Kiwibank won't bring banking competition Revolut-ion – fintechs will, banking expert says

Neobank Revolut is seeking a banking licence in NZ. (Image: Revolut)

Fri, 13 Dec 2024

Banking competition will come from fintechs such as Revolut rather than small banks such as Kiwibank, a banking expert says. On Monday, Finance Minister Nicola Willis announced plans for a $500 million private funding push for Government-owned Kiwibank to help it take on the big four Australian-owned banks that dominate the sector. Victoria University of Wellington associate professor Martien Lubberink said the move to boost Kiwibank’s coffers was populism. Lubberink said it would be better for consumers to force the large...

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