| New digital onboarding and Nova Credit integration offers newcomers a convenient head start. TORONTO, Aug. 12, 2025 /CNW/ - Scotiabank is making it easier for newcomers1 to Canada to access credit with the launch of digital onboarding experiences that now include seamless integration with Nova Credit into its credit card onboarding journey. Nova Credit, a leading credit infrastructure and analytics company, offers Credit Passport® which allows newcomers – including permanent residents and foreign workers who have been in Canada less than 5 years – to use their international credit history from select countries to receive higher credit limits on Canadian credit cards. Scotiabank was the first Canadian bank to partner with Nova Credit in 2023 and is now the first to embed this capability directly into its digital credit card application process. "Scotiabank is proud to be the first bank in Canada to fully integrate Nova Credit into a digital onboarding experience," said Kingsley Chak, Senior Vice President, Retail Client Value, Deposits and Investments at Scotiabank. "This advancement reflects our commitment to removing barriers and helping newcomers qualify for higher credit limits with greater ease and confidence." As part of this enhanced experience, newcomers can open chequing, savings and credit card accounts online after they arrive, reducing the need for in-branch visits, making it faster and more convenient to access essential financial services from the comfort of home. Newcomers are also able to access Scotiabank's StartRight™ Program, a comprehensive suite of banking products and benefits tailored to their unique needs, through the new digital onboarding flows. With benefits like no monthly account fees on a chequing account for the first year2 and no-fee international money transfers3, the program aims to help newcomers build a strong financial foundation from day one. "We understand that building a new life in a new country comes with challenges," says Chak. "With the added enhancements of the Nova Credit integration and a new digital onboarding experience, Scotiabank is helping remove some of those hurdles, empowering newcomers to begin their financial journey in Canada with confidence." "We're seeing tremendous momentum helping newcomers arrive and thrive in Canada," said Collin Galster, Chief Operating Officer at Nova Credit. "Our collaboration with Scotiabank shows that newcomers can be served at scale by integrating Credit Passport seamlessly into digital banking experiences. This removes a major barrier that has historically forced millions of newcomers to start over upon arrival, despite having established credit history in their home country." For more information, visit startright.scotiabank.com. About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank. About Nova Credit
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company leverages its unique data infrastructure, industry-leading analytics & FCRA-compliance to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversion through expanded coverage, speed, and reliability. Nova Credit supports over 5,000 businesses including organizations such as HSBC, SoFi, Scotiabank, Appfolio, and Yardi, who work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly and accurately verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at www.novacredit.com or reach out to connect@novacredit.com. 1 Newcomers refers to permanent residents, foreign workers, and international students who have been in Canada for five years or less. |
| 2 To qualify for the 1-Year No Monthly Account Fee Offer (the "Offer"), open a new Preferred Package account under the StartRight™ Program (the "Account"). During the first 12 months, your monthly Account fee will be waived and will not appear as a charge on your Account. The Account must be open and in good standing at the time of the waiver. All applicable service charges on the Account will continue to be applied monthly. After the first 12 months, you will begin to see the monthly Account fee charged to your Account unless you maintain a minimum daily closing balance of $4,000, in which case the monthly Account fee will be waived per the Account terms and conditions. Employees of Scotiabank and individuals who are currently or were previously holders/joint holders of a Scotiabank chequing account within the last 2 years are not eligible for this Offer. This Offer is non-transferable and cannot be combined with any other offers except as otherwise permitted. Maximum one Offer per client. All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled, or extended at any time without notice. |
| 3 For clients onboarded as a part of the Scotiabank StartRight® Program we do not charge a service fee for the transfer, however, foreign currency exchange rates apply. A transfer needs to be made from an eligible Scotiabank Chequing or Savings account. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found at https://www.scotiabank.com/ca/en/personal/ways-to-bank/international-money-transfer.html. |
SOURCE Scotiabank | |
