Now is the time for Kiwi financial services to be more transparent following banking issues in the United Kingdom and Australia, a leading New Zealand financial tech expert says.
Normally bank employees must meet sales incentive targets on lending, deposit attraction, payment protection insurance, life insurance and Kiwi Saver funds to achieve a financial bonus.
With an innovative culture, good skills and businesses that know each other and collaborate already, New Zealand is an ideal petri dish to develop blockchain technology, according to a panel of experts.
“It’s got all the ingredients a country needs to develop blockchain technology inside its own borders,” Rupert Colchester, IBM New Zealand and Australia’s Head of Blockchain says.
Minister Faafoi has urged players in NZ’s finance sector to forge ahead with Open Banking.
Reprinted from a media release issued 26 June 2018 by the Minister of Commerce and Consumer Affairs
Minister of Commerce and Consumer Affairs Hon Kris Faafoi has told the payments sector that progress must be made on innovation and Open Banking.
“Speed is of the essence and the status quo isn’t an option. I do not want to see New Zealand left behind in respect of the outcomes that Open Banking could deliver in terms of economic development and benefits for consumers.”
NZTech chair Mitchell Pham who receives the Kea World Class New Zealand Award tomorrow night, is a leader in New Zealand’s world class tech sector.
Past winners of these awards include Sir Peter Jackson and Lady Fran Walsh.
Mitchell Pham, director at Augen Software Group in New Zealand and Vietnam, co-founder of the Kiwi Connection Tech Hub, Chair of NZTech and FinTechNZ, will be recognised for his contribution to the New Zealand technology sector and NZ-Asia relations.
The second edition of New Zealand’s only dedicated FinTech Accelerator programme, the Kiwibank Fintech Accelerator programme run by Lightning Lab, recently culminated in a demo day attended by the who’s who of the nation’s start-up and innovation scene. Rick Brown* of the FinTechNZ Working Group attended:
The point I made in my blog post how technology may impact on the incumbents in the financial services sector, about the need for cultural leadership within large organisations, is still an imperative to leveraging the future for most incumbents. This was also echoed through the day over the various sessions last year, at NZ’s pioneering annual FinTech event series FINNOTEC 2017. That’s one thing I have enjoyed most about putting together FINNOTEC over the years – the opportunity to meet with some of the leading thought leaders in the community both here in New Zealand as well as globally. That opportunity is scaling up even more this year!
The rapid rise of tech companies working in the insurance market and investment by traditional insurance firms into new advanced technologies is expected to lead to better deals for customers in coming years, InsurTechNZ chair Jason Roberts says.
Customer expectations of instant digital transactions delivered seamlessly across digital channels are increasingly the norm and this is a major factor driving the growth of the New Zealand insurtech market, he says.
Source: Insurance Business NZ
InsurTech NZ gathered 70+ attendants at its most recent event, Customers and Data, which focused on how insurers need to approach customer management amid the new technological landscape.
AI, robotics and robo-advice were the key areas under scrutiny, with a range of industry speakers discussing the potential of these advancements in improving customer engagement. The event also touched on the imminent contract law review, with MBIE principle policy advisor Daniel O’Grady speaking about the need for changes in the more technical areas of the almost century-old legislation.
Dubai International Financial Center (DIFC) is the gateway for FinTech into UAE and the surrounding region. They have a new FinTech Accelerator programme called FinTech Hive, which is taking applications right now for their 2018 intake.
Launched in partnership with Accenture, the 2018 edition will build on last year’s success by providing a platform for the world’s most innovative start-ups the opportunity to test, develop and adapt their solutions to meet the evolving needs of the region’s financial services and insurance industries.