New Zealand’s fintech exports could be set for a major boom in a free trade post-Brexit market, according to fintech expert and FinTechNZ general manager James Brown.
Brown says the UK is a “very important market” for New Zealand exports, and it’s encouraging to see the government working proactively to set up a free trade agreement with the UK after its exit from the European Union.
“While New Zealand currently exports around $1.6 billion in traditional products to the UK, the big growth opportunity is in hi-tech,” Brown said. “Technology is now New Zealand’s third largest and fastest growing export sector, so opening a market such as the UK, which is advanced and able to consume many of our tech innovations, will further drive export growth.”
“Fintech is New Zealand’s fastest growing sector at 48.5% compared to the global average of 31%,” Brown explains. “The UK is the world leader in fintech and UK firms have generated some NZ$72 billion in annual revenue, and raised NZ$1.3 billion in investment last year. There is significant benefit in both the UK and New Zealand sharing their fintech policies and regulatory expertise, which will ensure that competition and innovation is not restricted.”
FinTechNZ has featured prominently in the insurance space in recent years, with its Insurance Working Group exploring the possibilities presented by artificial intelligence, blockchain, chatbots and predictive analytics. Brown says fintech can go a long way in driving transparency across the finance and insurance sectors, and the opportunity of working alongside global markets on cutting edge technology is not one to be missed.
“One of the main benefits could be that New Zealand companies can play in the UK sandbox,” says Brown. “This will allow companies to scale and test in new markets, which is great for growth in both countries. We will be able to share and identify trends across blockchain and fintech while making sure that we are inclusive in our approach.”
FinTechNZ is inviting international investors to attend the annual New Zealand fintech summit on November 29 to connect with the country’s most prominent fintech innovators.
