The Globe and Mail reports in its Monday edition that when President Donald Trump expressed frustration over U.S. banks not operating in Canada, experts quickly noted there is no such prohibition. The Globe's Stefanie Marotta writes that as Canada prepares for trade negotiations, Mr. Trump's comments could signal a push for reduced barriers in banking. Canada's banking sector is heavily dominated by six major banks, making it difficult for both foreign and smaller domestic banks to compete. While regulations aim to ensure financial stability, they also limit competition. Financial technology start-ups have warned that these regulatory hurdles hinder innovation, allowing major banks to maintain control over their customers. Foreign banks have previously attempted to enter the consumer market but often exited due to difficulties in gaining sufficient market share. Supporters of Canada's banking system credit its global stability to strict regulations and the dominance of a few large banks with diverse operations. Gowling partner Alana Scotchmer says Canada's banking regulator "has prioritized the safety and soundness of Canada's financial system for a long time, which is why the application requirements are onerous."