Elephants Inc., a digital financial management platform, has registered with Canadian federal regulators as a money services business and a payment service provider. The company is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and with the Bank of Canada as a Payment Service Provider under the Retail Payment Activities Act (RPAA).

Registration Details

The two registrations authorise Elephants Inc. to provide foreign exchange, money transfer, and virtual currency services. They also permit the company to maintain payment accounts, hold funds, and initiate electronic fund transfers on behalf of end users.

According to Howie Zhang, Co-Founder of Elephants Inc., "Our customers move money across borders every day, and they shouldn’t need a different provider for every step. This registration means foreign exchange, transfers, virtual currency, and holding funds all sit with one registered counterparty."

The registration matters most to a customer base that moves fiat and stablecoins side by side. Small and medium-sized businesses operating across borders increasingly hold balances in both, and the FINTRAC and Bank of Canada registrations give them a single registered counterparty for foreign exchange, transfers, and virtual currency activity rather than separate providers for each.

Original reporting: KTBS 3 (Shreveport) — read the source article.