New Zealand’s University of Waikato is making strides in the fintech sector by launching a new degree program in response to the rising demand for fintech specialists.

The three-year Bachelor of Banking, Finance, and Technology (BBFinTech) aims to bridge the gap in New Zealand’s undergraduate education. The program will focus on understanding open banking, digital currencies, and related technologies.

New Zealand University Welcomes FinTech Learners

Waikato Management School pro vice-chancellor Matt Bolger stated,

“The world of finance runs on digital technology.”

This statement underscores the urgent need for a program that can offer knowledge and expertise to those looking to work in the finance technology sector.

Bolger emphasized that “nothing happens without digital.” He also highlighted the lack of undergraduate degrees in New Zealand that recognize the need for dual competencies in finance and technology.

The BBFinTech program, developed over two years, positions students to understand the intricacies of both open banking and digital currencies.

Bolger noted the “huge growth potential in this sector.” This suggested that the program could pave the way for lucrative job opportunities in the fintech industry.

2021 study shows 80% of fintech jobs are roles in technology companies. Source: CFTE

FinTech Business is Booming

Meanwhile, the Monetary Authority of Singapore (MAS) is investing approximately $112 million over three years in the Financial Sector Technology and Innovation Scheme (FSTI).

This commitment will fund cutting-edge finance projects, including web3 solutions, further cementing Singapore’s position as a global tech hub.

Ravi Menon, Managing Director of MAS, highlighted Singapore’s continual efforts to foster innovation, stating,

“Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI programme to drive the adoption of technology and innovation in the financial sector.… With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.”

This is the FSTI’s third iteration, announced by Lawrence Wong. Wong is the deputy prime minister, minister for finance, and also the deputy chairman of MAS. It will support Artificial Intelligence and Data Analytics (AIDA), Regulation Technology (RegTech), and Environmental, Social, and Governance (ESG) Fintech solutions.

The University of Waikato’s BBFinTech program and MAS’s investment in fintech innovation showcase the increasing importance of digital currencies and fintech in the global economy.

All in all, both initiatives reflect the growing recognition of the need for expertise in these fields.