Moneris Sale Sparks Sovereignty Worries Amid Growing U.S. Influence in Canadian Finances

Canada's payments industry leaders are sounding the alarm over the sale of Moneris Solutions Corp. to California-based Francisco Partners for $2 billion in cash.

The joint venture between Royal Bank of Canada and Bank of Montreal will require regulatory approvals, including clearance under the Competition Act, before it can close by the end of their fiscal first quarter in 2027.

Nic Beique, CEO and founder of Calgary-based Helcim, a Canadian payment processor and financial technology company, warns that this sale erodes Canada's data sovereignty because it outsources an important part of the financial services landscape to non-Canadian entities.

Beique said in a worst-case scenario, a foreign entity or government could opt to influence or cease the flow of payments in Canada. There is also concern over foreign firms owning and accessing data and analytics from Canadian businesses.