On Sep. 10, 2026, NZ GVT notified the Customer and product data (general requirements) amendment regulations (no. 2) 2026 in the gazette.
The regulations amend the principal regulations to revoke regulation 6, which was to come into force on Jun. 1, 2027, as well as the cross-heading above it.
Regulation 2 was also amended to remove the commencement date for regulation 6.
The regulations will take effect on the 28th day after being gazetted, i.e., Oct. 8, 2026.
On May 1, NZ GVT reported on designation of banking as first sector.
NZ GVT said Cabinet agreed to designate banking as first sector under Customer and product data act, which was passed to improve competition in banking, other sectors.
In addition, NZ GVT published a document titled Fact sheet: better banking competition one step closer for Kiwis, which contains more information re same.
Cabinet has agreed to designate banking as first sector under the act, setting out rules for how open banking will work in New Zealand; open banking allows third parties to access data held by banks with consent, enabling innovative product development.
This designation aims to speed up open banking adoption and ensure that major banks do not create unnecessary barriers for fintechs and smaller players in the market.
NZ GVT said the 4 major banks - ANZ, ASB, BNZ, and Westpac - must meet new open banking requirements by Dec. 1, 2025; Kiwibank will need to comply by Jun. 2026.
Next Steps
Next steps include NZ GVT drafting the regulations and enacting them later in 2025.
Aug. 2025 Exposure Drafts Issued
On Aug. 15, 2025, NZ GVT issued an exposure draft for each of Customer and product data (banking and other deposit taking) regulations 2025 (first set of regs), Customer and product data (general requirements regulations) 2025 (second set of regs).
The first set of regs designate ANZ Bank New Zealand Limited, ASB Bank Limited, Bank of New Zealand, Kiwibank Limited, Westpac New Zealand Limited as data holders, and allows deposit takers to opt in to designation.
Designated customer data includes customer names, contact details, account identification codes, account balances, transaction particulars for 2-year period before request, and statement data for specified period.
Designated actions include making payments from customer accounts to other accounts via bulk electronic clearing system (BECS) operated by Payments NZ Limited in NZD, subject to relevant limits and terms.
Second set of regs set accreditation classes for making requests for data or payments, acting as intermediary, and also establish reporting requirements to chief executive, periodic notification requirements to customers about authorizations.
Data holders must give accredited requestors access to systems within 5 working days after receiving written notice of accreditation.
The consultation period is open until Aug. 29, 2025.
In Aug. 2025, NZ BA responded to draft banking regulation 2025, see #269918.
In Oct. 2025, NZ GVT proposed draft open banking standards, see #272528.
Document dated Oct. 13, 2025, received from NZ GVT Oct. 15, summarized Oct. 20.
Dec. 2025 Open Banking Go Live
On Dec. 1, 2025, NZ GVT and NZFiMA said open banking, supported by the regulations listed above, is now live for Kiwi customers.
ANZ, ASB, BNZ, Westpac are required to have open banking systems live from Dec. 1, 2025; Kiwibank to be ready by Jun. 2026 for payments, Dec. 2026 for other services.
All other banks and deposit-takers are able to opt-in voluntarily from Dec. 1, 2025.
Consumer data can only be shared with explicit consent and third-party requesters must be accredited by the Ministry of Business, Innovation and Employment (MBIE).
MBIE to provide regulatory oversight and is accepting applications from organizations wanting to become accredited data requestors.
This is the first step in a phased roll-out of regulated open banking.
On May 28, 2026, NZ GVT notified Customer and product data (general requirements) amendment regulations 2026 (amendment regulations) in the gazette.
The amendment regulations amend the Customer and product data (general requirements) regulations 2025 (principal regulations) above.
The amendment regulations change the commencement date of regulation 6 of the principal regulations from Jun. 1, 2026 to Jun. 1, 2027.
Regulation 6 requires a data holder to have a system in place to enable an individual to act on behalf of a customer to authorize data requests.
The amendment regulations also extend the transitional arrangement in clause 1 of schedule 1 of the principal regulations for a further year (until Jun. 1, 2027).
Clause 1 provides for a modified definition of electronic facility in relation to certain banks.
The amendment regulations come into force on May 29, 2026.
Sep. 2026 Principal Regulations Amended
On Sep. 10, 2026, NZ GVT notified the Customer and product data (general requirements) amendment regulations (no. 2) 2026 in the gazette.
The regulations amend the principal regulations to revoke regulation 6, which was to come into force on Jun. 1, 2027, as well as the cross-heading above it.
Regulation 2 was also amended to remove the commencement date for regulation 6.
The regulations will take effect on the 28th day after being gazetted, i.e., Oct. 8, 2026.
Regulators
NZ GVT; NZFiMA
Entity Types
Bank; CNSM; MSB
Reference
OG 9/10/2026; Ord 2026/267, 9/7/2026; OG 2026/151, 5/28/2026; PR 12/01/2025; Reg SL 2025/228, SL 2025/229, 10/13/2025; CP 8/15/2025; Info, PR, 5/1/2025; Fintech; Citation: Customer and product data act; Customer and product data (designations for banking and other deposit taking) regulations 2025; Customer and product data (general requirements) regulations 2025;
