Open banking: Government poised to push through data sharing law

New legislation that would lay the foundations for open banking in Aotearoa New Zealand is expected to have its first reading in Parliament today, Newsable understands.

It will be the first step in paving the way to the scheme, first announced in 2022 by the then-Labour government as a way to increase competition within the banking sector.

“From a consumer point of view... you can move banks much faster and you can also actually pick and choose different products from different banks as well,” Sam Stubbs, managing director of Kiwisaver scheme Simplicity, explained to Stuff’s daily podcast.

Read more here - https://www.stuff.co.nz/nz-news/350285150/open-banking-government-poised-push-through-data-sharing-law