Government targets Kiwibank, open banking, and competition reforms following ComCom study

Summarised by Centrist

Finance Minister Nicola Willis and Commerce Minister Andrew Bayly have committed to implementing all 14 recommendations from the Commerce Commission’s study on banking competition. Willis supports turning Kiwibank into a “disruptive” competitor, stating, “I share the Commerce Commission’s vision for a stronger, more disruptive Kiwibank.” The Government also aims to accelerate open banking and review the Reserve Bank’s conservative policies to foster greater competition in New Zealand’s banking sector.

Read more over at interest.co.nz