More NZ banks will support smart tech companies
FintechNZ says Kiwis will soon see more banks supporting smart tech companies to help boost exports and business.
ASB bank has got behind new tech company, TradeWindow, to help fast-track development of its distributed ledger technology trading product. TradeWindow is one of the first tech firms in New Zealand to receive direct funding from a New Zealand bank.
FintechNZ general manager James Brown says this deal is a great example of a fintech and an incumbent coming together to solve a major problem.
“There were actually two problems. One is that it is perceived in the market that our companies and fintechs (banks) are not playing nicely. That’s not the case here and it is a great outcome,” Brown says.
“Secondly, Trade Window has resolved an old and redundant model, making things easier, more secure and less expensive for everyone.
“Only six percent of New Zealand companies have adequate cyber protection, but TradeWindow has a level of security that makes it more difficult to be hacked or allow fraudulent behaviour to go unnoticed.
“Concerns about cyber security will be discussed at the New Zealand cyber security summit in Auckland on October 16.
“Meanwhile, as we move towards a digital asset market cap, protecting companies’ intangible assets is far more important now that Kiwi companies are much more digitally savvy than they were some years ago.
“This ASB – TradeWindow partnership, with support from Callaghan, will help New Zealand export more quickly and more safely. People will feel more secure in the knowledge that the products or services are reflective of what has been ordered.
“Everyone that is involved in the transaction gets to see each step of the process, unlike other models when companies have to rely on others in the supply chain.
“We are seeing a huge reduction in paper use and more being done around digital documentation with smart contracts.
“With a lot of talk around what should be put into the free trade agreement between the UK and New Zealand, post-Brexit, this ASB deal is a good example of securing New Zealand as an exporter of choice in that all goods and services can now be validated.
“This is great for all New Zealand and perhaps its partnerships like this that will help put New Zealand on the fintech map and attract more talent and investment.