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Idealog - - IDEALOG / KIWIBANK - 45

Peter Fletcher-Dob­son, Ki­wibank’s dig­i­tal ad­vi­sor, is re­spon­si­ble for for­mu­lat­ing and im­ple­ment­ing the bank’s dig­i­tal first strat­egy and was heav­ily in­volved in cre­ation of the FinTech ac­cel­er­a­tor. He ex­plains the ra­tio­nale be­hind its in­volve­ment.

WHY DID KI­WIBANK GET I NVOLVED I N THIS?

Ki­wibank had three main aims in set­ting up New Zealand’s first FinTech ac­cel­er­a­tor. We wanted to take the first step in cre­at­ing an ecosys­tem for FinTech in New Zealand and bring to­gether in­dus­try play­ers and cre­ate a plat­form for in­no­va­tive Kiwi com­pa­nies to get funded and build glob­ally-fo­cused com­pa­nies; sec­ondly we wanted to en­sure that Ki­wibank is work­ing with and po­ten­tially part­ner­ing with in­no­va­tors to cre­ate game-chang­ing fi­nan­cial ser­vices and ex­pe­ri­ences for our cus­tomers; and, fi­nally, we wanted to ex­pose as many Ki­wibankers as pos­si­ble to the lean-startup way of work­ing.

DID IT WORK?

We were ab­so­lutely de­lighted with the re­sults across all three ar­eas. Demo Day was a mas­sive sell-out suc­cess and one of the teams was fully funded even be­fore the ac­cel­er­a­tor ended. We’re talk­ing with three of com­pa­nies and it’s clear there’s a tonne of in­ter­est in what they’re do­ing from across the board, in­clud­ing from Sil­i­con Val­ley leg­ends like Bill Reichert. We had 150-200 Ki­wibankers men­tor­ing, ad­vis­ing, vis­it­ing and sup­port­ing the ac­cel­er­a­tor, so it was great for our in­ter­nal cul­ture too.

S O WHAT’S NEXT?

I think New Zealand FinTech is now get­ting no­ticed, which is mas­sively ex­cit­ing, but as a coun­try we need to re­ally step it up now and take it to the next level.

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