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flag New Zealand accepts banking competition reforms to boost access, transparency, and market fairness.

flag The New Zealand government has accepted all recommendations from a parliamentary inquiry into banking competition, addressing concerns over market concentration, high profits, and limited access for rural and Māori borrowers. flag In response, it will direct the Reserve Bank to prioritize competition, allow Kiwibank’s parent to raise capital, expand the Financial Markets Authority’s regulatory sandbox, and push banks to improve digital tools and transparency in financial products. flag A single licensing model is being developed to reduce barriers for new financial services, with Treasury overseeing implementation and progress reporting.

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