Te Taumata supports calls for NZ banks to stay in the Pacific

Te Taumata supports calls for NZ banks to stay in the Pacific

Pasifika whānau here and abroad are relying on the courage and loyalty of New Zealand banks to continue their services in the Pacific.

The Reserve Bank is currently trying to stem the exodus of international banks from Pacific Island nations.

Trade, foreign investment and remittance payments for Pacific nations all rely on correspondent banking relationships, which enable cross-border payments and currency exchange, and are vital to economic prosperity in the Pacific.

However, correspondent banking relationships are experiencing a sharp decline, particularly in Pacific nations, meaning trade, investment and sending money home are becoming more difficult and expensive.

This decline is, in part, due to the rising risks and costs in relation to anti-money laundering and countering financing of terrorism (AML/CFT) requirements, but banks have also cited low risk appetite and low profitability as factors contributing to their withdrawal.

Te Taumata fully supports the Reserve Bank’s calls for New Zealand banks to continue their support in the Pacific as the wellbeing of our Pasifika whānau relies on it.

The economic impact of New Zealand’s withdrawal could have dire consequences not just in our neighbouring islands, but on our own shores, with the thousands of Pacific migrants living here and sending money home.

Te Taumata does not want to see whānau who depend on money being sent home from relatives in other countries to be further disadvantaged.

The impact COVID has had on the tourism sector in the Pacific continues to be significant. Our Pacific neighbours need New Zealand banks to stand by their side to ensure that impact is not worsened.

The Reserve Bank has a Pacific Remittance Project which aims to enhance access to, and reduce the cost of foreign worker payments to the Pacific. However, this work could be jeopardised by the withdrawal of New Zealand and Australian banking services.

You can read more about the Reserve Bank’s position here.



Canadian Council for Aboriginal Business

CCAB delivers programs that facilitate the growth of Indigenous business, build relationships between Indigenous and non-Indigenous business, and ensure life-long learning for Indigenous entrepreneurs, and other Canadian business leaders. These efforts recognise the central role that Indigenous business and communities hold in the future of Canada.
Our mission is to promote, strengthen and enhance a prosperous Indigenous economy through the fostering of business relationships, opportunities and awareness for all of our members.

Ministry of Foreign Affairs and Trade

The Ministry acts in the world to make New Zealanders safer and more prosperous.
E mahi ana te Manatū i te Ao kia whai haumaru me te whai rawa mo Aotearoa.
New Zealand’s security and prosperity depend on the conditions in, and our connections with, the wider world. This means we must engage with – and seek to influence – other countries to our advantage, in line with New Zealand’s values and interests including that of Maori.

New Zealand Trade and Enterprise

New Zealand Trade and Enterprise (NZTE) is the government agency charged with helping New Zealand businesses to grow internationally.
We use our extensive knowledge and global networks to help exporters of all sizes make better decisions and connect to the right partners and investors.
We connect international businesses and investors with high-value growth opportunities in New Zealand.
By supporting New Zealand businesses, we boost New Zealand's economy and reputation, and help to share what's special about New Zealand with the rest of the world.

Callaghan Innovation

We are New Zealand's innovation agency. We activate innovation and help businesses grow faster for a better New Zealand.
We partner with ambitious businesses of all sizes, providing a range of innovation and research and development (R&D) services to suit each stage of growth.
Our people – including more than 200 of New Zealand’s leading scientists and engineers – empower innovators by connecting people, opportunities and networks, and providing tailored technical solutions, skills and capability development programmes, and grants co-funding.

Ministry of Business, Innovation and Employment

Ministry of Business, Innovation and Employment (MBIE) plays a central role in shaping and delivering a strong New Zealand economy.
Our role is to create better outcomes for all New Zealanders, particularly by supporting business growth.
We are responsible for the delivery of advice, regulation and services that have a real impact on people, businesses and the environment within which they operate.