The COVID-19 issues have expedited the use of fintech in the banking industry. The coronavirus has had a significant influence on New Zealand’s financial sector and economy, according to fintech experts. While the effects have begun to be felt, it is unclear how long they will persist or in what form. The virus can cause havoc in the fintech industry in a variety of ways.
The global economy is being transformed by new finance-based technology and innovative initiatives. Banking, investment, and commerce are becoming increasingly data-driven, with transaction data housed on emerging blockchain systems to back it up. Through mobile payments and money transfers, peer-to-peer lending, fundraising, and crowdsourcing, blockchain technologies are changing workflows, worldwide payments, and economic creation.
The new Master of Fintech and Investment Management degree from Lincoln University in New Zealand connects students to the global financial services industry’s technological disruption. The move to developing financial technology and digital assets, as per the course coordinator, Senior Lecturer, is transforming the banking sector.
The rapid adoption of fintech worldwide has created escalating demand for trained professionals with both fintech and financial analysis skills.
– Course coordinator, Senior Lecturer of Lincoln University
The programme will also cover topics such as the evolving regulatory and legal financial landscape, cyber security and policy challenges, online lending, wealth management, investment management, software development, big data, machine learning, and artificial intelligence. It is suitable for those with a traditional finance background who want to upskill or those who have a bachelor’s degree in completely other fields, according to the senior lecturer.
This course provides hands-on experience in fintech-related organisations through industry placement and builds the groundwork for the globally recognised Chartered Financial Technologist (CFT) professional designation.
OpenGov Asia reported FinTech is becoming increasingly popular, particularly among businesses. It entails automating the delivery and utilisation of financial services to streamline financial operations. From raising money for a start-up, depositing a cheque with the smartphone, online banking, to managing investments – FinTech is expanding at an incredible rate. Similarly, accountants are no longer required to prepare financial statements such as balance sheets and cash flow statements because software can do so in minutes. New Zealand has risen 15 places to number 30 in the Global Fintech Rankings.
As per a FinTech data company report, 2020 was a year in which New Zealand’s financial technology sector expanded globally and financially, capitalising on a surge in demand for technology that improves access to digital finance. New Zealand’s FinTech ecosystem is thriving, and companies are currently looking forward to seeing how the country’s innovative fintech players continue to disrupt traditional financial services.
Governor Adrian Orr, in releasing the November Financial Stability Report, says the country’s financial system’s resilience to the difficulties posed by COVID-19 is heartening given the uncertain waters ahead.
He went on to say that global economic activity is still growing, despite substantial hurdles, owing in large part to the ongoing COVID-19 virus. Already strained asset values are facing headwinds from rising global interest rates as the prospect of global inflation rises.
Fintech investment in New Zealand quadrupled to NZ$ 4.3 billion, according to FintechNZ, making the sector the second-fastest growing in the region. Instead of acting as a deterrent, the country’s geographical isolation has produced ideal conditions for it to serve as a digital incubator. Fintech has been able to thrive thanks to the government’s investment in infrastructure, incubators, and investment funds. Many other fintech is aiming to seize the reins in New Zealand, which has seen one of the earliest fintech grow to a billion NZ$ 8.15 billion corporation.
