We’re delighted to share the first edition of the Aotearoa New Zealand Open Banking Ecosystem Map and Report 2024. This report details the evolution of open banking and features the first visual map of the participants and the present and emerging use cases within Aotearoa.
“Aotearoa New Zealand has embraced an industry and market-driven approach to open banking, leading to a surge in fintech companies over the past five years,” says FinTechNZ executive director, Jason Roberts.
Insights from the first deep dive into our open banking ecosystem include;
- 58% of industry participants are third party providers (non-standardised access models)
- 64% of industry participants are smaller players driving early adoption
- 76% of the sector includes financial and tech services
- 23% of the use cases are payments, ahead of lending and investment.
- Diverse data access methods are currently being used. Consumers and businesses are expected to transition towards increased use of API standards.
- Specialist intermediaries play a critical role in facilitating connectivity, aggregation and data services.
This inaugural shared ecosystem map and report offers an excellent opportunity to monitor the core issues, progress, and participants in open banking as it evolves over time.
This report was prepared by Open Finance ANZ in collaboration with Payments NZ, FinTechNZ, Fintech Australia and Mastercard.