2020 is here, the dawn of a new decade and what delights await us and the world this year? More of Trump or perhaps not, Brexit will it ever be done? And our own election on the 19th of September. Who will promise what?
With New Zealand productivity continuing to decline we really do need to look at other ways of underpinning this. With meatless meat becoming more available questions are being asked about the impact traditional methods have on climate change, with employment at around 95% we have employed as many people as we can to generate the output we need, I believe we have an opportunity to lean into a low barrier to entry, scalable marketplace in FinTech, InsurTech and WealthTech.
We have seen during the last decade how cities like New York, London, Singapore, Australia and Tel Aviv have done their research and made a commitment to investing in new technology to help grow their respective economies. So we can look at trends but if we are not investing or at least looking at our options what does that mean for our long term future? With Brexit continuing to create uncertainty I know that wealthy investors are looking to diversify their portfolios, so if we can get FinTech onto the Free Trade Agreement agenda the opportunities for New Zealand companies do start to really open up.
That’s why we are building on the partnerships we have with other countries around the world who are leading in technology investment to support Government, Regulation and Industry to thrive in this “4th Industrial Revolution”. This is a year to take some calculated risks, look at investment opportunities and more collaboration. Last year we spent time in Hong Kong and Singapore because beyond Australia these really are excellent market opportunities for tech companies coming out of New Zealand.
To support the young tech companies we will be running a 2 day workshop style covering Governance/compliance, Funding, International and Regulation, these will be facilitated sessions with industry and government experts sharing insights and deployable tools you can use in your business strategy.
This will be supported by over 20 events across FinTech, InsurTech and WealthTech and you will also see us run a number of events in conjunction with other parts of the alliance such as AI Forum, Blockchain and Digital ID as well as the Regulation Roundtable and some closed sessions with the Minister. If you would like to speak, be on a panel, MC or host then please do get in touch.
We will also be supporting the launch of the “Golden Ticket” which will have significant support for the participants.
So what would I like to see from you this year? More content, I see rich content coming from our members which I believe would be beneficial to our diverse and wide ecosystem, so please feel free to connect me with your comms/PR team to help share insights, best practice or just to let people know who you are and what problem you’re trying to solve. We intend to build a knowledge hub this year to house things that you might struggle to find, from International Market insights, how to set up a business in a foreign country, who is investing, who is looking to partner what’s the regulators view on ??
I also want to engage on “Membership value”, if you have some ideas or would like to provide some direct feedback or have seen another industry body do something really well that we could emulate please do call out.
With Jacinda and Simon posturing for the big job I believe we have a window to help shape their thinking about the tech sector and how it could help create more jobs, attract more investment, reduce working hours, tackle climate change and help combat financial and digital literacy so that everyone comes on the journey. So, if you have ideas or want to lead a piece of work then just give me a call.
James Brown
General Manager
What does this new technology bring to the party? Join FinTechNZ and BlockchainNZ Auckland February 26 and Wellington 27
Message from the Chair
Warmest greetings to our members, partners and supporters. Welcome to a brand new year and also an entirely new decade of FinTech.
Once again, thanks to James Brown and the rest of the FinTechNZ team, who have put in a big year of work in 2019. I would also like to acknowledge our outstanding FinTechNZ Executive Council members, InsurTechNZ, WealthTechNZ and other working group leaders – for their vision, leadership and energy that shaped, guided and drove our collective achievements and industry advancements over the past year.
A special thanks to the Executive Council for continuing to put in place more governance rigour that is needed for FinTechNZ to continue to grow and advance for our members’ benefit, and to our members who continue to support our work – both financially as well as hands-on participation.
Over the holiday break, I enjoyed reading a number of FinTech trend observations. There are many forward looking views from many sources – simply search “FinTech trends” online and you may find yourself consumed for hours on end!
My favourite pieces include three blogs from Peter H. Diamandis (a founder of Singular University). The first was about how ESG impact investing is disrupting traditional investment vehicles, the second about the emergence of entirely new currencies that open access to entrepreneurship and upward mobility in developing economies, and the third about how Artificial Intelligence will soon replace the stockbroker and disrupt the financial system as we know it.
I firmly believe that these and other FinTech trends could provide Kiwi businesses with many opportunities for innovation that can be consumed by the global market – to build new products and services that are much needed by, as well as good for the world. Please take the time to consider how your business is aligned to these trends and opportunities.
Ngā mihi
Mitchell Pham
Chair, FinTechNZ
Events
Join the Global Fintech Index Briefings, the next The Asian Century: How to build a thriving Fintech hub takes place at 8pm, 10 February. Register now.
Join TechMarketers at their first 2020 webinar TMG: Get Your Briefs On for 2020, 12pm, 12 February.
If you haven’t submitted your entry yet, join our free webinar at 1pm, Tuesday 4 February to find out what it takes to write a winning entry.
Upcoming dates for the diary:
The next RegTechNZ event State of the Nation, 11 March, Auckland.
InsurTechNZ’s event Funding and Business Development, 25 March, Auckland.
Entries close for the 2020 NZ Hi-Tech Awards on Monday 2 March at 5pm sharp.
Sign up for WealthTechNZ’s event Micro Investment Services, 26 March, Wellington.
Attend Future Government 2020 serving New Zealand through a digital public service, 25 March, Wellington.
Register now for the ANZIIF InsurTech Conference, 19-20 February, Sydney.
Attend one of Asia’s largest Insurance events InsurTech Connect, Singapore 2-4 June 2020.
WealthTechNZ Update
2020 is set to be an important year for the WealthTech sector within New Zealand, with the Financial Services Legislation Amendment Act (FSLAA) coming into force midway through the year. One of the key changes we are excited to see through this new legislation, is the removal of the requirement that only a “natural” person can provide personalised financial advice.
The removal of this wording and the changes through the legislation will open the doors to allow much wider provision of digital/robo advice.
This should be a very positive step forward for New Zealand, however it will be interesting to see how this plays out across the industry not only in terms of digital advice, but also digital and self-service type tools that many across the industry are keen to implement.
WealthTechNZ is committed to supporting the digitalisation of wealth and investment services, and will be providing a number of initiatives to help members understand these changes and what they mean for digital advice and tools.
Over the last two years we’ve seen a lot of momentum building in the WealthTech space globally which is very exciting to see, and we’re certainly seeing that momentum come through in New Zealand now as well. Be sure to get in contact and attend our various WealthTechNZ events throughout the year to keep abreast of what’s happening across the sector, and to find out how we can help support and promote our members that are involved with the digitalisation of wealth services.
News
The four-day working week discussion will accelerate this year. How many New Zealand companies will pilot it? Microsoft in Japan has agreed to trial it and the United Kingdom government is looking at a 32-hour working week.
New Zealand needs fintech to tackle big 2020 problems. Applying fintech to New Zealand’s key issues will help New Zealand on an incredible journey and make this a decade to remember. “We should do some research into how fintech can help the New Zealand economy for the benefit of all New Zealanders”.
The CEO of Swedish fintech giant Klarna says his company is ‘much more’ than a buy now, pay later platform – as it launches in Australia.
Singapore, New Zealand, and Chile inch towards digital economy pact. ‘Governments from the three nations say they have wrapped up negotiations for the Digital Economy Partnership Agreement (DEPA) and will now work towards getting it formally signed’.
We are always looking for news directly from our members. If you have any stories or information to share, please get in touch.
