Fintech Hui Taumata next month crucial to NZ’s future
A revolution in finance is changing the way Kiwis live, work and pay, and it’s happening fast.
The litmus test of how fast fintech is changing will be judged at the FinTechNZ hui taumat event in Auckland on 28 February.
The summit brings together the brightest minds in the fintech sector to offer global thought leadership and insights to build understanding, capability and capacity to export.
The technology sector has become New Zealand’s second largest export earner, and fintech is the second largest technology sub-sector by revenue.
Kiwi fintech firms generate $2.14 billion in export earnings. FinTechNZ chief executive Jason Roberts says fintech firms in Aotearoa are preparing this year for a full return to business as usual following covid shutdowns.
“Companies in post-covid NZ are considering markets and destinations, such as growth and proximity to Asian markets. The new UK free trade agreement is also important,” says Roberts.
“Technology is changing the way the financial industry operates and delivers services. The market is undergoing a major shift that leverages innovative and cutting-edge fintech. Technological progress has largely driven the growth of fintech worldwide.
“Despite some relatively significant changes in the top VC market and the correction back to pre-pandemic levels for unicorn tech companies, Aotearoa has yet to see the impact of investment in fintechs flow through.
“This is likely a reflection of Kiwi investor sentiment reflecting a more balanced approach and less hype and the need for proof of revenue once the products have hit the market.
“We are also seeing the tailwind of pre-allocated funding that is often committed during the pandemic period. Small fintechs are preparing for new rounds and we are seeing the first signs of delayed investment and IPO activity. We will hear more about this at the fintech hui next month.
“As we enter an expected recession, that opens the door to new innovation and competition. We are likely to continue to see new fintechs offering more competitive offerings across payments, mortgages, investments and insurance that will be attractive to consumers.
“Technology is changing the financial industry and how it operates and delivers services. The market is undergoing a major shift that leverages innovative and cutting-edge fintech, such as the transition from plastic card payments to digital, such as digital wallet solutions for phones. These technological developments have largely driven the growth of fintech across world.
“As technology improves and becomes even more ingrained in people’s everyday lives, there will be more embedded finance, such as payments and lending, and more embedded insurance than ever before.
“Regardless of how centralized or not these solutions are or will become, the future looks bright,” says Roberts.
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