NZ needs clearer fintech strategy

2017 is likely to be a key year for fintech development globally. NZ has introduced initiatives to support fintech but is falling behind other countries in the support it provides.

In my view the NZ government needs to take a more strategic approach to fintech and the financial services sector generally, if NZ is to gain the full benefits of FinTech innovation.

Key Insights
On 17 January I attended a seminar in London where UK regulators and market participants set out their view on where fintech is heading in the UK and elsewhere. Key insights from that seminar include:

A sector expert stated that the speed with which other countries have embraced fintech is “stunning”. The UK, Australia and Singapore have all introduced “regulatory sandboxes” (which streamline fintech licensing and compliance requirements) and “innovation hubs” (which provide support to bring fintech-based products and services to market). The UK has co-operation agreements with Australian and Singaporean regulators to support overseas expansion.