Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fintech about to accelerate economic growth

Fintech about to accelerate New Zealand’s economic growth and international connections

February 15, 2017

The setup of the national fintech organisation will accelerate New Zealand’s economic growth, tech leader and software services company director Mitchell Pham says.

New Zealanders should care about fintech as an exciting new sector because electronic interactions underpin all commerce across the national economy, Pham says.

With the support from NZTech and the government, FinTechNZ was officially launched last week and received the backing of the Minister of Commerce and Consumer Affairs Jacqui Dean.

Pham, who is director of Augen Software Group and chair of NZTech, says e-commerce as a subset of fintech, is the future of small to medium enterprises, enabling Kiwi businesses to export globally with ease and speed.

“Next month, two of the fastest growing fintech communities in the world, United Kingdom and Australia, will visit New Zealand and connect with FinTechNZ members,” Pham says.

“This will help expand connections for our fintech community to grow, which in turn will contribute to New Zealand’s economic growth.

“Knowing what’s going on around the world enables Kiwi businesses to focus on the biggest and most strategic global opportunities when we innovate with fintech. Knowing how financial innovation and technology development in other countries grew globally will give ours the knowledge to do the same. All of this helps grow the economy which is great for New Zealanders.

“Through the Kiwi Connection Tech Hub in South East Asia, we are also inviting financial and fintech experts from the region to leverage the opportunity to join the UK-Australian visit in Auckland on March 24.

“This whole visit will raise international awareness of FinTechNZ well before our Kiwi fintech business delegation goes to Singapore and Vietnam in November.

"We have also been approached by passionate Kiwis who lead fintech innovation overseas, wanting to be involved and help build connections to opportunities for New Zealand in those foreign markets. This is just fantastic.

FinTechNZ is leading the initiative with support from the New Zealand Technology Industry Association and in collaboration with the New Zealand Venture Investment Fund, New Zealand Trade & Enterprise, Auckland Tourism, Events and Economic Development, Wellington Regional Economic Development Agency, Canterbury Development Corporation, and Canterbury Technology Cluster.

UK’s Department for International Trade has confirmed it will send a trade delegation of eleven of the country’s fintech companies to Australia and New Zealand next month. The eleven companies selected are Aire, Clarus FT, Clearmacro, FundApps, ingage, iwoca, neyber, ObjectTech, Onfido, Sybenetix and Tradle.

Over the past 15 years, the financial services industry has seen many fresh innovations, new products and services, new technologies and capabilities, new types of customers, entirely new markets as well as business and revenue models, sometimes at the expense of existing ones.

“New Zealand has a diverse financial services industry and a thriving ecosystem for innovation. Our biggest and smartest financial businesses have joined forces to become key contributors in shaping and driving the fintech revolution.

“Fintech will totally transform New Zealand through its impact on the financial services industry which carries the economy. We want to bring Kiwi fintech innovators together to strengthen the whole sector which will in turn accelerate growth of our national economy,” Pham says.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Electricity Authority: Review Of Competition In The Wholesale Electricity Market Raises Questions

In March 2021 the Electricity Authority announced it would conduct a review into competition in the wholesale electricity market. The period of the review covers the sustained elevated electricity prices since an unplanned outage at the Pohokura gas facility in Spring 2018... More>>

Government: RSI ‘State Of The Nation’ Report Published
latest research, science and innovation system report card is now available, and outlines how the system is performing, Research, Science and Innovation Minister Megan Woods has announced. “The report seeks to increase transparency, act as a reliable data source and stimulate discussion... More>>

Fonterra: Increases 2021/22 Forecast Farmgate Milk Price

Fonterra Co-operative Group Limited today increased and narrowed its forecast Farmgate Milk Price range to NZD $7.90 - $8.90 per kgMS, from NZD $7.25 - $8.75 per kgMS. The midpoint of the range, which farmers are paid off, has increased to NZD $8.40 per kgMS, from NZD $8.00 per kgMS... More>>

Pamu & Westpac: Market-leading Sustainability-Linked Loan

Westpac NZ and Pāmu have signed New Zealand’s most comprehensive Sustainability-Linked Loan to date, also the largest in the agricultural sector, and the first involving a state-owned enterprise. Pāmu, also known as Landcorp, is New Zealand’s biggest farming business. It will borrow $85m from Westpac NZ over three years... More>>

Retail NZ: Some Good News In COVID Announcements, But Firm Dates Needed

Retail NZ is welcoming news that the Government is increasing financial support for businesses in light of the ongoing COVID-19 lockdown, and that retail will be able to open at all stages of the new “Covid Protection Framework... More>>

ComCom: Companies In Hot Water For Selling Unsafe Hot Water Bottles And Toys

A wholesaler and a retailer have been fined a total of $140,000 under the Fair Trading Act for selling hot water bottles and toys that did not comply with mandatory safety requirements. Paramount Merchandise Company Limited (Paramount) was fined $104,000 after pleading guilty in the Manukau District Court... More>>