Country _ Name
Online banking services
FinTechs belonging to this area offer traditional banking services in a modern way, usually through online services or mobile applications as well as ancillary services – e.g. enabling customers to manage their giro- or custody-accounts online and in real time or offering e-wallet services. Keywords in this context are also API-Banking or Banking as a Service (BaaS)/ Bank as a Platform (BaaP).


API stands for application programming interface and is offered to access data banks and to extract and insert information. API-Banking consequently means the access to data banks of banks to offer new and innovative banking applications.

Through these services FinTechs offer services with new functions, e.g. enabling customers to manage their accounts online and in real time.

BaaS – Bank as a Service/BaaP – Bank as a Platform:
The API-based Bank as a Service platform has a full banking licence, but merely serves as the back end for standalone independent FinTechs, which “use” the licence and the back end of the bank to offer new financial services, launch additional financial products or expand into additional markets.


Attitude of the country towards online-banking services

There are no notable reservations against online-banking in New Zealand. All major banks in New Zealand provide online banking services and most would conduct their banking online without a visit to a physical branch. Monthly statements by mail have largely been dispensed with in favour of digital statements.

Legal affairs

Obligations and requirements to provide online-banking services described above

Generally, providers must register as Financial Service Providers in accordance with the FSPA with the associated costs as outlined at 1.a. ii. above.

A licence must be obtained if financial advice is given as an ancillary service with the associated costs as outlined above at 1.b. ii. An annual confirmation is required and the then current applicable FMA levy will be payable.

Providers may make use of another entity’s licence if they are providing financial advice on contract for that entity.

Any person who offers debt securities to retail investors and borrows and lends money in New Zealand must either register as a bank under the RBNZ Act or as a Non-bank Deposit Taker (NBDT) in accordance with the Non-bank Deposit Takers Act 2013.

FMA levies to register as a bank or NBDT range from $2,990 to $1,092,500 depending on the value of the assets owned by the applicant.

Additional comments regarding the legal situation for online-banking services or what FinTech’s must be aware of in this business area

Compliance with the relevant AML, consumer protection and privacy laws and regulations will be required.

Economic conditions

Market size for online-banking services and biggest companies in this business area

While there is insufficient data to demonstrate market size and leaders as specifically relating to online-banking, surveys suggest that over 80% of New Zealanders use digital banking in some form. This service is offered by all major banks in New Zealand and market leaders include ANZ, BNZ, Westpac, ASB who collectively populate over 80% of the market.

Additional comments regarding the economic situation for online-banking services or what FinTech’s must be aware of in this business area




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