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We know FinTech is a fast growth, weightless export catching up with the Viticulture sector. Unlike much of the primary sector, FinTech is a high earning, high return and highly scalable sector, so if you were an investor, where would you focus your capital? As much as I love sipping a glass of Aotearoa’s fine wine, FinTech is an easy choice!
However, viticulture (and other primary industries) generally receive a disproportionate share of the limelight, despite the tech sector being the country’s second highest export by value. For more information, please view the new TIN report published last week. As a result, the tech sector and FinTech in particular (as the country’s fifth highest export value industry) have plenty of work ahead to highlight this fact and generate more support. So the key question to ask is, what role does FinTech play in helping build sector understanding and capability?
Strategically, it’s an important question that our Executive Council focused on last year as we developed a three-pronged strategy – to connect, promote and advance our ecosystem with particular areas of delivery focus. For example, regarding membership engagement, the Fintech Findr platform is bringing visibility to nearly 300 Fintech member organisations, generating data insights and improving connectivity. Concerning our focus on (re)connecting with the world, the focus on engaging with international organisations and visiting delegations is pivotal. As you’ll see, our ongoing work reflects this and also creates new areas of strategic interest.
We will share more details at our Annual Meeting in August, however our focus remains, as always, on member value and growing sector capability.
During Techweek23, I was delighted to be on a panel with the Hon Minister Ginny Andersen at the Digital Nation 2023: Shaping our tomorrow, today event for the launch of the Digital Technologies Industry Transformation Plan. This includes FinTech within the Digital Portfolio and we are beginning to see the future signs of impact. For example our colleagues at AgriTechNZ have been actively collaborating on their industry specific plan and recently received a budget boost of $29m. The gaming sector also has plans underway to receive 20 percent tax rebates to improve their competitive proposition. Our question is with FinTech being such a strong performer how can we harness the opportunities for our fast growing sectors
During Techweek23 it was great to see our local FinTech ecosystem well represented. My personal highlights included the two sessions from the PaymentsNZ’s deep dive into banking and, ANZ’s AI in Open banking, RegTechNZ’s sector insights session and our quick fire product demo sessions with emerging FinTechs Profit Shape, Affirmo, My Rent and FinTechNZ’s own Findr platform. If you missed all the action on Techweek TV, there’s more than 55 sessions now available on-demand.
In member news, Tella has won a Canstar Innovation Excellence Award, in recognition for providing a smart way to get mortgage advice in the digital age. The judges acknowledged the tech that transforms the traditional process of finding a home loan into something people can easily do online.
As we reconnect with the world FinTechNZ has been working closely with our trade partners to help build international bridges, bring insights, partners and accelerate export opportunities. This year, we’re partnering with New Zealand Trade and Enterprise (NZTE), and Invest Hong Kong to help form a delegation to attend Hong Kong FinTech Week. Prior to this, we have a number of other insights and relationship building sessions planned, including the festival organisers, HK FinTech Association and Alibaba Cloud (NZ). For a personal invitation please contact us or speak to your NZTE Focus representative and please register here.
Discover the latest tech, build new partnerships and collaborate with others at the Fintech Marketplace on 13 June in Sydney. This new event brings everyone together under one roof; challenger banks, innovative merchants, central banks, financial institutions and tech players.
FinTech for FinTechs
Following feedback from the FinTechNZ Hui Taumata and our earlier member survey, there is clear interest in early stage sector issues including investment, trade, technology, partnering and learning. It’s important we are meeting the needs and interests of all our members, so we’re currently planning a special session for early stage FinTechs. This will include leadership insights, roundtable discussion and facilitated in a half day format. If you are interested to attend (July or August date to be confirmed), or can facilitate a roundtable, please express your interest here.
New Initiative: FinTechNZ Verified
We are establishing a new working group, FinTechNZ Verified, a solution designed to help address partnering, product selection and peripheral benefits such as fundraising. There are noted problems, for example where we think a modular approach to verification can help reduce barriers.
Internationally there have been some good examples, notably between the Singapore FinTech Association and Singapore Monetary Authority. Leveraging the Regtech teams insights and strong compliance focus we are well placed to progress this. Our goal is to have a standardised, integrable and modular type process for FinTech members to receive the ‘FintechNZ Verified’ trust mark which may for example be referenced on the Findr platform or elsewhere.
Read full news here: FinTechNZ – The easy choice