New Zealand is set to launch open banking by 2024 according to its Government.
In Brief:
New Zealand has begun to establish a consumer data right framework.
This is similar to Australia’s framework that aims to give customers more ownership of their data.
Now, it’s been announced that banking data will be brought within this framework first.
What does this mean?
This is being described as New Zealand keeping up with something the rest of the world is already getting on with. “It’s a commonplace tool used overseas to increase competition and make it easier for customers to get better deals,” was the simple explanation offered by David Clark, Minister of Commerce and Consumer Affairs.
