Moneris Sale Sparks Fears Over Canadian Digital Sovereignty

A major Canadian payment processing company, Moneris, is being sold to US private equity firm Francisco Partners for $2 billion. The sale is a joint effort between Royal Bank of Canada and Bank of Montreal, with both banks expected to gain significant profits from the deal.

Industry analysts are raising concerns about the potential risks to Canadian digital sovereignty, particularly in light of the ongoing trade war with the US. Sharon Polsky, president of the Privacy and Access Council of Canada, warns that Canadians' data could be available not only to foreign governments but also to foreign law enforcement agencies.

Polsky cites the example of US border agents potentially checking an individual's transaction history before allowing them to enter the country. The sale is also raising concerns about the potential leverage of Canadians' data in trade negotiations.