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Financial Technology Boosting New Zealand Economy

Financial Technology (FinTech) is moving the needle in New Zealand’s economy. The signs were all clear in the recent research released by FinTechNZ, New Zealand’s top industry body.  After that report that showed how Open Finance and FinTech could improve digital equity and financial wellbeing for Kiwis, another study confirmed how the nation’s economy is doing well due to digitisation in the financial sector.

The new research reinforces the economic opportunity for New Zealand as the fintech sector grows at a rapid pace. A new TIN report released focusing on FinTech found that the New Zealand FinTech sector has global revenues of nearly NZ$ 2 billion. Moreover, it revealed that the sector has a Compound Annual Growth Rate (CAGR) of 32%. All told, such growth created a 14% annual growth in high-value jobs, FinTechNZ Executive Director Jason Roberts detailed.

The annual TIN report is an independent study of New Zealand’s leading tech export businesses. It includes an analysis of key technology company revenues, market sectors, regional growth, ownership structures, R&D, and economic impacts along with detailed company profiles.

Global FinTech investment is growing rapidly as countries start to see the benefits of new financial technology innovation. Investment in UK FinTech was seven times higher in 2021 than in the previous year, boosted by a record number of deals.

– Jason Roberts, Executive Director, FinTechNZ

It’s revealing to know that FinTech in New Zealand is boosting the economy. How digital finance has grown was reported recently by OpenGov Asia. Such a boom shows how much the digital transformation of the country has developed.

Roberts, for his part, expressed their commitment to helping the industry grow. He disclosed that they are helping connect New Zealand FinTech firms, including large global brands as well as a growing number of high growth firms, by helping them work together to attract talent and access global markets.

With all the growth, interest in FinTech seminars and events all over the world is increasing. FinTechNZ members are looking at attending the leading global FinTech events all over the world again this year to gain needed knowledge and sharpen their competitiveness.

FinTechNZ, part of the government-backed NZ Tech Alliance, is the national financial innovation and technology association, bringing together FinTech startups, financial service providers, banks, tech firms, investors and regulators, working together to help create a more equitable, sustainable and prosperous Aotearoa New Zealand.

New Zealand has been ranked one of Asia Pacific’s fastest emerging fintech hubs and one of the top 10 FinTech destinations in the region. Indeed, Aoteroa’s digital transformation is creating positive change for the whole country. That is cause enough to keep the pace and focus on technology and Wellington financed a NZ$ 1 million marketing campaign to showcase the country’s booming tech sector.

Digital adoption meant also that the lives of New Zealanders are taking a turn for the better. For instance, 3D printing is giving amputees hope to enjoy the lifestyle they want. Plus, Artificial Intelligence is being used to fight cancer better. Technology, indeed, can be an instrument to improve medical and health care all over the country.

What truly stands out is the way New Zealand handles its technology sector. That it is encouraging everyone to participate in its technology road map shows volumes on the kind of leadership the country has moving forward as reported on OpenGov Asia.

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