Revolut neo bank (GB) tried to enter the canadian market in November 2019. It was in beta mode for one and half year, then it has quit the canadian market!
Why? because they failed obtaining a bank licence!
It is very hard for a new bank to come to Canada. They have to "partner" with one of the 5 existing oligarch banks! Imagine.. as a business, you have to "partner" with a competing bank in order to operate!
Meawhile, Revolut has successfully opened in 10 other countries at the same time..
Tourists and strangers don't really catch how the canadian market is ruled by oligarch / oligopoly so few players/businesses.
There is NO COMPETITION here! Welcome to CanaRussia!
What percentage of mobile phones in the us are not Apple or Samsung? How much wailing and gnashing of teeth would occur if Apple screws up an iOS upgrade that can’t easily be undone? Or just repeats what rogers and Facebook have done re dns?
Mobile carriers - 4 control 98+ % of the market
Internet - 4 control likely 90+ % of the internet market
Banks - 5 control 90+ % of retail banking. The rest? Credit Unions who have themselves mostly merged into https://www.central1.com/
Insurance - 6 control 89%
Media - 4 control 70%
Grocer - 5 control 60%
Movie theaters - 2 control 99%
Links:
[0] https://financialpost.com/fp-finance/megadeals-fuelling-unpr...
[1] https://financialpost.com/investing/how-canadas-oligopolies-...