Scotiabank is enhancing its support for newcomers to Canada through an expanded partnership with Nova Credit.
This collaboration is aimed at helping recent immigrants transition more smoothly into Canadian life by improving their access to credit services.
The driving force behind this partnership is the challenge of credit invisibility, which poses a significant barrier for immigrants in Canada. Traditionally, securing credit requires a local credit history, which newcomers lack. This initiative allows them to leverage their credit history from their home countries, facilitating higher credit limits and easier integration into Canada’s financial systems.
Scotiabank is renowned for its comprehensive banking solutions and customer-centric services, focusing on diverse consumer needs across Canada. Nova Credit, on the other hand, specializes in providing international credit reports, making it easier for immigrants to prove their creditworthiness abroad.
This partnership is particularly innovative in that it provides newcomers with the opportunity to double their credit limits compared to what they would normally qualify for without their foreign credit history. Since its launch in 2023, the initiative has proved successful in making financial services more accessible to immigrants.
Additional supports from Scotiabank include the StartRight® Program, which offers a no-fee chequing account for one year, savings accounts, and no-fee international money transfers. The bank also provides a wealth of resources through its Advice+ Centre and digital platforms such as Scotia Smart Money and Scotia Smart Investor, which help clients manage their finances more effectively. Furthermore, ScotiaRISE, a $500m initiative, aims to bolster economic resilience among disadvantaged groups, including immigrants, enhancing their social and financial stability in Canada.
“Canada relies heavily on the success of our immigrant population and the contributions they make to our economy,” Scotiabank SVP Retail Customer Tanya Eisener said. “In an increasingly digital world, a person’s history doesn’t have to start over when they move to a new country. Being able to access their foreign credit report through Nova Credit’s credit service allows us to get a better understanding of their credit risk and ultimately help them settle in Canada faster.”
“I recently had a client who came to Canada from India. Through Nova Credit’s credit service, we were able to use his home country’s credit history and offer him a higher limit on his credit card than most of his newcomer friends,” Sr. Financial Advisor in Brampton, ON, Guneet Saluja said. “My clients are excited to be in Canada and enthusiastic about contributing to their new home country. Being able to help them leverage their old life to launch this new chapter is very rewarding.”
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