Lynn Johannson, Advisor, Sustainability and ESG
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Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Nova Credit and RBC Partner to Bridge Newcomer Credit Cap
Release | Jun 21, 2024
Image: Nova Credit and RBC partnership to support newcomers
Nova Credit and RBC Join Forces to Simplify Financial Start for Newcomers
Nova Credit has announced a partnership with the Royal Bank of Canada (RBC) to make it easier for newcomers to Canada to obtain credit. Newcomers to Canada frequently find it difficult to obtain loans, credit cards, or mortgages since they do not yet have a Canadian credit history.
See: RBC and Rogers Cybersecure Catalyst Launch New Fintech Incubator
Nova Credit's technology solves this problem by transforming international credit data into a format that Canadian lenders can comprehend and apply. This integration enables newcomers to carry their credit history from their home countries, thereby bridging the gap and providing more seamless access to financial goods in Canada.
Nova Credit is a credit infrastructure and analytics innovator committed to providing alternative credit data solutions. Nova Credit makes it easier for immigrants and newcomers to access financial services by converting international credit data into local equivalents. Report: 2024 State of Alternative Credit Data
Partnership Features
- This credit information passporting technology will be implemented into RBC's Global Credit Connect, allowing for real-time translation and integration of overseas credit histories into Canadian-equivalent scores.
- Eligible arrivals can now qualify for a variety of financial services, including credit cards and auto loans, depending on their overseas credit history.
- The partnership promises to make newcomers' experiences more inclusive and welcoming, as well as to help them integrate and stabilize their finances.
See: BDC’s $250M Boost for Inclusive Entrepreneurship in Canada
Janet Boyle, Senior Vice President at RBC:
"Our goal is to make the financial transition for newcomers as seamless as possible. This partnership with Nova Credit allows us to extend immediate financial services to new Canadians, recognizing their creditworthiness from day one."
Collin Galster, Head of International at Nova Credit:
"Working with RBC is a major milestone in our mission to support immigrants. Together, we are creating a more inclusive financial system that acknowledges the diverse backgrounds of new Canadians."
A Step Towards Financial Inclusivity
This partnership has the potential to make Canada a more welcoming and financially accessible place for newcomers.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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