FinTechNZ Newsletter – September 2018

Jackie Clark
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FinTech, FinTech Newsletter

Well it’s been another busy month for the tech community, with a few surprises thrown in, and we’re looking forward to seeing the Government’s next move in the CTO process now that Minister Woods has retracted Derek Handley’s offer. Alternatively, we watch with interest for developments in the private sector, as NZTech CEO Graeme Muller astutely calls for a non-government CTO.

In the international space, the Financial Conduct Authority (FCA) in the UK has launched the Global Financial Innovation Network (GFIN), which currently includes 12 global regulators. The aim is to build a global sandbox, and if New Zealand becomes a member, I believe this environment  will give us the edge to scale multiple FinTechNZ companies onto the global stage. FinTechNZ is planning to write to officials to suggest New Zealand will benefit from involvement in this global initiative.

Closer to home, over the last few months we have been going through the consultation process to develop a governed model for FinTechNZ. That is, we are establishing 12 Board seats, in keeping with the NZTech Alliance model. This means we will have six seats up for election in October across all the different categories of membership; we have also agreed on six working groups which are: Open Ecosystem; InsurTechNZ; International; Start-ups; Test Environment, and a FinTech Investor Guide. Each group will require a Chair and Deputy; now is the time to get involved so please get in touch if you would like to nominate yourself for a key role in any working group.

We are also using the results of the recent FinTechNZ survey to help us shape future organisational changes. Thank you to everyone that took the time to complete the survey, which provided us with some real insights. For example, over 80 percent of respondents would prefer we host bi-monthly events instead of the current quarterly presentations. You also told us that Cyber Security, Digital ID and Open Banking are the top three areas you would like to see us focus on; and you see the main benefit of membership as networking, and collaboration within the wider financial ecosystem. Look out for changes to FinTechNZ that reflect these survey results in the coming months.

The winner of the survey prize – two tickets to this years NZ FinTech Summit – is David Cole-Barker from Quanton, well done and see you at Summit on the 29th of November; FinTechNZ and Finnotec have been working hard to make this a day to remember. The program is taking shape and opportunities to get involved are slim, if you want to host or sponsor a session then get in quick.

Regards

James Brown
General Manager

FinTechNZ event

Join InsurTechNZ
Transforming Customer Engagement in the Digital Age on October 4

NZ Fintech Summit 2018
Register for the 29 November

EVENTS

Attend the NZ Fintech Summit, 29 November at the Pullman in Auckland. The premier FinTech conference in New Zealand is brought to you by FinTechNZ and FINNOTEC. Binu Paul of PocketWise explains why this event is a highlight of the FinTech calendar. FinTechNZ members please contact us to arrange a discount.

FinTechNZ is supporting a delegation from New Zealand attending the Singapore FinTech Festival 12- 16 November organised by NZTE in conjunction with Kea, ATEED and Xero. Please get in touch with NZTE if you wish to join the delegation. There are lots of  diverse New Zealand companies attending in the delegation, and plenty of opportunities in and around the conference, so it is highly recommended.

Attend Open Data and Open Banking: a global perspective September 21, with 20% discount available for FinTechNZ members.

Join InsurTechNZ for our event Transforming Customer Engagement in the Digital Age on October 4.

The Trans-Tasman Business Circle event featured an engaging panel discussion on fintech with a presentation by FinTechNZ Executive Director, James Brown.

Request an invitation to the Blockchain South 2018 Leadership Summit October 2 and 3. It has just been confirmed that Naomi Brockwell, aka Bitcoin Girl, will be the master of ceremonies at the Summit.

The FSF CONFERENCE 2018: “DRIVING EXCELLENCE” held on 10th October focuses on proactively setting standards of responsible lending to drive excellence in the sector.

Learn more about how Blockchain is transforming business, government and society at Blockworks on October 12.

Attend the Sibos Conference in Sydney 22 – 25 October Enabling the Digital Economy. FinTechNZ members AmbitHnry and Chelmer have been selected to take part in the conference. There is still one more space available for a start-up to represent your brand at this amazing event so get in touch now if you’re interested.

Register for the Australian Payment Summit: Payments in the Platform Economy November 26 and 27.

Upcoming FinTechNZ Connect and InsurTechNZ events:
Wellington, 31st October, Your IP and How to Protect It.
Auckland, 1 November, Mapping the New Zealand InsurTech Landscape. The FinTechNZ Annual Meeting will be taking place before this event.

NEWS

Andrew Dentice, Technology Lawyer at Hudson Gavin Martin gives us an update on various Open Banking initiatives in New Zealand and overseas.

Jane Retimana, GM Strategy and Corporate Affairs for Payments NZ, gives us an overview of the recent payments pilot paving the way for Open Banking in New Zealand, and PwC reports on how to seize the Open Banking opportunity.

Radio New Zealand profiles Open Banking already operating in New Zealand.

Discover insights into financial technology innovation from New Zealand and Singapore featuring RegPac, FinTechNZ and Finappster.

MEMBER NEWS

Jason Roberts gives an update on recent developments at InsurTechNZ, FinTechNZ’s largest Working Group.

NZ InsurTech Landscape Report
EY, MBIE and InsurtechNZ have teamed up to develop New Zealand’s first ever InsurTech Landscape Report. The purpose of this is to help identify, open up and connect the wider eco system of insurtechs, incumbents and technology partners to stimulate further growth and opportunity.

We would like your input, you will receive a survey questionnaire soon and urge you to share your views. We plan to deliver the insights from this report at the next FinTechNZ  Connect events (31st October – Wellington and 1st November in Auckland).

FinTechNZ member Delta Insurance has released a new product that offers to protect Kiwi businesses against intellectual property (IP) risks. The insurer said its new IP cover is a first in New Zealand; designed to make it easy for Kiwi companies to cover their legal costs in a battle over “intangible” assets.

Join Kiwibank in a key leadership role as General Counsel.

Xero is looking for a Product Manager for their Xero Learn tool for educators.

Want to know more?  Sign up for the FinTechNZ update, it’s free and will take less than a minute!

Amazon move into India likely to have ripple effect in NZ

Jackie Clark
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FinTech

Auckland – Amazon dipping its toes into the insurance market in India may likely have ripples effects for New Zealand, which is seen as a test bed for large organisations looking to try something new.

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Open APIs – doing things the Kiwi way

Jackie Clark
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FinTech

Jane Retimana, GM Strategy and Corporate Affairs for Payments NZ, gives us an overview of the recent payments pilot paving the way for Open Banking in New Zealand.

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InsurTechNZ September Update

Jackie Clark
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InsurTech

FinTechNZ’s largest Working Group, InsurTechNZ, continues to grow and mature. Over the last few months Jason Roberts (Co-chair) and Ian Cormack (Co-chair) have developed thought leadership in this sector with help of members, and we’re looking to seeing the influence InsurTechNZ has in this space continue to grow.

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Open Banking: Where are We Now?

Jackie Clark
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FinTech

Andrew Dentice , Technology Lawyer at Hudson Gavin Martin gives us an update on various Open Banking initiatives in New Zealand and overseas.

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Why your brokerage should be investing in a digital platform

Jackie Clark
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FinTech

Brokerages and broker groups need to think fast about investing in digital platforms if they want to keep their customers happy, according to an insurtech specialist.

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Bridging the Gap – accelerating InsurTech innovation between Incumbents and InsurTech’s

Jackie Clark
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FinTech, InsurTech

This blog proposes that cross sector collaboration is the key to accelerating sector Innovation for the good of all. It identifies the core market participants (with a particular focus on energising engagement between InsurTech’s and Incumbents) and notes the core issues the writer observes the InsurTech sector seeks to surface and discuss.
The blog supplements the ‘Bridging the Gap’ event hosted by InsurTechNZ and Suncorp.

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Market Measures 2018 survey

Jackie Clark
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FinTech, Media Release, NZTech News

Market Measures benchmarks the sales and marketing activity of New Zealand’s technology companies, providing you with useful information for planning your sales and marketing strategies.

To find out more about Market Measures and to view past years’ reports and resources click here.

By participating in the study you can compare your company’s performance against your peers and US counterparts. You will be emailed the results of the study, including a free copy of the final report due out in October 2018 (worth $375) and the opportunity to attend webinars and events nationwide discussing Market Measures results and implications.

Take the survey

The survey closes end of day 13 September 2018.

FinTechNZ Newsletter – August 2018

Jackie Clark
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FinTech, FinTech Newsletter

This month we shine the spotlight on SMEs, as many FinTechNZ members are startups, or work with small businesses. Our Auckland Connect event, sponsored by MYOB, was a great success, and demonstrates there is a lot of support for SMEs in the financial sector. It was great to hear from Sharesies and Harmoney on their unique journeys. We hope to see you at the Wellington event August 29.

Make sure you read our news section this month with top tips on securing seed capital from Harmoney, tech inspiration from Xero, and a great offer from IBM to help startups scale, and see the full event line-up for August here.

Flux have been helping us develop the FinTech landscape map; if you want your organisation included please get in touch. Early applications are open for Flux Cohort III – a great opportunity for those in the startup phase looking to receive a capital injection.

FintechNZ continues our own growth path; developing partnerships both here and overseas. Only last week we signed an M.O.U. with Stone and Chalk in Sydney – adding value to New Zealand companies looking to do business in Australia, and vice versa. Our objectives are to make partnering easier and support joint activities such as delegations to Singapore or the UK.

As part of our growth plans we’re looking forward to co-hosting the NZ Fintech Summit, the premier FinTech conference in New Zealand. As we build the programme many exciting opportunities for members are becoming available; please get in touch to discuss options.

Discussions have begun with Minister for Investment for the UK Graham Stuart, including the opportunities available for New Zealand and the UK with a post-Brexit Free Trade Agreement, focussing on services leaning towards FinTech. This is a fantastic opportunity for New Zealand companies in this space, so please get in touch  if the UK is part of your overall strategy.

In other international news, we’re now part of a supercluster of global FinTech associations, more details will be announced at FinX in October.

As our growth continues along with the FinTech sector’s development, please ensure you complete the FinTechNZ member survey sent earlier this week; your valuable insights will help us to best support our growing member base.

Regards

James Brown
General Manager

Connect with FinTechNZ
in Wellington this month

NZ Fintech Summit 2018
Register for the 29 November

EVENTS

Join us in Wellington 29 August for the final FinTechNZ Winter Connect event, and discover what’s happening in the SME space within the sector.

Taking place this evening in Auckland EdTechNZ’s The Future of Education is Now, register now if you want to attend.

Attend the NZ Fintech Summit, 29 November at the Pullman in Auckland. The premier FinTech conference in New Zealand is brought to you by FinTechNZ and FINNOTEC. FinTechNZ members please contact us to arrange a discount.

With the High Commissioner for Hong Kong to connect with New Zealand companies, we are looking to take a small number of companies up to Hong Kong for Hong Kong FinTech Week at the end of October. If you are keen to explore Hong Kong  as an option please get in touch asap.

Bridge that Gap with InsurTechNZ September 5 and learn about innovation in the changing insurance landscape.

Attend the 2018 NZ Cyber Security Summit, 18 October in Wellington. Super saver price ends 29 August.

Attend the Peer Academy Learning Symposium September 4. Use code FRIENDSOFFTNZ for 20% off before 24 August.

Attend Blockworks 2018, 12 October in Auckland, showcasing the practical applications of Blockchain Technology.

The FSF CONFERENCE 2018: “DRIVING EXCELLENCE” October 10 focuses on proactively setting standards of responsible lending to drive excellence in the sector.

Registrations are now open for the Canterbury Tech Summit, being held 12 September.

Attend the FSC Shaping Futures conference 6-7 September, the Financial Services Council (FSC) and Workplace Savings NZ (WSNZ) national conference featuring a FinTech Alley.

Attend the Sibos Conference in Sydney 22 – 25 October Enabling the Digital Economy, which reflects the far-reaching transformation of banks and other financial service providers as they adjust to the realities of a digital world.

Register for the Australian Payment Summit: Payments in the Platform Economy 26 – 27 November 2018.

Attend the Global Payment Summit 2018  “Payments as a Global Village”, held in Kuala Lumpur 19-20 September.

Request an invitation to the Blockchain South 2018 Leadership Summit October 2 and 3.

Small Businesses can connect with experts at the 2018 Government Roadshow – Taking Care of Business this month visiting Manukau, Queenstown, Dunedin, Christchurch and Westport.

NEWS

Read the Special Report from the Central Bank Payments Conference (CBPC) , including an update on Cross-Border Payments in the 21st Century.

Read the MYOB Enterprise Insights Report Transforming the Mid-market, focussing on the business sector below enterprise, with more than 20 staff, and a yearly revenue of more than $5 million. Also, find out how cloud solutions support SMEs.

There’s an exciting opportunity for an experienced Partnerships Manager to support the delivery and growth of Techweek, a national festival of innovation that’s #goodfortheworld.

MEMBER NEWS

Kent Fergusson, Business Systems Manager at Aon, shares some insights into the company’s connection with FinTechNZ.

FinTechNZ new member Xero shares developments in the FinTech space, while Sam Daish, shares his thoughts on the development of AI in the accounting sector. While Xero’s Small Business Insights provides a real time snapshot of the SME sector’s health.

Neil Roberts, Founder and Joint CEO of Harmoney, shares his top tips for securing seed capital in the FinTech sector.

IBM is committed to supporting and accelerating local emerging tech companies through the Global Entrepreneur Programme. Get up to $120K in IBM Cloud credits to access services like AI, blockchain and data science to build leading-edge solutions.

Want to know more?  Sign up for the FinTechNZ update, it’s free and will take less than a minute!

New member Profile – Xero

Jackie Clark
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FinTech

Chris Barton, Banking and FinTech Partner Manager at Xero NZ, discusses Xero’s developments in the FinTech space:

Q: How does your job relate to the FinTech sector?
A: I work across the breadth of New Zealand’s financial industry to find solutions for Xero’s small business customers. Xero collaborates with banks, FinTechs, online lenders, and payment providers to solve common small business pain points such as accessing capital and making and receiving payments.

Q: What is Xero doing in the FinTech space?
A: Xero is very active in the FinTech industry, both at home and across the globe. Of the 700+ accredited apps in Xero’s marketplace the clear majority are FinTech by nature. Additionally, Xero’s ongoing investment into its API platform and open source philosophy means its 1.4m customers get access to more than 100,000 global developers all trying to find solutions for small business.

Xero will open a co-working space in Auckland in late 2018 with a strong Fintech focus. It also supports the FinTech industry through regular events, roadshows, fintech accelerators, and working with partner organisations to champion the FinTech industry, including attending London Fintech Week with the FinTechNZ trade delegation.

Q: How do you see financial services changing in the next five years?
A: The evolution of financial services over the next few years will see more automation and AI in customer service, identity verification solutions will become more ubiquitous and there will be a lot more FinTech and bank partnerships. We will also see more banks and FinTechs lending to small businesses. As data becomes more accessible we will see an increase in competition, and more consumer choice.

Five years is a long time in the FinTech world so a major disruption we haven’t foreseen yet could change everything. For example, there is a high possibility that one or more of the mega-platforms will develop a financial services offering; and a big question remains around how FinTechs and banks will respond to this new vertical.

Read Powering beautiful experiences that go beyond accounting: the development of machine learning at Xero

About Xero:

Xero is a beautiful, easy-to-use global online platform for small businesses and their advisors. The company has 1.4 million subscribers in more than 180 countries. Xero seamlessly integrates with more than 600 apps. It was ranked No. 1 by Forbes as the World’s Most Innovative Growth Company for two years running, won Technology Provider of the Year for the British Small Business Awards, and was rated by Canstar Blue as Australia’s best accounting software three consecutive years from 2015-2017.

Quick Facts:

• Xero has 1.4 million subscribers in more than 180 countries
• Xero seamlessly integrates with more than 700 apps globally
• Xero’s mission is to rewire the global economy, connecting millions of businesses to their advisors, banks and each other