The Globe and Mail reports in its Monday edition that mobile banking provider Koho Financial is one step closer to obtaining a banking licence in Canada, a process that has taken more than two years of discussions with regulators. The Globe's Clare O'Hara writes that Koho confirmed Friday it has moved into the second phase of securing a Schedule 1 banking licence, a lengthy and rigorous process that requires final approval from the Office of the Superintendent of Financial Institutions (OSFI) and the federal Minister of Finance. "If we want to build the best products in the country, we need the best infrastructure in the country. This is a significant milestone in that journey," Koho chief executive officer Daniel Eberhard told The Globe. There are three phases under Canada's Bank Act to obtaining approval for a licence. As part of the regulatory process, OSFI assesses applications for incorporation and makes recommendations to the Minister of Finance, who has the ultimate responsibility for approving the incorporation of a federally regulated bank. Last year, the company raised two financing rounds totalling close to $300-million from prominent investors, including Portage Ventures, part of Power Corp. of Canada.