New Zealand's Ministry of Business, Innovation and Employment (MBIE) has brought regulations supporting open banking into force, requiring ANZ, ASB, BNZ and Westpac to have open banking systems live as the first phase of regulated open banking under the Customer and Product Data Act 2025. The regime is intended to enable secure, customer-centric services that support innovation and competition in banking. Data can be shared only with the customer’s explicit authorisation, and only with businesses accredited by MBIE to access the information. MBIE is now accepting applications to become accredited data requestors and will identify accredited organisations using an MBIE trust mark; the ministry has also entered a standards licensing agreement with Payments NZ to incorporate the Payments NZ API Centre version 2.3.3 API standards for data, payments and API security into regulation. The implementation timeline phases in additional institutions, with Kiwibank required to have open banking systems ready from June 2026 for payment services and from December 2026 for other open banking services, while other banks and deposit-takers can opt in voluntarily immediately.
Ministry of Business, Innovation and Employment (New Zealand) 2025-12-01
New Zealand's Ministry of Business, Innovation and Employment brings open banking regulations into force requiring ANZ, ASB, BNZ and Westpac to go live
New Zealand's Ministry of Business, Innovation and Employment (MBIE) has enacted regulations under the Customer and Product Data Act 2025, requiring ANZ, ASB, BNZ, and Westpac to implement open banking systems. This aims to enhance innovation and competition. Data sharing needs explicit customer consent and is limited to MBIE-accredited businesses. Kiwibank must comply by mid-2026 for payment services and by the end of 2026 for other services.