Telecom giant Rogers Communications Inc. has applied to form a bank under terms of the federal Bank Act.

The financial institution, to be known as Rogers Bank, would be primarily focused on credit, payment and charge card services, according to a filing with the government published over the weekend.

Kaan Yigit, president of media consultancy Solutions Research Group, called Rogers’ banking plans an “inspired move.” He said mobile banking “is taking off via smart phones” and Rogers is poised to capitalize on this through its seven million billing “relationships” with mobile telecom customers.

If the Minister of Finance grants an application, Rogers Bank will be headquartered in Toronto and will operate as Banque Rogers in parts of the country.

Objections to the application must be submitted in writing to the Office of the Superintendent of Financial Institutions by Oct. 24.