The Financial Post reports in its Saturday edition that Canada's banking regulator is speeding up its efforts. Guest columnist Andrew Chau writes that in June, the Office of the Superintendent of Financial Institutions will launch a pilot project to reduce the red tape preventing fintechs and credit unions from obtaining a bank licence. For Canadian credit unions and fintech start-ups, obtaining a bank licence has often been a lengthy and unclear process, consuming valuable capital. The OSFI pilot seeks to reduce this timeline to 18 months, providing a clearer path for new entrants. Canada's banking system is paradoxically stable yet stifles competition, creating an oligopoly dominated by legacy banks. This results in hidden costs for Canadians, characterized by limited choices, slow innovation and some of the highest banking fees in the developed world. OSFI's plan is a necessary step toward change, but Canada needs a two-pronged approach: fast-tracked, purpose-based licencing and modernization through open banking and real-time payment systems. To improve choices for Canadians, we must revise the rules for new entrants in the banking sector.