you will need to ensure compliance with the regulations of those foreign jurisdictions. Renno & Co. can assist in ensuring that your business is compliant with local laws in the regions where you provide services.
14. How do I set up bank accounts for my fintech company?
Renno & Co. helps businesses establish multi-currency bank accounts by assessing your specific banking needs, introducing you to appropriate financial institutions, preparing onboarding documents, and coordinating the account opening process. Completing a banking questionnaire will help identify the best banking solutions for your fintech.
15. What is the role of ongoing compliance support in fintech?
Ongoing compliance ensures that your business remains in good standing with regulators after licensing. This involves continuously updating AML policies, filing regulatory reports, and maintaining relationships with financial institutions. Renno & Co.’s Fractional AML Service provides part-time AML compliance support to ensure your business meets its obligations without requiring a full-time compliance team.
16. Can I "passport" my MSB license to other countries?
While Canadian regulators have no issue with MSBs servicing clients internationally, compliance with local laws in foreign jurisdictions is necessary. If you plan to expand your services to other countries, Renno & Co. can guide you through the process of ensuring your business complies with international regulations.
17. What if I want to expand my MSB services to Québec?
Operating in the province of Québec or servicing Québec clients may require an additional MSB license from Revenu Québec. Renno & Co. can assist you in obtaining this additional license and navigating the regulatory landscape in Québec.
18. How can Renno & Co. assist with PSP registration under RPAA?
Renno & Co. offers end-to-end support for PSP registration under the Retail Payment Activities Act, including strategy development, documentation, and ongoing compliance advice. We ensure that your business meets the Bank of Canada’s regulatory requirements and risk management frameworks for operating as a PSP.
19. What are the timelines for registering as an MSB and PSP?
- MSB Registration: 2-3 months
- PSP Registration under RPAA: Begins November 2024; applications are expected to be approved by September 2025.
20. Why choose Renno & Co. for fintech licensing and compliance?
Renno & Co. provides comprehensive A-Z services, including incorporation, licensing, AML compliance, and banking setup. With a 100% success rate in Canadian MSB registrations, we ensure a seamless process for fintech companies looking to establish operations in Canada. We offer tailored solutions, including full go-live support and ongoing compliance assistance, allowing you to focus on growing your business while we handle the regulatory requirements.