ICYMI: EQ Bank’s New HQ, Habib’s GIC Expansion & the State of Open Banking

In this issue of ICYMI:

• 🔦 Spotlight | EQ Bank Unveils Headquarters & Habib Launches GICs
• 🏦 Industry Pulse | Open Banking Inches Forward
• 📓 Field Notes | Insights from CCUA & the Open Banking Expo
• 📡 Market Trends | CCUA, BoC, and OSFI
• 📬 What's Coming | Portfolio+ Open (Sept. 16) 

🔦 Spotlight 

EQ Bank Unveils National Headquarters  

Congratulations to EQ Bank on the grand unveiling of the EQ Bank Tower in Toronto’s Downtown East. The new national headquarters is both a reflection of EQ Bank’s 50-year evolution and a meaningful investment in the people, space, and infrastructure driving the next chapter of innovation in Canadian banking. 

😎 Why this matters? You can't ignore the symbolism: EQ Bank has intentionally positioned its new home outside Toronto’s traditional financial district—the tower is a statement for a bank that continues to build something meaningfully different and lives by its own rules. 

Habib Canadian Bank Expands GICs Across Canada

Habib Canadian Bank expanded its product offering with the launch of nominee-name GICs, powered by Portfolio+. By automating deposit sales and leveraging Canada’s broker network, it's now reaching Canadians nationwide.

👨💻 How did we help? Portfolio+ provided greater access to capital and streamlined operations to support the bank’s national growth strategy. 

 🏦 Industry Pulse 

Open Banking Inches Forward in Canada 

The federal government has reaffirmed its commitment to open banking, promising enabling legislation “at the earliest opportunity." The FCAC now leads the framework, but critical pieces—like accrediting service providers and setting shared rules—are still missing.

Our Take: Still not meaningful progress. We need to move from frameworks to functionality. For our network, APIs remain the key to building trusted, secure digital experiences of the future—and Portfolio+ is actively supporting partners as they prepare for what’s next.

📓 Field Notes  

Portfolio+ in the Wild

From a national credit union conference and expos to local collaborations, the Portfolio+ team has been actively engaged with Canada’s financial ecosystem.

• Waves of Change CCUA National Conference 2025 (Halifax, NS) We connected with 40+ credit union leaders and talked member services and digital transformation. What did we hear? Canadian credit unions are ready for serious change and streamlined experiences.
• CLA Canadian Finance Summit (Toronto,ON) At the CLA event, Portfolio+ sat down to hear Fairstone CEO Scott Wood share how the Home Trust merger is expanding access to underserved Canadians—not by taking on the Big Five, but by doubling down on specialized lending.
• Open Banking Expo 2025 (Toronto, ON) The FCAC Commissioner made it clear that consumer trust—not tech—is the cornerstone of Canada’s open banking future. Canadians want control, transparency, and secure alternatives to screen scraping. Not just new apps.
• York Region Economic Development (Stouffville, ON) Portfolio+ recently hosted York Region Economic Development at our HQ to showcase how we're building homegrown composable core solutions—and creating high-value tech jobs right here in Canada.

📡 Market Trends 

CCUA is urging Ottawa to reduce barriers that prevent credit unions from becoming federally regulated as a means of unlocking national growth, competition, and consumer choice.

The BoC highlights risks around household debt and housing, signalling credit unions and banks to proactively reassess capital strategies. 

As part of its Spring 2025 Quarterly Release Day, the Office of the Superintendent of Financial Institutions (OSFI) launched three consultations and made adjustments to a key guideline for life insurers.

🦸🏼♂️ What's Coming Up?

14th Annual Portfolio+ Open Charity Event (Sept.16)

We'll see you on September 16 at Angus Glen Golf Course for the 14th Annual Portfolio+ Open—a day on the greens in support of Kids Help Phone with tons of networking opportunities!

Want to Be Featured in Our Next Spotlight? 

Portfolio+ wants to showcase how our customers are innovating, growing, and making an impact in Canadian banking. Whether you’ve launched a new product, entered a new market, or are doing something unique with Portfolio+, we’d love to hear about it.

👉 Reach out to our team to be featured in an upcoming spotlight! 

Enjoyed this edition of ICYMI? Share these goods with colleagues! And if you'd like to get our monthly snapshot of the people, partnerships, and moves shaping the industry delivered straight to your inbox, sign up here: https://portfolioplus.com/icymi/