Canada    FinTech Guide    Chapter 8

8. Online Banking Services
Global Overview

FinTechs belonging to this area offer traditional banking services in a modern way, usually through online services or mobile applications as well as ancillary services, e.g. enabling customers to manage their giro- or custody-accounts online and in real time or offering e-wallet services. Keywords in this context are also API-Banking or BaaS/BaaP.


API stands for Application Programming Interface and is offered to access data banks and to extract and insert information. API-Banking thus provides customers with access to data-banks of banks in order to offer new and innovative banking applications.

An Example of this would be FinTechs providing services which enable customers to manage their accounts online and in real time.

BaaS – Bank as a Service/ BaaP – Bank as a Platform:

The API-based Bank as a Service platform has a full banking licence allowing it to also serve as the back-end for standalone independent FinTechs, which “use” the licence and the back-end of the bank to offer new financial services, launch additional financial products or expand into additional markets.

Mobile banking services will become more and more important as the number of mobile users has already surpassed the number of desktop users:

Source: StatCounter - Global Stats

Legal and Economic Overview

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 August 2019