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Open banking

The Government is drafting regulations that will designate the banking sector under the Customer and Product Data Act. This will enable and accelerate ‘open banking’, which is a system that enables banks’ customers to share their banking information with trusted third parties, such as fintechs. It also enables accredited persons to initiate payments on behalf of customers. We expect the regulations to be in force from December 2025.

Public Research Organisations

3 new future-focused science organisations have been established by merging and refocusing New Zealand’s 7 Crown Research Institutes. A fourth Public Research Organisation, the New Zealand Institute for Advanced Technology is being established. These organisations will focus on national priorities to build a more connected, commercially focused science system aligned with the needs of New Zealand.