Meridian Credit Union Ltd. is launching a full-service digital bank which will offer a variety of financial products and services, CUInsight reported.

The online bank is structured as a separate legal entity which is regulated federally, but the bank's operations are strongly integrated within Meridian CU's organization, the news outlet reported, citing Bill Maurin, the president and CEO of Meridian.

According to the news report, the new bank will be in competition with Canada's banking giants and digital banks like Tangerine Bank and eQ Bank Ltd.