Kia ora,
Building on the momentum from March’s FinTech Hui Taumata, April has been a month of significant policy engagement for FinTechNZ. With the government at mid-electoral cycle and the Consumer Data Right (CDR) Bill now passed, we’re leveraging these learnings to seize critical opportunities that advance competition and innovation in our sector.
Our recent meeting with Minister Scott Simpson and the Ministry of Business, Innovation and Employment (MBIE)—our sixth ministerial meeting in as many months—has helped shape key initiatives including the Financial Markets Authority’s (FMA) regulatory sandbox, CDR implementation, expanded Exchange Settlement Account System (ESAS) access, e-money review, and capital requirements for banking registration.
The FMA’s newly announced outcomes-focused approach aligns with our sector’s needs, focusing resources on what will have the greatest impact for New Zealand businesses and consumers. This approach will evolve over the next three to four years, aligned with their 2024-2028 Statement of Intent.
While global fintech investment shows promise, recent international policy shifts—including new tariffs affecting global markets—have created significant uncertainty for the sector. Locally, our greatest challenge remains consumer adoption. Minister Simpson has challenged us to find better ways to communicate what ‘fintech’ and ‘Open Banking’ mean to everyday Kiwis and industry leaders alike. We invite you to help with this communication challenge through our survey below.
Read on for Hudson Gavin Martin’s excellent legislative analysis, updates on our meeting with Finance Minister Willis, and more.
🔔 FinTechNZ Updates
Another Productive Meeting with Minister Simpson Advances Fintech Agenda
The FinTechNZ team met with Minister Scott Simpson and MBIE at the Beehive to review ongoing work and explore core issues around enabling competition and innovation through government legislation and policy. The Minister indicated that MBIE plans to complete the CDR Bill within the next quarter—a timeline critical to our sector’s development.
FinTechNZ Executive Council members with Minister Simpson L to R Daniel Riordan (Reporter), Colin Wallis, Tina Groark, Jason Roberts, Minister Scott Simpson, McGregor Fea, Janine Grainger.
Finance Minister Willis Visits FinTech Hub
We recently hosted Minister of Finance Nicola Willis at GridAKL, providing a valuable opportunity to showcase New Zealand’s thriving fintech ecosystem. The Minister met with leading innovators and engaged in discussions about mission-critical issues facing the sector.
During the meeting, we highlighted fintech’s significant economic contribution to New Zealand—currently generating over $3 billion in export revenue with projections to reach $7.8 billion by 2028. We discussed key regulatory priorities, including CDR legislation implementation, ESAS access expansion, and capital license requirements for new digital banks.
The Minister’s visit demonstrates the growing recognition of fintech’s importance to New Zealand’s economic future and complements our ongoing engagement with Minister Simpson and regulatory bodies
FinTech Hub team with Hon Willis L to R (Front) Shweta Pandkar (Wismopay), Jason Roberts, Hon Nicola Willis, Janine Grainger (Easy Crypto), Jamie Jermain (Emerge). L to R (Back) Jithin Chittibomma (Wismopay), Will Mao (Centrapay) and Jovan Pavlicevic (Emerge).
Customer and Product Data Act Passes
The Customer and Product Data Act was passed into law on 29 March 2025, having marched its way through the final stages of the legislative process in less than a month with the benefit of cross-party support. Important changes were made to the Act at the Select Committee stage, including a new power allowing MBIE to approve outside organisations – like the API Centre – to play a principal role in managing the regime. A host of changes were also made to simplify the regime, in response to industry concerns about its complexity. Meanwhile, industry engagement on the important regulations, standards and designations that accompany the Act is ongoing, with the Minister in charge Scott Simpson saying he will be seeking Cabinet approval on an open banking designation “very shortly” and is committed to having open banking “fully operational” by the end of 2025.
📅 Upcoming Events
Fintech Festival: Celebrate NZ’s Fastest Growing Tech Sector
Date: 30 April 2025
We’re proud to support the upcoming Fintech Festival, hosted by CreativeHQ, celebrating Kiwi innovation and New Zealand’s rapidly growing tech sector. This event showcases the best of local fintech talent and offers excellent networking opportunities.
Spaces are limited—don’t miss out! Secure yours here.
Strategic Leadership Summit – Call for Partners
Timeframe: 6-8 weeks
FinTechNZ is organising a pan-party, cross-sector leadership summit to build a cohesive framework for an “Open Everything” ecosystem in New Zealand. This initiative aims to ensure our shared vision for financial innovation isn’t compromised by partisan politics or policy fragmentation.
The half-day summit will focus on identifying emerging opportunities and addressing potential barriers to innovation across New Zealand’s financial services landscape, promoting products and services that meet New Zealanders’ needs while encouraging confident participation in financial markets.
If your organisation is interested in collaborating on this initiative, please contact Jason.
📢 Community Noticeboard
Help Rebrand “Fintech” for Everyday Kiwis
Minister Simpson has challenged us to better communicate what fintech and Open Banking mean to everyday New Zealanders. Just as the FMA is evolving its approach through industry roundtables and collaborative engagement, we’re seeking your expertise to solve this communication challenge.
We need your help! Clear, accessible language about these innovations is essential to build trust and drive adoption. What terminology would better resonate with Kiwis who find current industry terms confusing? Your insights will directly shape how we communicate fintech’s benefits to the public.
FMA Seeks Feedback on Exemptions for Schemes in Wind-up
The FMA is considering a class exemption to provide relief from certain reporting, audit and assurance obligations for registered Managed Investment Schemes in wind-up.
Why It Matters: This may impact fintech companies operating in the investment management space.
Submission Deadline: 12 May 2025
RBNZ Expands Exchange Settlement Account System Access
The Reserve Bank of New Zealand expects to open the ESAS application process to other non-bank entities in the third quarter of 2025. Licensed non-bank deposit takers (NBDTs) in New Zealand can apply for ESAS access now. This represents a significant step toward a more open and competitive financial infrastructure.
👋 Welcome to our new members
This month, we’re delighted to welcome Cashpoints NZ, the Department of Internal Affairs (DIA) and iGoDirect Group to our growing community.
Look out for this month’s new member spotlight on iGoDirect Group further on.
🔎Looking ahead
As we continue to build momentum in this watershed year, FinTechNZ remains focused on ensuring that cross-sector efforts toward an “Open Everything” ecosystem deliver real benefits for businesses and consumers. We encourage you to engage with our upcoming events, participate in our survey, and contribute to ongoing policy discussions.
New member spotlight!
The iGoDirect Group is a leading end-to-end rewards and payments provider, offering innovative solutions across prepaid and gift cards, consumer promotions, loyalty programs, and member benefits throughout Australia and New Zealand.
With over 25 years of experience, iGoDirect has been at the forefront of customer engagement—continuously evolving to meet market needs. As a Visa Principal Member, they design and launch complete loyalty and disbursement programs, enhanced by their customisable merchant offers marketplace and card-linking capabilities.
Click here to learn more about their innovative solutions and follow them on LinkedIn for the latest updates.
