KOHO Seeks Charter as Schedule I Bank

Summary#

This Canada Gazette page lists several corporate notices from financial companies about planned changes and applications to federal regulators. Key items include 15391326 Canada Inc. (a subsidiary of KOHO Financial Inc.) asking to continue as a Schedule I bank under the name KOHO Bank / Banque KOHO (objections due April 27, 2026), plus notices about insurance-company continuances, a planned reduction of stated capital for Fiduciary Trust Company of Canada, and a U.S. insurer applying to open a Canadian branch. Publication does not mean any approval has been granted.

What it does#

• 15391326 Canada Inc. intends to apply to the Superintendent of Financial Institutions for letters patent to continue as a Schedule I bank under the Bank Act, using the trade names KOHO Bank (English) and Banque KOHO (French). Objections may be sent to Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026.
• Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company intend to apply to the Minister of Finance for approval to continue under the Insurance Companies Act and then apply to continue under the Canada Business Corporations Act on or after April 13, 2026.
• Fiduciary Trust Company of Canada plans to ask the Superintendent of Financial Institutions for approval to reduce the stated capital of its common shares to $1.00. That reduction is conditional on an acquisition of control by 17440961 Canada Inc. and regulator approval under the Trust and Loan Companies Act.
• Independence American Insurance Company (a Delaware company with ultimate parent in Luxembourg) intends to apply on or after March 9, 2026 to open a Canadian branch and to insure property risks in Canada, under the Insurance Companies Act. The company says its Canadian chief agent will be in Newmarket, Ontario.

Who's affected#

• Customers and potential customers of KOHO Bank / Banque KOHO, if the bank is approved. That includes people who use KOHO’s fintech services now and anyone looking for a new retail bank.
• Policyholders, shareholders, and counterparties of Canadian Northern Shield Insurance Company, Trafalgar Insurance Company of Canada, and Unifund Assurance Company, because continuance can change corporate structure and regulator oversight.
• Clients and employees of Fiduciary Trust Company of Canada, and the sole shareholder 17440961 Canada Inc., since the capital change is tied to a planned change of control.
• Canadian property insurance buyers and brokers who might deal with Independence American Insurance Company if its branch is approved.
• Regulators and the broader financial sector, which will review and decide on these applications.

If it’s unclear who will be affected by a specific change, that is noted in the original notices.

Why it matters#

• If 15391326 Canada Inc. becomes KOHO Bank, a fintech company would be a federally regulated bank. That could change how KOHO’s products are offered and insured, and it could add a new competitor in Canadian retail banking.
• Insurance-company continuances and a foreign insurer opening a Canadian branch can affect where decisions are made, which legal rules apply, and who guarantees policies. That can matter for claims handling and customer protections.
• A reduction of stated capital tied to a takeover of Fiduciary Trust Company of Canada could affect the firm’s balance sheet and the way it operates, which matters to clients who trust it with assets.
• These notices are early steps. None of the actions are final until the relevant federal authorities complete their reviews and give formal approval.