New Zealand may not be the first nation that springs to mind when discussing innovations in the financial technology (Fintech) sector. 

But a new generation of founders, mostly of Indian origin, have made it their mission to change that narrative by launching fintech start-ups in lending, payments, banking and stock trading applications.

India’s fintech sector is the third-largest start-up in the world. It has produced major players in payments, lending, insurance and blockchain.

These founders are looking to repeat that trick in New Zealand by bringing smart, scalable solutions to an industry that has been crying out for change.

The timing couldn’t be any better. New Zealand is becoming increasingly open to fintech and regulatory reform across various sectors, including online gambling.

These start-ups will likely become options on the best online casino in New Zealand, offering secure, transparent and local payment processing solutions.

On paper, it’s a natural fit. A domestic payment option tied to a regulated digital bank could help online casinos comply with licensing regulations and improve their ability to protect customers.

Let’s take a closer look at the Indian-origin trailblazers making waves in New Zealand’s fintech scene.

Homely – Mortgage Assistance Powered by AI

Anyone familiar with the New Zealand housing market knows that Kiwis are passionate about property. But navigating mortgage options is no easy task. 

Over 60 percent of borrowers depend on mortgage brokers to secure loans. What they may not be aware of is that these brokers earn commissions from lenders, so they may not always act in the borrower’s best interest.

That’s where Homely comes in. Co-founder Roy Chowdhury is no stranger to the inner workings of the housing market, so he created a platform that makes sure customers know exactly what they’re getting into.

Homely is a mortgage assistance platform powered by artificial intelligence (AI). It allows borrowers to access multiple lenders through an application. 

It does not recommend offers, but it gives users all the options and information they need to make the best decision and choose what suits them best.

New Zealanders seem to have welcomed Homely with open arms. It already has three lenders on board and is in negotiations with three more.

Like brokers, Homely charges a lender’s fee, but its services are free for borrowers. The start-up is working on launching fully by the end of the year.

Debut – A New Generation of Banking

Another fintech start-up riding the wave of change is Debut. Co-founded by Indian couple Sulabh Sharma and Sheenu Chawla, Debut wants to build ‘the next generation of banking’ in New Zealand.

It’s a lofty ambition for a company still in the early days of its journey, but not entirely impossible.

Debut offers budgeting and mobile payment services and is one of the start-ups keen to become a fully registered bank. They believe that every account holder should earn interest, which is what sets them apart.

The company’s approach sends a serious message to traditional banks, which often offer interest only on select accounts, while checking accounts typically earn nothing. 

Debut is building a digital-native banking platform that levels the playing field, although getting a licence to operate as a bank will be tricky.

It is a complicated process that will put the start-up through an extremely thorough compliance and capital assessment. 

However, if they come out unscathed, Debut could be among the few New Zealand-born fintechs to operate at that level. And the timing couldn’t be better.

It is no secret that New Zealand is making some changes to its regulations. There have been conversations about open banking and digital payments.

If they’re implemented, it would smooth things over for tech-driven start-ups to enter the market.

Wismopay – Reimagining Digital Payments

Payment systems in New Zealand usually don’t work without traditional card networks. But Wismopay has arrived on the scene with an alternative that appeals to New Zealanders.

Founded by Shweta Pandkar and Jithin Chittibomma, Wismopay offers real-time, low-cost, account-to-account payments, without using the Visa or Mastercard networks. 

It echoes India’s Unified Payments Interface, which transformed digital payments by eliminating the overreliance on cards.

Wimsopay also provides a monthly subscription model and a Soundbox solution for merchants. It provides voice payment updates for hands-free business operations.

To sweeten the deal for interested Kiwis, Chittibomma confirmed that ‘there are no pesky surcharges or sky-high merchant fees to worry about’.

“Customers install the app for free,” he said. “They can open the account, load the digital wallet inbuilt in the app, and scan and pay, or pay by mobile number. 

“Currently, we are in the process of getting all the regulatory approvals and hope to be live by the second quarter of this year.”

Wismopay is waiting for regulatory approval. Once that’s sorted, they’re expected to go live in a couple of months.

The app has been well-received by the South Asian business community in Auckland, many of whom are eager for cost-effective, culturally familiar solutions.

Indus – Gateway to Indian Markets

Indus paves the way for investors from New Zealand to buy into Indian stocks and mutual funds with relative ease – a move that bridges the gap between the two financial markets.

The fintech start-up was founded by Jai Goradia. It is the first New Zealand-licensed platform that connects users directly with the Indian stock market. 

It’s fully compliant with both Indian and New Zealand regulations. Indus is licenced with the Securities and Exchange Board of India – the nation’s regulatory body for securities and commodity market.

The start-up is also registered as a New Zealand financial services provider and has DBS Bank in India and ASB Bank in New Zealand as banking partners.

“There are many platforms through which investors in New Zealand can access overseas stock markets such as the US and Australia,” Goradia said.

“Through recent regulatory changes, these investors can now access the Indian stock markets with the same ease as trading US shares.

“Investing in more than 500 Indian mutual funds is open to anyone in New Zealand, whether you hold an Indian passport or not, through Indus.”

Indus was launched earlier this year, but already has over 2,500 users in New Zealand. Goradia also confirmed plans to broaden Indus’ horizons and branch into the Australian market in the near future.