Regulations to support the launch of Open Banking across New Zealand have gone into effect as of 1 December 2025, coming as the first step in a phased rollout.
Financial institutions across the region, including ANZ, ASB, BNZ, and Westpac, are required to have Open Banking systems live as of the announcement.
Kiwi customers now benefit from Open Banking
With these newly launched regulations, New Zealand intends to facilitate innovation and scale competition in the banking sector by creating more opportunities for secure customer-centric services. Among these new services, Kiwi customers could benefit from budgeting tools, tools for efficient mortgage comparisons, and additional payment methods.
At the same time, the Open Banking demands offer a reliable and secure way for individuals to share data to access the capabilities of new solutions without needing to provide banking information to unregulated organisations. The policies require that data can only be shared after the customer offers explicit authorisation, and all businesses must receive accreditation from the Ministry of Business, Innovation, and Employment (MBIE) to access this data.
Currently, MBIE is accepting applications from organisations aiming to become accredited data requestors, with them being identified with the regulator’s ‘trust mark for accreditation’.
Licensing and implementation
MBIE has joined Payments NZ, a supporter of Open Banking adoption, in a standards licensing agreement, aiming to ensure the continuity of the industry by enabling it to integrate into regulation the Payments NZ API Centre’s version 2.3.3 API standards for data, payments, and API security.
Moreover, the regulations map out which financial institutions are appointed under the Customer and Product Data Act 2025, and how Open Banking will be phased in. As of 1 December 2025, ANZ, ASB, BNZ, and Westpac had to have Open Banking systems, while Kiwibank is required to have them ready from June 2026 for payment services. From December 2026, Kiwibank will have to prepare itself for other Open Banking services.
Sharing his thoughts on the regulations, Scott Simpson, Commerce and Consumer Affairs Minister, stated that Open Banking simplifies how customers switch banks by providing them with a safe, regulated way to share their financial data. He added that Open Banking will accelerate innovation and competition in the banking sector, developing more opportunities for fintech companies and smaller players to offer services that traditional banks have been slower to deliver.
