2nd July 2026
Vell's Australian entity (Hax Capital Pty Ltd) has been registered as a Payment Service Provider (PSP) with the Bank of Canada under the Retail Payment Activities Act (RPAA), and as a Money Services Business (MSB) with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada). The registration was granted on 30 June 2026.
This is an early but important step in Vell's international expansion and lays the regulatory groundwork for Vell's planned entry into Canada as an e-money provider.
What the Registration Means
The RPAA is the Bank of Canada's supervisory framework for retail payment activities, introduced to strengthen the safety and reliability of electronic payment services in Canada. Registering under the RPAA, alongside FINTRAC's MSB registration, formally recognises Vell as a supervised payment service provider under Canadian law.
Together, these registrations give Vell the regulatory standing to perform the full range of payment functions available to a PSP in Canada and bring Vell one step closer to offering local payment services to Canadian customers.
What's Next
Vell is now working on setting up as an e-money provider in Canada. This build-out is currently in progress, so a Canadian offering isn't live just yet, but the regulatory foundation is now in place.
Our aim is to bring the same experience Vell customers already know. Competitive FX rates, transparent pricing, and a single mobile-first app, to payments in and out of Canada.
Stay Tuned
This registration is the foundation for what's coming next. We'll share more details on the Canadian rollout, including features and timing, as our plans take shape.
In the meantime, Vell customers can continue to send money internationally, track live exchange rates, and manage transfers from the Vell app.
Learn more about how Vell supports international payments.
Related articles
- What is SWIFT and how international transfers work
- What affects exchange rates? Understanding FX rates in International Transfers
- How to Open a VELL Account: A Step-by-Step Guide
Bank of Canada PSP registration does not constitute an endorsement or licence from the Bank of Canada. Vell's Canadian e-money services are not yet live and remain in development.