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Trade opportunities for NZ and UK

FinTechNZ is a not-for-profit industry body that brings together financial and technology companies, service providers, investors, regulators and other stakeholders in New Zealand, with the purpose of contributing to New Zealand’s prosperity through technology innovation in financial services.

The Department for International Trade (DIT) is the United Kingdom’s (UK) international economic department, responsible for promoting trade and investment policy, delivering a trade policy framework as the UK leaves the European Union (EU) and promoting trade and investment including in UK goods and services.

Both DIT and FinTechNZ are interested in understanding the opportunities available to financial technology (fintech) companies in both countries, as well as fintech companies’ key trade and investment challenges. The New Zealand Ministry of Foreign Affairs and Trade (MFAT) is also engaged in the early stages of discussions with UK counterparts on future trade and investment links between UK and New Zealand.

FinTechNZ and DIT supported a delegation to travel to the UK in September 2019, assisting New Zealand and Australian fintech companies to explore trade and investment opportunities in the UK. The delegates attended the Lendit conference and other curated sessions with investors, corporates, fellow fintech companies, regulators and service providers. Delegates emerged from the week with a positive outlook on the opportunities presented by the UK as a market, and an enhanced network to drive trade opportunities in both directions. Delegates also developed commercial relationships (and sales prospects) during the week.

This backdrop, along with the UK’s departure from the EU, and each Government’s interest in pursuing a free trade agreement (FTA) following Brexit, has prompted this report.