Toronto-based fintech Beacon has partnered with the Bank of Montreal (BMO) to revolutionize financial services for immigrants to Canada. The collaboration focuses on streamlining cross-border money transfer solutions, addressing critical financial challenges faced by newcomers.
For many immigrants, managing finances across borders can be a daunting task. Beacon aims to simplify this process with innovative tools and strategic partnerships, such as its new collaboration with BMO. As a registered Money Services Business (MSB), Beacon will leverage BMO’s corporate accounts to deliver secure, compliant, and efficient financial solutions.
“Beacon’s mission is to reinvent financial services for immigrants to Canada,” said Stuart Szabo, CEO and co-founder of Beacon.
“A key component of fulfilling our mission is empowering our users to seamlessly move money in and out of Canada—quickly, affordably, and in full compliance with world-class risk and compliance standards. BMO’s Money Services Business accounts are key pieces to enable these services for our users. We are proud to work with BMO on this important mission.”
Beacon’s offerings include Beacon Remit, a fully digital, end-to-end money transfer platform that simplifies remittances from countries like India. By ensuring fast and affordable transfers, Beacon is filling a critical gap in financial services for immigrants. Registered with The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the company prioritizes stringent compliance standards to provide customers with peace of mind.
“At BMO, we continually look for new products and services to enhance the lives of our customers,” said Bhavna Gounder, Director of BMO Commercial Bank. “Once a newcomer to Canada, I understand how challenging it can be to set up your life in a new country while also managing obligations back home. We are thrilled to work with Beacon as an MSB client.”
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