Government supports the expansion of competitive, affordable banking services, and recognises the value of digital banking services in this context.

New technology offers substantial opportunities for new entrants into the financial sector.

In 2017, the Reserve Bank granted three bank licences – two for banks with significant digital banking capabilities and one for a new digitally focused mutual bank.

These licences will ensure banks are able to harness the power of technology and bring competition and innovation into the sector.

We are pleased that one of the new banks has significant direct black ownership.