Wealth One Bank of Canada: Difference between revisions
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'''Wealth One Bank of Canada''' (stylized as '''WealthONE''') is a federally chartered digital [[Schedule I banks|Schedule I bank]] |
'''Wealth One Bank of Canada''' (stylized as '''WealthONE''') is a Canadian federally chartered digital [[Schedule I banks|Schedule I bank]]. WealthONE is a member of the [[Canada Deposit Insurance Corporation]], the [[Canadian Bankers Association]], [[Mortgage Professionals Canada]], [[Payments Canada]], the [[Financial Services Information Sharing and Analysis Center|FS-ISAC]] and the Registered Deposit Brokers Association. |
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WealthONE specializes in borrowing solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, newcomers to Canada. |
WealthONE specializes in borrowing solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, and newcomers to Canada. The bank offers a full-service online and mobile banking app which provides everyday banking, borrowing, savings and investing services. |
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== History == |
== History == |
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Wealth One Bank of Canada was founded by seven key investors. Shenglin Xian attracted other investors, including Yuansheng Ou Yang and Mao Hua Chen, who became directors of the bank.<ref name=":0">{{Cite news|last=Alexander|first=Doug|date=September 6, 2016|title=Newest Canadian Bank Aims to Woo Country's Chinese Families|language=en|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2016-09-06/newest-canadian-bank-aims-to-woo-country-s-chinese-entrepreneurs|access-date=March 2, 2021}}</ref> With one other key investor, they raised $50 million as an initial funding for the bank.<ref name=":1">{{Cite news|last1=Fife|first1=Robert|last2=Chase|first2=Steven|date=November 24, 2016|title=The murky beginnings of a new Canadian bank|work=The Globe and Mail|url=https://www.theglobeandmail.com/report-on-business/the-murky-beginnings-of-a-new-canadian-bank/article33034258/|access-date=March 2, 2021}}</ref> The investors believed that there was a business opportunity to create a Canadian financial institution that was able to offer services to Chinese-Canadians by understanding their culture, traditions and being able to speak their language.<ref name=":2">{{Cite news|last=Hernandez|first=Jon|date=September 17, 2016|title=New national bank targeting Chinese Canadian customers|language=en-US|work=CBC|url=https://www.cbc.ca/news/canada/british-columbia/new-national-bank-targeting-chinese-canadian-customers-1.3766531|access-date=March 2, 2021}}</ref> The company began working in the early 2010s towards gaining a charter through what its CEO and president at the time, Charles Lambert, described as a "long application process".<ref>{{Cite web|last=Fumano|first=Dan|date=September 9, 2016|title=New bank targets Chinese-Canadians|url=https://vancouversun.com/business/local-business/new-bank-targets-chinese-canadians|access-date=March 2, 2021|website=Vancouver Sun|language=en-CA}}</ref> |
Wealth One Bank of Canada was founded by seven key investors. Shenglin Xian attracted other investors, including Yuansheng Ou Yang and Mao Hua Chen, who became directors of the bank.<ref name=":0">{{Cite news|last=Alexander|first=Doug|date=September 6, 2016|title=Newest Canadian Bank Aims to Woo Country's Chinese Families|language=en|work=Bloomberg|url=https://www.bloomberg.com/news/articles/2016-09-06/newest-canadian-bank-aims-to-woo-country-s-chinese-entrepreneurs|access-date=March 2, 2021}}</ref> With one other key investor, they raised $50 million as an initial funding for the bank.<ref name=":1">{{Cite news|last1=Fife|first1=Robert|last2=Chase|first2=Steven|date=November 24, 2016|title=The murky beginnings of a new Canadian bank|work=The Globe and Mail|url=https://www.theglobeandmail.com/report-on-business/the-murky-beginnings-of-a-new-canadian-bank/article33034258/|access-date=March 2, 2021}}</ref> The investors believed that there was a business opportunity to create a Canadian financial institution that was able to offer services to [[Chinese-Canadians]] by understanding their culture, traditions and being able to speak their language.<ref name=":2">{{Cite news|last=Hernandez|first=Jon|date=September 17, 2016|title=New national bank targeting Chinese Canadian customers|language=en-US|work=CBC|url=https://www.cbc.ca/news/canada/british-columbia/new-national-bank-targeting-chinese-canadian-customers-1.3766531|access-date=March 2, 2021}}</ref> The company began working in the early 2010s towards gaining a charter through what its CEO and president at the time, Charles Lambert, described as a "long application process".<ref>{{Cite web|last=Fumano|first=Dan|date=September 9, 2016|title=New bank targets Chinese-Canadians|url=https://vancouversun.com/business/local-business/new-bank-targets-chinese-canadians|access-date=March 2, 2021|website=Vancouver Sun|language=en-CA}}</ref> |
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On July 22, 2015, WealthONE received its tentative [[letters patent]] from [[Minister of Finance (Canada)|Canada's Minister of Finance]].<ref name=":1" /> The bank was officially chartered federally in 2016 as a [[Schedule I banks|Schedule I bank]] under the ''[[Bank Act (Canada)|Bank Act]]''.<ref name=":0" /><ref name=":2" /> As such, it is regulated by the [[Office of the Superintendent of Financial Institutions]] (OSFI)<ref name=":2" /> and is a member of the [[Canada Deposit Insurance Corporation]], a [[Crown corporations of Canada|Crown corporation]] which insures all deposits into its member banks.<ref>{{Cite news|last=Carrick|first=Rob|date=November 9, 2017|title=For the aggressive saver, better interest rates are there for the taking|work=The Globe and Mail|url=https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/for-the-aggressive-saver-better-interest-rates-are-there-for-the-taking/article36891664/|access-date=March 9, 2021}}</ref> |
On July 22, 2015, WealthONE received its tentative [[letters patent]] from [[Minister of Finance (Canada)|Canada's Minister of Finance]].<ref name=":1" /> The bank was officially chartered federally in 2016 as a [[Schedule I banks|Schedule I bank]] under the ''[[Bank Act (Canada)|Bank Act]]''.<ref name=":0" /><ref name=":2" /> As such, it is regulated by the [[Office of the Superintendent of Financial Institutions]] (OSFI)<ref name=":2" /> and is a member of the [[Canada Deposit Insurance Corporation]], a [[Crown corporations of Canada|Crown corporation]] which insures all deposits into its member banks.<ref>{{Cite news|last=Carrick|first=Rob|date=November 9, 2017|title=For the aggressive saver, better interest rates are there for the taking|work=The Globe and Mail|url=https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/for-the-aggressive-saver-better-interest-rates-are-there-for-the-taking/article36891664/|access-date=March 9, 2021}}</ref> |
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In November 2016, ''[[The Globe and Mail]]'' published an article claiming that the |
In November 2016, ''[[The Globe and Mail]]'' published an article claiming that the bank's website included inaccurate profiles of its key investors and that its founder previously faced allegations of mishandling client insurance claims.<ref>{{Cite news|last1=Fife|first1=Robert|last2=Chase|first2=Steven|date=November 24, 2016|title=The murky beginnings of a new Canadian bank|work=The Globe and Mail|url=https://www.theglobeandmail.com/report-on-business/the-murky-beginnings-of-a-new-canadian-bank/article33034258/|access-date=March 9, 2021}}</ref> WealthONE responded in letter stating that "like every other Schedule 1 bank in Canada, Wealth One Bank had to go through an exacting and rigorous process under the Bank Act and OSFI... We're very proud of the fact that [WealthONE] met those stringent standards."<ref>{{Cite web|title=Dear Editor: Your article on November 24, 2016|url=https://www.wealthonebankofcanada.com/SharedContent/documents/WOBC_responding_the_Globe_and_Mail_report.pdf|url-status=live|archive-url=https://web.archive.org/web/20210309154819/https://www.wealthonebankofcanada.com/SharedContent/documents/WOBC_responding_the_Globe_and_Mail_report.pdf|archive-date=March 9, 2021|access-date=March 9, 2021|website=Wealth One Bank of Canada}}</ref> |
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The bank’s head office is location in the heart of downtown Toronto Ontario’s Financial District. It first began providing mortgages and loans, and soon after began accepting deposits in July 2016.<ref name=":0" /> It hopes to attract new immigrant customers who "may have a solid net worth, just not the kind of proof of income or credit ratings that [other] domestic lenders may prefer."<ref name=":3">{{Cite web|last=Zochodne|first=Geoff|date=2020-11-20|title=Upstart bank Wealth One aiming for profitability amid trying times for Canada and China|url=https://financialpost.com/news/fp-street/upstart-bank-wealth-one-aiming-for-profitability-amid-trying-times-for-canada-and-china|access-date=2021-03-09|website=Financial Post|language=en-CA}}</ref> The bank's customer-facing staff are of Chinese descent and able to interact with customers in English, [[Cantonese]] and [[Mandarin Chinese|Mandarin]].<ref name=":2" /> |
The bank’s head office is location in the heart of downtown Toronto Ontario’s Financial District. It first began providing mortgages and loans, and soon after began accepting deposits in July 2016.<ref name=":0" /> It hopes to attract new immigrant customers who "may have a solid net worth, just not the kind of proof of income or credit ratings that [other] domestic lenders may prefer."<ref name=":3">{{Cite web|last=Zochodne|first=Geoff|date=2020-11-20|title=Upstart bank Wealth One aiming for profitability amid trying times for Canada and China|url=https://financialpost.com/news/fp-street/upstart-bank-wealth-one-aiming-for-profitability-amid-trying-times-for-canada-and-china|access-date=2021-03-09|website=Financial Post|language=en-CA}}</ref> The bank's customer-facing staff are of Chinese descent and able to interact with customers in English, [[Cantonese]] and [[Mandarin Chinese|Mandarin]].<ref name=":2" /> |
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Revision as of 15:15, 1 September 2024
 | This article contains promotional content. (September 2024) |
 | |
| Company type | Private Schedule I bank |
|---|---|
| Industry | Finance |
| Founded | 2016 |
| Founder | Shenglin Xian |
| Headquarters | 18 King Street East, , Canada |
Key people | Paul Leonard (CEO and president) |
| Services | Banking, lending |
| Website | wealthonebankofcanada |
Wealth One Bank of Canada (stylized as WealthONE) is a Canadian federally chartered digital Schedule I bank. WealthONE is a member of the Canada Deposit Insurance Corporation, the Canadian Bankers Association, Mortgage Professionals Canada, Payments Canada, the FS-ISAC and the Registered Deposit Brokers Association.
WealthONE specializes in borrowing solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, and newcomers to Canada. The bank offers a full-service online and mobile banking app which provides everyday banking, borrowing, savings and investing services.
History
Wealth One Bank of Canada was founded by seven key investors. Shenglin Xian attracted other investors, including Yuansheng Ou Yang and Mao Hua Chen, who became directors of the bank.[1] With one other key investor, they raised $50 million as an initial funding for the bank.[2] The investors believed that there was a business opportunity to create a Canadian financial institution that was able to offer services to Chinese-Canadians by understanding their culture, traditions and being able to speak their language.[3] The company began working in the early 2010s towards gaining a charter through what its CEO and president at the time, Charles Lambert, described as a "long application process".[4]
On July 22, 2015, WealthONE received its tentative letters patent from Canada's Minister of Finance.[2] The bank was officially chartered federally in 2016 as a Schedule I bank under the Bank Act.[1][3] As such, it is regulated by the Office of the Superintendent of Financial Institutions (OSFI)[3] and is a member of the Canada Deposit Insurance Corporation, a Crown corporation which insures all deposits into its member banks.[5]
In November 2016, The Globe and Mail published an article claiming that the bank's website included inaccurate profiles of its key investors and that its founder previously faced allegations of mishandling client insurance claims.[6] WealthONE responded in letter stating that "like every other Schedule 1 bank in Canada, Wealth One Bank had to go through an exacting and rigorous process under the Bank Act and OSFI... We're very proud of the fact that [WealthONE] met those stringent standards."[7]
The bank’s head office is location in the heart of downtown Toronto Ontario’s Financial District. It first began providing mortgages and loans, and soon after began accepting deposits in July 2016.[1] It hopes to attract new immigrant customers who "may have a solid net worth, just not the kind of proof of income or credit ratings that [other] domestic lenders may prefer."[8] The bank's customer-facing staff are of Chinese descent and able to interact with customers in English, Cantonese and Mandarin.[3]
In October 2020, Paul Leonard was appointed as the new chief executive officer and president of the bank. Leonard first joined WealthONE as CFO in 2018. As CEO, he reported that the bank has about 700 borrowers, 7,000 deposit accounts, and $375 million in total assets as of November 2020.[8] As of December 2023, WealthONE has grown to 1,000 borrowers, 20,000 deposit accounts and $615 million in total assets and has added multi-lingual customer-facing staff to service the growing needs of newcomers to Canada.
References
- ^ a b c Alexander, Doug (September 6, 2016). "Newest Canadian Bank Aims to Woo Country's Chinese Families". Bloomberg. Retrieved March 2, 2021.
- ^ a b Fife, Robert; Chase, Steven (November 24, 2016). "The murky beginnings of a new Canadian bank". The Globe and Mail. Retrieved March 2, 2021.
- ^ a b c d Hernandez, Jon (September 17, 2016). "New national bank targeting Chinese Canadian customers". CBC. Retrieved March 2, 2021.
- ^ Fumano, Dan (September 9, 2016). "New bank targets Chinese-Canadians". Vancouver Sun. Retrieved March 2, 2021.
- ^ Carrick, Rob (November 9, 2017). "For the aggressive saver, better interest rates are there for the taking". The Globe and Mail. Retrieved March 9, 2021.
- ^ Fife, Robert; Chase, Steven (November 24, 2016). "The murky beginnings of a new Canadian bank". The Globe and Mail. Retrieved March 9, 2021.
- ^ "Dear Editor: Your article on November 24, 2016" (PDF). Wealth One Bank of Canada. Archived (PDF) from the original on March 9, 2021. Retrieved March 9, 2021.
- ^ a b Zochodne, Geoff (November 20, 2020). "Upstart bank Wealth One aiming for profitability amid trying times for Canada and China". Financial Post. Retrieved March 9, 2021.