It may have felt a long time coming, but the recent flurry of legislative activity highlights how crucial it is for us to help shape our sector.
Significant momentum has been gained this year already, including last week’s announcement that the Ministry of Business, Innovation and Employment (MBIE) has opened consultation on the Customer and Product Data Bill (formerly Consumer Data Right).
MinterEllisonRuddWatts partner Jeremy Muir illustrates its importance here and FinTechNZ Co-Chair member Andrew Dentice explains more here.
As we have seen overseas, similar legislation is generating considerable impact, and has led to the development of innovative new products and services. We know there are potential competition issues, but we can no longer procrastinate and need to implement legislation to support our fast-growing sector.
Instead of a raft of individual submissions, we have partnered with Digital Identity NZ to host a roundtable discussion styled submission to provide MBIE with direct feedback from our sector. Your views will help inform MBIE’s advice to Ministers on the Bill. Please join our online event on Monday 17 July and have your say on the proposed Bill. This is strictly limited to 100 participants, so secure your place and register now.
Meanwhile, the Commerce and Consumer Minister, the Hon Duncan Webb has launched a market study into personal banking services. Review details of the 14 month study here, plus media commentary. In other legislation, there’s still time to have your say on the Climate-related Disclosures Bill before 12 July.
In other news, you may have seen recent announcements from PaymentsNZ regarding real time payments and the Open Banking timeline for key banks. This is great news, but does not negate the need for accelerating both the Customer and Product Data legislation and enhancing partnerships across the sector.
Introducing FinTech for FinTechs Mini Hui
Earlier this year, during our FinTechNZ Hui Taumata, we saw first hand the need to further empower the sector for early-stage companies. We know startups share common challenges and opportunities, and we’re here to help. Introducing the FinTech for FinTechs Mini Hui on Wednesday 9 August in Auckland. If you’re an early-stage FinTech, please join us for leadership insights (including Craig Hudson sharing the Xero-to-hero experience), facilitated round table discussions and more. The day is focused on helping individuals find value and working with our sector to generate actionable outcomes. Read more and register now.
Read full news here: FinTechNZ – Is this the year of CDR?
