WealthONE specializes in borrowing solutions suitable for self-employed persons, investors with multiple properties, high net worth individuals, newcomers to Canada. WealthONE offers a full-service online and mobile banking app providing customers a safe, convenient and responsive experience for everyday banking, borrowing, savings and investing needs.
History
Wealth One Bank of Canada was founded by seven key investors. Shenglin Xian attracted other investors, including Yuansheng Ou Yang and Mao Hua Chen, who became directors of the bank.[1] With one other key investor, they raised $50 million as an initial funding for the bank.[2] The investors believed that there was a business opportunity to create a Canadian financial institution that was able to offer services to Chinese-Canadians by understanding their culture, traditions and being able to speak their language.[3] The company began working in the early 2010s towards gaining a charter through what its CEO and president at the time, Charles Lambert, described as a "long application process".[4]
In November 2016, The Globe and Mail published an article claiming that the banks website included inaccurate profiles of its key investors and that its founder previously faced allegations of mishandling client insurance claims.[6] WealthONE responded in letter stating that "like every other Schedule 1 bank in Canada, Wealth One Bank had to go through an exacting and rigorous process under the Bank Act and OSFI... We're very proud of the fact that [WealthONE] met those stringent standards."[7]
The bank’s head office is location in the heart of downtown Toronto Ontario’s Financial District. It first began providing mortgages and loans, and soon after began accepting deposits in July 2016.[1] It hopes to attract new immigrant customers who "may have a solid net worth, just not the kind of proof of income or credit ratings that [other] domestic lenders may prefer."[8] The bank's customer-facing staff are of Chinese descent and able to interact with customers in English, Cantonese and Mandarin.[3]
In October 2020, Paul Leonard was appointed as the new chief executive officer and president of the bank. Leonard first joined WealthONE as CFO in 2018. As CEO, he reported that the bank has about 700 borrowers, 7,000 deposit accounts, and $375 million in total assets as of November 2020.[8] As of December 2023, WealthONE has grown to 1,000 borrowers, 20,000 deposit accounts and $615 million in total assets and has added multi-lingual customer-facing staff to service the growing needs of newcomers to Canada.