Fintech is the fastest growing sector of the New Zealand technology industry. With low barriers to entry and being easily scalable it has the potential to be the star player in New Zealand’s future economy. For the sector to thrive we must give it the attention it deserves.
Whether exporting products and services abroad or improving the success of New Zealanders, New Zealand businesses and the country as a whole, it is brimming with potential. The global fintech market is expected to reach USD 305.7 billion by 2023, and fintech is the fastest growing segment of the New Zealand technology sector.
In September FinTechNZ held a Regulatory Roundtable session attended by senior Government including Minister Faafoi, regulatory and corporate representatives to look at how they can work together to take advantage of this opportunity.
‘A first for New Zealand, it was a great discussion about how government and industry can come together to help all New Zealanders prosper. The opportunity is huge and I for one don’t want New Zealand missing out because we didn’t have a cohesive strategic focus on FinTech.’ James Brown, FinTechNZ
The FinTechNZ Regulatory Roundtable Discussion Paper was released in October, summarising key observations from the session and next steps, paving the way forward.
It was agreed that continued collaboration, research into the current New Zealand Fintech market and regular sessions with these senior influencers would be key to highlighting and capitalising on the opportunity. The next session is being held in November.