New Zealand could take roboadvice lead
Chapman Tripp warned earlier this week that although New Zealand pulled ahead of the pack in fintech through the Financial Markets Conduct Act’s 2013 provisions for equity crowdfunding and peer-to-peer lending, it was now in danger of falling behind again. It called for action from Government, FMA and the industry to ensure innovation continued.
“Australia is initiating a range of measures to promote itself as a financial technology or ‘FinTech’ hub, as are Hong Kong, Singapore and the United Kingdom. If we lose pace now, it will be very difficult to catch up,” the law firm said.
Jeremy Muir, a specialist financial services lawyer at Minter Ellison Rudd Watts, said New Zealand had an advantage over many other countries in that its financial services regulation was at a relatively lower level, and was flexible. The country was good at innovation and had a strong tech base, he said.
Fintech start-ups such as equity crowdfunding platforms had been able to innovate, he said, because the model was flexible enough that they could built what suited them, and then apply for a licence for it. “It’s not prescriptive in terms of what it should look like.”
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