Fintech Insider Podcast by 11:FS
00:30:31 · Kate Moody, S6, S1
[00:30:31] S0: Yeah, absolutely. Well, we have AI stories pretty much every week on this show because it is just like the big thing. So I'm sure we'll be coming back to this topic again and again, and the news will keep changing, the technology will keep changing. So watch this space. On that note, we're just gonna be taking a very quick pause here. We'll be back shortly. Ad[00:30:50] S6: Launching innovative payment products is only the beginning. Real progress comes from what happens next. Paymentology fuels continuous compounding momentum as a cloud native issuer processor, helping banks and fintechs grow beyond go live with global reach, local know how, and the power of its Loom platform. Powered by more than 500 paymentologists across 68 countries, they make card programs work naturally across markets. Want to keep the momentum going? Head to paymentology.com. Ad[00:31:23] S1: This episode is brought to you by Google Chrome. You think you know a browser, but Gemini in Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses, setup required, compatibility, availability varies 18 plus.
00:31:23 · S1, Kate Moody
Ad[00:31:23] S1: This episode is brought to you by Google Chrome. You think you know a browser, but Gemini in Chrome, that's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online make sense? There's no place like Chrome. Check responses, setup required, compatibility, availability varies 18 plus. Ad[00:31:51] S0: Before we get back to the news, I want to take a moment to talk about another exciting event coming up in the fintech calendar, Fintech Connect. Wincie, I know you're involved with the event. So could you tell us a little bit about what's gonna be happening this year and what attendees can look forward to?
00:31:51 · Kate Moody, Wincie Wong
Ad[00:31:51] S0: Before we get back to the news, I want to take a moment to talk about another exciting event coming up in the fintech calendar, Fintech Connect. Wincie, I know you're involved with the event. So could you tell us a little bit about what's gonna be happening this year and what attendees can look forward to? Ad[00:32:06] S4: Yes. I love Fintech Connect. I am on the advisory board for digital transformation. There are seven different stages. Digital transformation is one of them. One of the things that is different, I think, about Fintech Connect, which I love, is that it was developed with 40 real practitioners. So people who are working in banks, financial institutions in fintech, working together to develop the agenda, the talks, the panels, and all of that. This... There has been over 9,000 registrations so far. It's set to be probably one of the biggest fintech events in London or in The UK this coming year. So I think it'd be a great place to kind of get into financial innovation, fintech, all the new things that are happening. What I was really keen on in developing that agenda was that we don't just have the practitioners, as important as they are, but also we have regulators, technologists, or people who can see what's coming or what's coming in the future and see how that will affect the day to day operations of, working in financial services in the future. So very, very exciting. I will be there both days. Please come find me, talk to me. I am there to go meet people, see what everyone is doing. I'm, extremely excited. So so please do reach out to me.
00:33:32 · Kate Moody
[00:33:32] S0: It sounds awesome. We'll make sure to include a link to Fintech Connect in the show notes for anyone who wants to find out more and would definitely recommend that you do. Okay. Right. Back to the news. Our final main story this week is taken from FF News, but again, covered in lots of places. Revolut secures landmark New Zealand banking license. Revolut has officially launched as New Zealand's first digital only bank after securing a banking license from the Reserve Bank of New Zealand. The London headquartered fintech is committing 120,000,000 New Zealand dollars to the market over the next five years as it looks to challenge a banking sector traditionally dominated by established players. The license means Revolut can now offer banking products directly to New Zealand customers, starting with an instant access savings account. Eligible deposits of up to a 100,000 NZ dollars will also be protected under the country's depositor compensation scheme. Revolut has been operating in New Zealand since 2023, but the banking license represents a significant step forward, allowing it to compete more directly with traditional banks. It's also part of a much bigger global expansion strategy. Revolut says this is its seventh banking license worldwide and its fifth secured this year alone, with the company now operating as a licensed bank across 34 markets. Obviously very excited to have a New Zealand expert on the show, but we also have another expert, Binu Paul, consultant at SavvyKiwi, who sent us a sound bite. Let's listen to him.
00:34:56 · Binu Paul
[00:34:56] S7: Revolut securing a banking license in New Zealand is certainly big news in the local financial services ecosystem. Clearly another milestone for the business as well, in that it secured another license in this part of the world, having secured one in Australia recently. So this makes Revolut the very first digital only bank in New Zealand. The relevant context here is that for all of these years, the banking sector here has been dominated by four Australian owned banks. Revolut entering the entering the market as a fully licensed bank means genuine digital first competition. I look at it as a technology business with banking services wrapped around it, rather than the other way around. And obviously, there'll be some immediate perks for consumers as Revolut will now be on a mission to sign up new users as well. And as you would expect, getting to this point, which is to get licensed by the Reserve Bank of New Zealand, it's a reasonable commitment for any business. So any business would be facing strict regulatory hurdles, evidence, financial resources, prove their long term commitment to the country. We're looking at local leadership teams and governance teams and the risk management systems and what have you. But I believe Revolut is established as a locally incorporated entity and has committed about $120,000,000 into the New Zealand market over the next five years. And I'm hoping that translates into employment locally as well. And for consumers, what changes is that previously Revolut operated locally as a payments and currency app. Now as a registered bank, it falls under the Reserve Bank's regulatory umbrella. So immediately, customer deposits are officially protected up to a $100,000 here in New Zealand under the depositor guarantee. So it definitely transforms the business from a kind of new age travel card app into a more secure and mature banking provider.
00:36:59 · Kate Moody
[00:36:59] S0: Always a delight to have a Kiwi accent on the on the show. James, come to you first. Obviously, this is an area which, you know, a market that you know super well. How significant is this for consumers and businesses in New Zealand?