NZ Banking Competition Hits Roadblock with Only One Active Application
New Banking Competition in NZ Inches Along at a Snail's Pace
The Reserve Bank of New Zealand (RBNZ) currently has only one active banking registration application under review, nearly a year after the Parliamentary inquiry into banking competition released its final report.
According to the RBNZ, it is considering one full banking registration application and two applications seeking non-bank deposit taker (NBDT) licences. The lone applicant, Revolut, has been in the process of obtaining banking registration since 2024 but remains tight-lipped on its application status.
Revolut received an Australian banking licence in July and a full UK banking licence in March earlier this year. The fintech's NZ head, Georgia Grange, stated that securing a New Zealand banking licence is part of their long-term strategy and commitment to the market.