The Globe and Mail reports in its Thursday edition that the federal government is tackling Canada's concentrated banking industry with measures in the federal budget to boost competition by making it easier to switch lenders, regulating stablecoin, lowering fees and reducing hurdles for smaller lenders. The Globe's Stefanie Marotta writes that calls to improve competition in Canada's financial-services sector have been mounting amid concerns over the sluggish economy and the blow from U.S. tariffs. As part of his budget, Prime Minister Mark Carney is taking a swing at cracking open the banking market. In a bid to reduce barriers to switching banks, Ottawa has set a timeline to introduce open banking legislation next year. By mid-2027, the federal government said it will allow consumers to authorize third parties to switch accounts, pay bills and take other actions on their behalf. A new set of open-banking rules would enable financial institutions to exchange information more efficiently and securely. In October, Bank of Canada senior deputy governor Carolyn Rogers referred to the banking sector as an oligopoly. Canada's Big Six banks collectively hold more than 90 per cent of all banking assets.