NZ fintech sector out pacing rest of the world

NZ fintech sector out pacing rest of the world

May 2, 2018

New Zealand is the least corrupt country in the world, but it needs to learn from larger fintech markets like Australia, Singapore and London and more rapidly adapt to technologies such as like blockchain and crypto-currencies, a Kiwi fintech expert says.

While New Zealand is just a very small part of a large global fintech market we have advantages that are enabling the growth, FinTechNZ general manager James Brown says.

New Zealand companies have close working relationships with its regulators and a well-connected, vibrant fintech ecosystem that brings the large banks, the startups and the government together, Brown says.

“Transparency will be critical and as New Zealand is ranked number one in the world along with Denmark as the most transparent and least corrupt country by Transparency International and we are well positioned for this massive growth market.

“Following a recent FinTech delegation to New Zealand led by the Lord Mayor of London, FinTechNZ will be heading a delegation of leading NZ FinTech firms to London in July. We will make connections into this market with firms such the latest UK fintech unicorn Revolut which is valued at $NZ1.7 billion.

“We can certainly learn from the no1 fintech hub in the world and further the reach NZ has within the fintech sector.

“As the New Zealand reputation for innovations in fintech continues to grow, we expect international investors to attend the annual New Zealand FinTech Summit on November 29later this year to discover and connect with our own fintech innovators.

“New Zealand’s fintech sector is outgrowing the rest of the world. The global average is 31 to 33 percent and New Zealand is growing at 48.5 percent.

“One of FinTechNZ’s founding members, Kiwibank, is running their FinTech Accelerator demo day on May 16 and it is clear their formula works with firms like Sharesis coming through the programme, raising capital and growing globally.

“We are also seeing more and more applications of blockchain and ANZ, IBM and Suncorp have just announced their joint project.

“New Zealand is seeing more adoption of blockchain as the hype starts to slow. Inland Revenue are tackling regulation. But we need to be growing our contribution towards GDP and not missing out on opportunities,” Brown says.

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