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New Zealand fintech businesses are working toward an inclusive society despite some experts saying the gap between the have and have nots is getting wider, FintechNZ general manager James Brown says.
Smart new tech innovation companies such as Sharesies is seeking greater support and involvement from people in the middle to lower income areas, Brown says.
“We are seeing the fintech sector in New Zealand grow faster than our global counterparts this is contributing towards our gross domestic product. Auckland mayor Phil Goff says the income gap is getting wider and we know Commerce and Consumer Affairs Minister Kris Faafoi wants an inclusive society.
“We are still a country focused on primary industry and speaking to other fintechs around the world, they are resourced and funded by government.
We are achieving what the minister wants which is to focus on being inclusive. Sharesies gives everyone the opportunity to have an investment portfolio normally reserved for the wealthy.
“We are seeing insurtech become more transparent in how they charge and how they reached the premium, so greater value for money and protection.
“In a New Zealand first, the Financial Markets Authority and Inland Revenue are working together, providing more clarity of terminology and a better understanding of their stance on blockchain and crypto, bringing everyone on the journey.
“Also look at the cool things MoneyHub are doing. They are New Zealand’s only independent and advertising free non-political finance website.
“MoneyHub is a New Zealand consumer website that says freedom of information is the most powerful resource available. This means they can publish the highest quality information and tackle the financial and consumer issues Kiwis face today. They have about 35,000 visitors a month – and growing.
Brown also says open banking will soon help the wider public and reduce costs.
“Open banking is the term for a tech-driven revolution in financial services which countries like the UK and Australia believe will drive increased competition and cut the cost of banking.
“Open banking could unlock bank control of customers’ data, and leads to more competition, and cheaper banking,” Brown says.
FintechNZ is leading a delegation to the UK in July with 25 companies keen to take part.
For further information contact Make Lemonade NZ editor-in-chief Kip Brook on 0275 030188.
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