Canada’s immigration rates are soaring, with plans to welcome nearly 1.5 million permanent residents over the next three years. Additionally, the country added 1.27 million people in 2023, up 3.2% from the previous year, marking the highest growth since 1957.
Historically, Canada’s new-to-country individuals have had no way to carry over their credit history, resulting in challenges with accessing financial services that often require credit checks like credit cards, auto loans, or cell phone plans.
Today the Royal Bank of Canada (RBC) announced a partnership with fintech Nova Credit to launch Global Credit Connect, a new initiative aimed at simplifying the financial transition and expanding access for immigrants to Canada.
Using Nova Credit’s Credit Passport – which holds credit data from over 2.7 billion people worldwide – Global Credit Connect can receive real-time standardized credit history from the newcomers’ home country, alleviating many of the financial concerns they face due to lack of history and identity verification.
Nova Credit has been growing in Canada, announcing a partnership with Scotiabank last year.
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