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I enjoyed the opportunity to facilitate a conversation on the topic “Regulatory priorities for enhancing innovation and competition” at this year’s FinTechNZ Hui Taumata.
Having been on the receiving end of questions as a panel member at the Hui a couple of times in the past, it was a pleasant change to be able ask some, all of which were thoughtfully and eloquently responded to by the panel members Jeremy Muir from MinterEllisonRuddWatts, Dr John Small from the Commerce Commission, and Daniel Trinder from the Financial Markets Authority.
As context for the conversation, it was acknowledged that the industry has before it a watershed moment with transformational changes in the regulatory environment in train, a wave of innovators seeking to make an impact, and a government seeking accelerated competition who isn’t afraid of making changes. There is a sense of optimism and with regulators at the table more than ever, a platform is available to reshape financial services in NZ.
The panel tackled some fundamental questions about how regulation impacts fintech innovation and competition in New Zealand.
We covered a lot of ground in a short period of time, specifically:
A key point noted was that “The sandbox isn’t about creating new rules or exemptions – it’s about putting structure around what’s always been possible and encouraging innovation to actually happen.”
It was clear from the discussion that our regulatory settings will play a pivotal role in fintech development – we have a solid foundation in place, but the challenge and opportunity lies in improving the level of collaboration between fintech companies and regulators such that we build a more cohesive and productive relationship.
