The Globe and Mail reports in its Thursday edition that Ottawa has unveiled its plan to implement an open banking regime, opting for a government-led entity to oversee the system and bucking involvement from the industry's larger lenders. The Globe's Stefanie Marotta writes that after weeks of pressure from financial-technology groups and opposition parties, the Liberal government said in its fall economic statement on Tuesday that it plans to introduce open banking legislation -- dubbed the "consumer-driven banking implementation" -- in its budget next year. Open banking is a term for a new set of rules that would enable financial institutions to exchange information more efficiently and securely. The system would give consumers more control over how they share their financial data, making it easier for them to switch banks. A point of contention in the rollout of the system has centred on whether the entity administering and supervising the open banking system would be led by a group of government-appointed regulators, or an organization overseen by the bigger banks. Ottawa said it is opting for a government-oversight model, which is favoured by the smaller industry players and fintechs over an industry-led entity.