A delegation of UK fintech firms is visiting New Zealand to meet with regulators, government agencies, and industry figures as the country considers frameworks for open finance, including open banking, data sharing, payments, and digital identity.
The group includes Revolut, Starling, Raidiam, GBG, Ubyx and A24. It will take part in FinTech Hui Taumata in Wellington, which brings together executives and policymakers from across the local financial services and technology sectors.
Talks are expected to cover open banking and open data, application programming interface (API) infrastructure, tokenised money, digital identity, payments innovation and financial market infrastructure. The delegation also plans meetings focused on commercial partnerships.
The UK has promoted its fintech sector internationally in recent years, with companies expanding across Europe, North America and Asia-Pacific. New Zealand’s open finance agenda has moved more slowly than in some larger markets, but has gained momentum as banks and technology providers prepare for wider data sharing and new payment options.
Sophie Warner-Fog, British Consul-General, said the delegation was arriving as New Zealand weighs choices that will shape how open finance operates in practice.
“The UK is recognised as a global FinTech hub, with world-class financial services capability, deep technological talent and a progressive regulatory environment,” Warner-Fog said.
She said UK firms wanted to engage with New Zealand organisations as local work on trust, standards and coordination continues.
“We wanted to bring some key players from the UK over to explore commercial partnerships at a moment when their experience is most valuable, and when New Zealand organisations are actively seeking proven models to accelerate adoption,” she said.
Open finance
Open finance expands open banking beyond current accounts and payments. It can include broader datasets, identity systems and consent models, and extend to other financial products. These settings have implications for privacy, cybersecurity, competition and consumer outcomes.
New Zealand’s fintech sector has continued to mature, with more firms building products for offshore markets. Industry estimates cited by the organisers suggest fintech exports could reach $7.6 billion by 2028.
Jason Roberts, Chief Executive of FinTechNZ, said the country could draw lessons from overseas markets while pursuing a model that reflects local conditions.
“We may be years behind the UK, but in a way that has its advantages. We’ve been able to learn what has and hasn’t worked overseas and build a more hybrid, collaborative model between government and industry,” Roberts said.
He said trust is a precondition for wider data sharing and new payment arrangements.
“These open concepts only work in an environment of trust. Getting identity, security and trust settings right is critical if we want consumers and businesses to come on this journey with us,” said the FinTechNZ CEO.
Roberts said international participation matters as the market shifts from early adoption to broader implementation.
“This UK delegation brings some of the strongest international expertise we’ve ever had in New Zealand. It’s important we lean into this opportunity if we want to take full advantage of this new era of open finance,” he said.
Delegation focus
The visiting firms span consumer banking, payments, identity and data infrastructure. Revolut and Starling are UK-founded digital banks with international growth ambitions. Raidiam works on open data and trust frameworks. GBG specialises in identity verification and fraud prevention. Ubyx focuses on industry coordination and infrastructure themes. A24 is also part of the group.
For overseas firms, New Zealand offers a concentrated market with high levels of digital adoption. That can make it easier to engage with key institutions and test propositions under evolving rules, and may also provide a reference market for wider expansion in the region.
Georgia Grange, Head of New Zealand at Revolut, said market structure and consumer behaviour make New Zealand attractive for product testing and rollout.
“New Zealand is an ideal innovation petri dish. It has a highly concentrated, digitally native population, making it one of the most efficient markets to test and scale new payments and banking features,” Grange said.
She said the timing also aligned with anticipated changes in competition and access.
“This is such an opportune time for both Revolut and other potential organisations looking to expand to Aotearoa, particularly as the country is progressing toward a more open and competitive banking environment,” she said.
Several participants have also signalled interest in how standards are chosen and maintained, particularly in payments and identity. Those decisions can influence which firms connect to shared rails, and how costs and responsibilities are allocated.
Nicole Sandler, Lead Director for Policy at the Centre for Finance, Innovation & Technology and Chief Ecosystem Officer at Ubyx, said markets can face long-term consequences from early coordination on infrastructure and standards.
“This visit is a chance to strengthen international collaboration on the next generation of financial infrastructure, an area where the UK has developed real depth and where New Zealand and Australia are asking similar questions,” Sandler said.
She said the UK experience showed the value of aligning industry, policymakers and technology providers around shared problems.
“One of the UK’s biggest lessons has been the power of bringing industry, policymakers and technology providers together to tackle systemic challenges collectively,” she said.
Sandler also highlighted the role of early coordination in shaping payment clearing arrangements.
“In payments, the networks that establish the clearing layer early tend to become the infrastructure everyone else builds around, so it matters when markets choose to coordinate,” she said.
“The strongest partnerships in emerging infrastructure happen at the standards-setting stage, not once the terms have already been set elsewhere,” Sandler added.
The delegation is scheduled to meet local stakeholders during the week around FinTech Hui Taumata. Discussions are expected to continue as New Zealand considers the next steps on open finance rules and supporting infrastructure.