How are things? Busy?
It just seems to be the default answer these days, I thought technology was going to make life easier not busier. However, we still have to choose what we get involved with and that’s normally a personal decision.
So since my last note its been all about getting the message out and getting Government engaged.
The Regulatory Roundtable lunch was a roaring success, the Minister said “we need to do this more often” each part of the financial services sector was represented and we had some clarity, robust debate and a collective view that industry and government working together to achieve positive outcomes was the best way forward. This is especially important when we talk about financial literacy, financial inclusion, Open Banking and driving economic growth from the fastest growing part of the tech sector.
I have been speaking a lot with the New Zealand Government on opportunities here at home, what could the Free Trade Agreement with the UK mean for fintech companies in both countries? And spending time with Hong Kong New Zealand Business Association (HKNZBA), New Zealand Trade and Enterprise (NZTE) and the Director General for Invest HK. It is clear to me that New Zealand has lots of opportunities to become recognised as a fintech centre, we might not be as big as Hong Kong or Singapore, however I do believe we can be a significant player in this space.
At the National Party launch of their first discussion document, it was clear to me that there is still a real focus on primary industry so we still have work to do when it comes to getting some areas of government to shine a spotlight on fintech.
Our InsurTechNZ and WealthTechNZ events were a huge success, the level of engagement and insights from both groups was amazing. Both these parts of the fintech ecosystem are going through significant change and its great to see how technology is automating a lot of the mundane process, however we are still putting human engagement at the forefront of the conversation. Some of this was evident when I attended the Kiwi Fintech Accelerator mid year programme where we heard from a number of the cohort on their journey so far. I’m really looking forward to seeing how these great companies progress over the next few months.
I have been around the country speaking at a number of events from Wellington to Hamilton and back to Auckland, across FinTechNZ and InsurTechNZ. A big thanks goes out to Jannat Maquool for inviting me to be part of the Waikato meet up with over 130 people in the room, the questions kept coming. Also thank you to Richard Klipin and David Bishop for the opportunity to speak at the Financial Services Council (FSC) conference which was a huge success, discussing how to move the claims conversation to one around Health and Wellbeing, very interesting and great to see companies moving towards positive regular interaction rather than just engaging at claim and renewal time.
This week I’ve been presenting at the Singapore Fintech festival roadshow it is very exciting and builds on our visits to Singapore over the last two years, where we have taken 40 New Zealand companies to experience what is now one of the biggest fintech events around the globe. Both the New Zealand and Singapore governments are keen to drive engagement between our countries, helping them to understand regulation and what its like to run your business in either country. As part of our partnership with the Singapore FinTech Association we have some great options should you wish to attend the festival this year.
Next it’s off to Wellington, speaking with Ministry of Business Innovation and Employment (MBIE) on what a fintech policy could look like, more on this later. The rest of the week is filled with member meetings, I am really looking forward to sitting down with James Fuller from Hnry who is going to help automate my invoicing, plus lots of meetings with prospective members. The ecosystem just keeps getting bigger. Then finally “I’m leaving on a jet plane don’t know when I will be back again” as I head to the UK as part of the UK Department for International Trade (UKDIT) joint delegation with FinTech Australia as we attend SIBOS and the Lendit conference. We are being hosted by the Lord Mayor, RBS, Barclays,VISA, Octopus Investments and a sit down with the FCA to discuss a number of things from the Global Financial Innovation Network (GIFN), policy around fintech and the role they played in creating industry standards across Incumbent engagement and AML/CFT.
In the meantime there are a couple of things to watch out for, shortly we will share a document outlining the key points we discussed at the Regulatory Roundtable lunch attended by all the regulators in New Zealand and and Minister Faafoi. Next, our Annual Meeting is coming up and four seats will be up for re-election. So, if you ran before and were not successful, or if you want to have a more hands on approach helping to shape the fintech discussion with all of New Zealand, then get ready to put yourself forward and best of luck!
See you in a few weeks, I will be posting from the UK however I am going to surprise my family so can’t do too much.
Update from the Chair, Jason Roberts
It has been a busy month with the launch of our new Member Only InsurTechNZ newsletter. If you didn’t receive a copy but think you should have, please let us know! We also held another great InsurTechNZ Connect event focused around ‘ClaimsTech’ hosted by AA, Inno and Crawford. The turnout and discussion was excellent. We look forward to welcoming you at Centrality for the October event ‘Insurtech and the Blockchain’. Last but not least thanks to the FSC for a great collaboration effort at their recent Towards Wellness event where James and I were moderating sessions. Fintech Alley sponsored by MinterEllisonRuddWatts was excellent and congratulations to Plantonix for delivering the winning pitch.
Update from the Chair, Rachel Strevens
The recent WealthTech Connect event held last month was attended by 50 people from across the wealth and investment services industry. It was great to hear from the FMA who discussed the requirements for conducting online AML verification and some of the common issues they are seeing across the industry. This was followed by a great panel discussion looking at where the future is heading for online AML. Within WealthTechNZ we continue to address a number of industry specific initiatives, current initiatives we are working on include the standardization of term deposits, the funding gap, and robo/digital advice. If you’d like to learn more or get involved with any of these initiatives please get in contact. The next WealthTech Connect event is scheduled for 23rd October, we will be looking at digital/robo advice, more details to follow.
Prepare for the Payments Revolution. Hear Lewis Billinghurst, Head of Digital Ventures at Westpac New Zealand, share his specialist knowledge of payment innovation and how this will change the customer experience in the future. Auckland 17 October, Wellington 22 October. RSVP with your name, business and number of guests. Please note places are subject to availability.
Get the date in your diary for the IoT Half-Day Conference 3 October in Auckland. Registration closes on 30 September.
Join us at the next InsurTechNZ Connect event Insurance and the Blockchain, 9 October in Auckland.
The 2019 NZ Cyber Security Summit will examine the changing cyber landscape and what that means for the modern business ecosystem, taking place on 15 October at Te Papa, in Wellington.
Unlock the value of digital identity at the 2019 NZ Digital Identity Summit on 16 October in Wellington, where discussion moves beyond policy to real world initiatives.
Attend Sunrise North Island a homage to Founders and supporting Kiwi start ups, 25 October in Auckland.
Attend the TIN Report Launch, 31 October. We’ll be there and there’s a 20% discount available with membership.
Registrations are open for FINNOTEC 2019, 28 November, Auckland
As one of the world’s top three financial centres, HongKong represents a fantastic opportunity for New Zealand Fintech companies. NZTE and FinTech NZ are collaborating with seven leading Kiwi Fintech companies to accelerate commercial opportunities in the Hong Kong market as part of the upcoming Hong Kong Fintech Week. Capital Preferences, Delta insurance, Velocity, Montoux, Face Me, Verify Union and Share Clarity are among those attending in November. Hong Kong Fintech Week is one of Asia’s most anticipated international fintech events with over 10,000 executives, entrepreneurs, investors and regulators attending. NZTE will be looking to put New Zealand Fintech at the forefront of key partners in the Hong Kong Market and to build long term opportunities. Get in touch to get involved.
Trade show FinTech Connect, takes place from 3-4 December in London.
Singapore FinTech Festival 2019, 11-15 November, early bird tickets are available until 14 August.
Sharesies CEO and Co-Founder Brooke Roberts outlines how they’re helping women gain confidence in finance and opening doors to investing.
There’s a new type of ‘number eight wire’ ingenuity in Wellington. From Tinder for houses to the “gift that keeps on giving”, Wellington looks to be a hotbed for a new type of business: fintech.
NZ must embrace technology: not treat it as a threat says NZTech CEO Graeme Muller commenting on the Productivity Commission’s latest report. It is pleasing to see this in-depth research by the productivity commission, validating the focus and strategy of the NZTech Alliance for the past few years.
News & Updates
Kiwi mortgage lending and valuation software company Valocity named in top 20 finalists for India Fintech Awards.
Financial technology and infrastructure company Sargon has officially launched in New Zealand with technology to power KiwiSaver.
Female and interested in entering the fintech space? Head down under, New Zealand named the third best place for females to embark on a FinTech career with Australia coming first.
CIO upfront: What Kiwi startups need to know ‘New Zealand startups need to think global from day one’
Does New Zealand need to consider whether our economic policies are fit for purpose in a new world?
What Are Your Favorite Fintech Companies? Forbes Fintech 50 Call For Nominations for 2020 add your favourite Fintech now
TransferWise, the $3.5 billion fintech firm posts its third year of profit TransferWise’s CEO, said the firm was among a “rare breed of unicorns” that have managed to create a profitable business.
Dubai’s DIFC registers three-fold increase in fintech firms since 2018. DIFC said its fintech ecosystem more than doubled in size from over 80 to 200 companies in the last six months.