New Zealand to Extend Open Banking to Business Banking Channels for Small, Medium Enterprises

MT Newswires Live

Apr 01

New Zealand plans to expand the open banking regime to business banking channels, effective June 1, 2027, according to a Wednesday statement by New Zealand's Ministry of Commerce and Consumer Affairs and the Ministry of Small Business and Manufacturing.

ANZ Group Holdings (NZE:ANZ, ASX:ANZ), Commonwealth Bank of Australia's (ASX:CBA) ASB Bank, Bank of New Zealand, Westpac Banking (NZE:WBC, ASX:WBC), and Kiwibank will be required to provide open banking to all their small and medium enterprise customers under this expansion.

ANZ, ASB Bank, Bank of New Zealand, and Westpac are required to provide regulated open banking since December 2025 for accounts on their main online banking mobile app or website channels, which are used predominantly by individuals, households, and some small and medium enterprise customers.

The New Zealand Cabinet confirmed that banks will not be required to enable regulated open banking for large corporates and institutions and international examples show limited demand for such measures. Banks will also not be required to build open banking functionality for digital channels that are already scheduled for decommissioning in the next two years.

The government plans to consult publicly on draft amendment regulations.

Shares of ANZ and Westpac each rose nearly 1% in recent trading on the Australian bourse, while the shares of Westpac also rose nearly 1% on the New Zealand bourse.

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