UK visit opens doors to global fintech trade

UK visit opens doors to global fintech trade

March 28, 2017

The new national umbrella organisation FinTechNZ has opened the doors for hundreds of Kiwi businesses seeking to trade with United Kingdom companies.

FinTechNZ lead Mitchell Pham says a visit to Auckland by a UK fintech delegation has paved the way for increases in financial innovation and technology development business between the two countries.

“We can certainly focus on going forward based on the immense success of this first international initiative. FinTechNZ in collaboration with New Zealand and UK governments hosted a visit in Auckland last week to connect the FinTech communities of the two countries for the very first time,” Pham says.

“The UK fintech delegation met more than 100 Kiwi entrepreneurs, innovators and professionals from fintech businesses, financial institutions, industry associations and government agencies.

“The delegation met government agencies including Ministry of Business Innovation and Employment, the Financial Markets Authority and the New Zealand Venture Investment Fund. The British group then delivered FinTech demonstrations to a large crowd at GridAKL before having one-on-one meetings with Kiwi businesses.”

Binu Paul of SavvyKiwi and a member of the FinTechNZ Core Working Group led the New Zealand team in working with the UK Trade and Investment team to make the visit happen for both countries.

Pham says there was strong interest in New Zealand from the UK companies. Many other British companies also wanted to be part of the initial exploratory visit.

“Many direct business connections have been made. We have now established the beginning of an important relationship and they are already talking about future visits with more UK companies coming to New Zealand.

“New Zealand is an ideal market for innovating and testing new fintech developments before rolling out to other larger markets around the world. The UK is a global hub that could give Kiwi businesses more access to the global fintech market, as well as investment capital and international expertise.

“FinTechNZ are working to establish more of these direct relationships with other strong fintech nations and hubs, including Australia, Singapore, Hong Kong and New York.

“These connections will give New Zealand FinTech innovation greater access to more international markets. This will enable Kiwis to innovate for the global market and to export our innovations. New Zealand needs to be fully connected to and an integral part of the global FinTech ecosystem as well as digital economy,” Pham says.

As a result of the UK visit and other initiatives that FinTechNZ are already delivering on, just over a month since the organisation was launched last month, Pham says more Kiwi business and organisations, from financial service providers to financial technology companies, are joining the rapidly expanding community.

The 2016 TIN 100 report shows that fintech is New Zealand’s fastest-growing technology sector, at 31 per cent per annum. This is almost twice that of the overall ICT sector, three times higher than agritech, and four times higher than the biotech sector.

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