The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) has announced it will use this week’s FinTech Hui in Wellington to engage on the next steps for its FinTech sandbox pilot, with an ambition to expand the pilot to introduce an “on-ramp” or restricted licence for innovative firms.
FMA Chief Executive Samantha Barrass says the goal is to help innovative firms access the market sooner—with appropriate restrictions that can be removed as a firm grows—supporting innovation and competition while balancing potential consumer risk.
The FMA notes that six firms participated in the current sandbox pilot, which focused on reducing unnecessary regulatory barriers and encouraging innovation. According to the FMA, four of those firms have identified a pathway to market for products or services that may otherwise have been delayed by regulatory uncertainty or other barriers to entry.
The pilot has also helped build practical insight for regulators and policymakers—highlighting both the benefits and risks of emerging financial technologies, identifying gaps in existing regulation, and providing real-world input into future settings.
Tokenisation discussion paper submissions. Alongside the sandbox update, the FMA is also publishing responses to its September 2025 Tokenisation discussion paper, outlining perceived opportunities (including broader capital-raising pathways and increased market access) and risks (including custody, cyber security, and fraud/scams), as well as ongoing concerns about legal and regulatory uncertainty.
We’ll be following the discussion closely and welcome the continued focus on enabling responsible innovation in Aotearoa New Zealand’s fintech ecosystem.
Read the FMA release
Read the Tokenisation discussion paper responses