FinTech is big business and helps solve real world problems from savings, to transacting in a digital world.
Earlier this year, MinterEllisonRuddWatts was approached by the New Zealand Treasury, as part of its review of the Reserve Bank of New Zealand Act 1989, to prepare a report on the approaches taken by other jurisdictions to regulate FinTech.
The countries looked at were:
- Hong Kong
- The United Kingdom
Our leading experts have summarised the key aspects of the report in a short whitepaper.
The summary outlines New Zealand’s current approach to FinTech, lessons from overseas jurisdictions, options New Zealand could take for future regulation, and identifies four key approaches:
- Adjusting the perimeter of prudential regulation
- Regulatory sandboxes
- Innovation hubs, incubators and accelerators
- Cooperation agreements
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