Story image

NZ fintech sector growth outpacing rest of the world

04 May 18

New Zealand needs to learn from larger fintech markets like Australia, Singapore and London and more in rapidly adapting to technologies like blockchain and cryptocurrencies, a Kiwi fintech expert says. 

While New Zealand is just a very small part of a large global fintech market, we have advantages that are enabling the growth, FinTechNZ general manager James Brown says.

New Zealand companies have close working relationships with its regulators and a well-connected, vibrant fintech ecosystem that brings the large banks, the startups and the government together, Brown says.

“Transparency will be critical and as New Zealand is ranked number one in the world along with Denmark as the most transparent and least corrupt country by Transparency International, we are well-positioned for this massive growth market.

“Following a recent FinTech delegation to New Zealand led by the Lord Mayor of London, FinTechNZ will be heading a delegation of leading Kiwi FinTech firms to London in July.

Brown says it will allow them to make connections into this market with firms such the latest UK fintech unicorn Revolut, valued at $NZ1.7 billion.

“We can certainly learn from the number one fintech hub in the world and further the reach NZ has within the fintech sector.

“As the New Zealand reputation for innovation in fintech continues to grow, we expect international investors to attend the annual New Zealand FinTech Summit later this year to discover and connect with our own fintech innovators,” he adds.

“New Zealand’s fintech sector is growing faster compared to the rest of the world."

The global average is 31 to 33% and New Zealand is growing at 48.5%.

“One of FinTechNZ’s founding members, Kiwibank, is running their FinTech Accelerator demo day in May, and it is clear their formula works with firms like Sharesies coming through the programme, raising capital and growing globally," he says.

“We are also seeing more and more applications of blockchain and ANZ, IBM and Suncorp have just announced their joint project.

“New Zealand is seeing more adoption of blockchain as the hype starts to slow. Inland Revenue is tackling regulation. But we need to be growing our contribution towards GDP and not missing out on opportunities,” Brown says.

SingleSource scores R&D grant to explore digital identity over blockchain
Callaghan Innovation has awarded a $318,000 R&D grant to Auckland-based firm SingleSource, a company that applies risk scoring to digital identity.
IDC: Standalone VR headset shipments grow 428.6% in 3Q18
The VR headset market returned to growth in 3Q18 after four consecutive quarters of decline and now makes up 97% of the combined market.
Spark Lab launches free cybersecurity tool for SMBs
Spark Lab has launched a new tool that it hopes will help New Zealand’s small businesses understand their cybersecurity risks.
Preparing for the future of work – growing big ideas from small spaces
We’ve all seen it: our offices are changing from the traditional four walls - to no walls. A need to reduce real estate costs is a key driver, as is enabling a more diverse and agile workforce.
Bluetooth-enabled traps could spell the end for NZ's pests
A Wellington conservation tech company has come up with a way of using Bluetooth to help capture pests like rats and stoats.
CERT NZ highlights rise of unauthorised access incidents
“In one case, the attacker gained access and tracked the business’s emails for at least six months. They gathered extensive knowledge of the business’s billing cycles."
Report finds GCSB in compliance with NZ rights
The Inspector-General has given the GCSB its compliance tick of approval for the fourth year in a row.
Preparing for e-invoicing requirements
The New Zealand and Australian governments are working on a joint approach to create trans-Tasman standards to e-invoicing that’ll make it easier for businesses in both countries work with each other and across the globe