Dosh Abandons Banking Bid Amid Regulatory Hurdles

Dosh, a New Zealand fintech, has put its plans to become a registered bank on hold. The company had begun the registration process in July 2024 and lodged a full application in February 2025, but was declined by the Reserve Bank in August 2025.

The Reserve Bank cited Dosh's proposed digital banking model as not being viable under current legislation. CEO Shane Marsh said the model focused on providing accounts, cards, and potential savings offerings without extending into lending.

Marsh stated that incorporating credit products would require a different capability and product set, including credit risk management and building both sides of the balance sheet.