Grey, the Y Combinator-backed fintech company focused on cross-border payments, has secured registration as a Payment Service Provider (PSP) in Canada under the country’s Retail Payment Activities Act framework.
The registration allows the company to offer payment services directly to users in Canada while operating under the country’s regulatory requirements.
Grey said the move strengthens its efforts to simplify international payments and support faster money transfers between Africa and global markets.
The fintech company had earlier integrated with Interac, Canada’s interbank payment network, enabling users to send Canadian dollars directly into Canadian bank accounts.
Company executives say the registration aligns Grey’s operations with Canada’s financial regulations while improving transparency and reliability for users making cross-border transactions.
Founded in 2020, Grey provides multi-currency accounts and supports transfers to more than 170 destinations globally.
The company says increasing trade flows between Africa and Canada highlight the need for more efficient payment infrastructure, especially as businesses continue to face high transaction costs and slow settlement processes across international corridors.
Under Canada’s payment regulations, Grey will now be required to maintain stricter safeguards around customer funds, operational risk management and compliance reporting.
Source: TechCabal