The Globe and Mail reports in its Thursday edition that on-line finanical player Wealthsimple has joined the global payments network Swift, becoming the first Canadian fintech company to be granted direct access to offer international money transfers. The Globe's Stefanie Marotta writes that the move will allow it to offer cheaper international money transfers than its larger Canadian competitors. Wealthsimple has been expanding its suite of banking services as competition in Canada's highly concentrated banking sector comes under increased scrutiny in Ottawa and at the industry's regulator. Questrade recently became the first fintech to secure a banking licence. Koho Financial is aiming to receive approval on its application this year. Wealthsimple has taken a different approach, accessing key banking and payments infrastructure without a banking licence. It was the first fintech to become a member of Payments Canada, granting it direct access to payment infrastructure. It was also the first securities dealer to join Interac's system, providing it with more efficient access to e-transfer capabilities. Joining Swift is the latest in Wealthsimple's efforts to build the infrastructure required to offer banking products.