The Globe and Mail reports in its Thursday edition that at a recent meeting of the Senate's banking committee, Canada's top banking regulator, Peter Routledge, said his office is smoothing the path to starting a bank. The Globe's Stefanie Marotta writes that the Office of the Superintendent of Financial Institutions requires bank licence applicants to prove that their probability of failure over the following five years is near zero, one of several factors that make it difficult to enter the banking system, Mr. Routledge, OSFI's head, told the Senate committee in October. That could soon change as OSFI signals it is considering ways to bring fintechs and credit unions into the financial system to boost competition in Canada's highly concentrated banking sector. "We have to revamp, not our process, but our basic risk appetite. That will add more competition to the system through credit union entry and innovators entering our system," Mr. Routledge said. "I'll be blunt. We have to do better on this as a regulator." Canada's banking industry is dominated by the Big Six, which controls over 90 per cent of the market. Fintechs are edging their way into banking. On-line broker Questrade recently secured a banking licence.