Consultation on exposure draft of open banking regulations under the Customer and Product Data Act | Ministry of Business, Innovation & Employment

Hot takes:

• MBIE are still deliberating on "product data" which is generally available on websites (usually behind a WAF which prevents automated reads). Banks want to keep this private / hard to access to stifle competition.
• The proposed regulations also require full accreditation for all third-party providers with no "lighter" options for smaller players. Australia has different tiers with restrictions to make it easier for startups to get started.
• The access fees are "under consideration" 😅 For this to invite innovation, we should follow the examples of the UK and Australia (free access)

Consumer NZ says:

In other markets, banks cannot charge fintechs for access, and we believe these charges will lead to a watered-down open banking experience for New Zealanders, and one with limited ability to drive competition in the banking industry.

https://www.consumer.org.nz/articles/how-banks-are-undermining-open-banking