Reforms could give too much power to banks

Open banking has the potential to transform financial transactions. (Image: Getty)

Thu, 10 Jul 2025

New Zealand might be on the road to an open banking regime, but it is far from clear how that will work in practice.There are concerns the Government’s approach is too hands-off, leaving the banking industry to make most of the running.The Government has also published a set of charges for access to open banking services that could kill NZ’s fledgling fintech sector, according to one KiwiSaver provider.In 2024, the Technology Investment Network (TIN) reported that financial technology (fintech) was NZ’s largest and fastest-gro...

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