Speaking at the launch in Auckland, Commerce Minister Kris Faafoi defended his decision to let the banking and payments industry take the lead instead of passing open banking laws. In the UK it had also been encouraging banks to innovate for fear of losing customers, said British open banking expert Gavin Starks, who was encouraged by New Zealand's industry-led approach to implementing open banking. STUFF Commerce Minister Kris Faafoi is keen to see open banking lead to greater banking competition. ROB STOCK British open banking expert Gavin Starks says he's encouraged by what he's seen in New Zealand. 123RF Open banking has to happen securely, which includes banks vetting which third party companies are able to launch open banking services in New Zealand.

Source: Stuff May 23, 2019 03:31 UTC