In a landmark development for small and medium-sized enterprises (SMEs) in Canada, BackLoop and EQ Bank have introduced the Loop Global Visa Card, a pioneering multi-currency credit card designed specifically for businesses engaged in cross-border transactions. This innovative financial product aims to simplify international trade for Canadian SMEs, allowing them to manage their expenses more effectively while operating in a global marketplace.
The Loop Global Visa Card is touted as Canada’s first corporate credit card solution tailored for SMEs that require the flexibility to conduct transactions in various currencies. As the landscape of cross-border trade continues to flourish, with Canada recording a staggering CAD 965.1 billion in international exports and imports in 2023, this card provides businesses with the necessary tools to navigate the complexities of global commerce.
According to Cato Pastoll, CEO of Loop, the introduction of the Loop Global Visa Card marks a significant step forward for Canadian businesses involved in international trade. He emphasized that the card simplifies the process for finance teams managing transactions across multiple currencies, thereby enhancing operational efficiency and effectiveness in today’s interconnected global economy. “With this card, we empower companies to operate almost anywhere with local currency cards that both reduce costs and the complexity of managing a globally connected business,” Pastoll stated.
The ability to spend and settle credit balances in multiple currencies is a game-changer for SMEs, providing them with greater control and flexibility over their financial operations. Chris Ferron, Vice President of FinTech Partnerships at Visa, echoed this sentiment, stating, “Canadian businesses should have a mechanism to have more control and flexibility in the way they pay, and this product provides that. We are excited to collaborate with Loop and EQ Bank to empower Canadians with payment options to help them grow their business and access the global economy through digital payments.”
EQ Bank, a key player in this partnership, is dedicated to empowering small businesses and expanding their financial options. Mahima Poddar, SVP and Group Head of Personal Banking at EQ Bank, expressed pride in supporting the Loop Global Visa Card. She highlighted that this collaboration is designed to equip Canadian SMEs with the necessary tools to thrive in a competitive global market. “This collaboration will enable businesses to navigate cross-border transactions with greater ease and confidence,” Poddar added.
The Loop Global Visa Card is positioned to streamline the management of cross-border transactions, allowing SMEs to focus on growth and expansion without the added stress of currency conversion and transaction fees. As businesses increasingly look to expand their reach beyond Canadian borders, the demand for efficient financial solutions is more critical than ever.
This innovative card is expected to not only facilitate smoother transactions but also enhance the overall financial health of SMEs by reducing the costs associated with international payments. By leveraging digital payment solutions, Canadian businesses can tap into new markets and opportunities, ultimately driving economic growth.
With the launch of the Loop Global Visa Card, BackLoop and EQ Bank are setting a new standard for corporate credit solutions in Canada, addressing the unique needs of SMEs engaged in global trade. As the world becomes more interconnected, the ability for businesses to manage their finances across different currencies will be paramount to their success.
In summary, the introduction of the Loop Global Visa Card represents a significant advancement in the financial landscape for Canadian SMEs. By offering a tailored solution for cross-border transactions, this initiative not only supports the growth of small businesses but also enhances Canada’s position in the global economy.
