The future of open banking in NZ

With the Government’s recent announcement that banking will be the first sector to implement the new Consumer Data Right framework for New Zealand, at long last, we are beginning to see more public discussion on open banking (aka open finance).

FinTechNZ Executive Director, Jason Roberts, was recently invited on RNZ to discuss the opportunities this announcement presents for the FinTech sector.

He believes the challenge will be to make it easy for customers to embrace the value and promise of open finance in their day-to-day lives. It will be the organisations that deliver excellent implementation supported by transparent communication and clear frameworks of trust, he says, that will benefit most from the opportunities of open finance, and drive consumer adoption.

In the UK right now 6 million customers are generating over 10 million transactions a month using Open Banking. It is a huge opportunity for Kiwi exporters that some are already capitalising on, with the UK Open Bank App store currently bookended by Kiwi FinTechs 9Spokes and Xero.

We look forward to further discussion and debate on this topic amongst NZ’s leaders in FinTech at the FinTech Hui Taumata on on February 28 2023 — Made in Aotearoa >> for the world >>

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