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For show notes and additional resources visit minterellison.co.nz/podcasts

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Organisations are collecting, holding and processing more data than ever before. As businesses continue to transition to digital platforms, e-commerce solutions and digital storage of information at scale and at pace, the frequency and sophistication of cyber-attacks continues to increase.

Partner Richard Wells and Senior Associate Suzy McMillan lead the firm’s privacy practice. In this episode, they share their recommendations for preparing for, and managing, a data breach which aligns with the Office of the Privacy Commissioner’s guidance.
Please contact Richard Wells, Suzy McMillan or a member of our Technology team if you need legal advice and guidance on any of the topics discussed in this episode, and don’t forget to rate, review or follow the Tech Suite wherever you get your podcasts.

For show notes and additional resources visit minterellison.co.nz/podcasts

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In this follow-up episode, Partner Jeremy Muir from MinterEllisonRuddWatts’ Financial Services team, reconnects with Shane Marsh, co-founder of Dosh, to discuss the recently released Commerce Commission market study report on personal banking services (Report). They explore its potential impacts on the banking industry and share insights into the future of digital banking in New Zealand.

[01:22] Jeremy and Shane discuss the key finding of the report; that New Zealand's personal banking services sector lacks competition. They delve into the underlying reasons for this issue and highlight the main takeaways from the Report, particularly from a digital banking perspective.

[03:58] They discuss the need for “maverick” providers in the personal banking industry and which industry providers might be best placed to be fill that void in New Zealand.

[07:10] Shane highlights Monzo, a digital banking trailblazer from the UK, as an international example of a “maverick” and market disruptor. He explains how their tech-driven, digital-first banking model has enabled them to successfully challenge traditional banks.

[08:30] Jeremy and Shane then explore the Reserve Bank's role in promoting competition in the personal banking services sector. Shane argues that capital thresholds for new entrants should reflect the applicant’s risk profile, suggesting that smaller, digital-only banks with lower risk should have reduced capital requirements to encourage innovation and competition.

[11:15] Jeremy and Shane acknowledge the government's quick response to the Report and consider what in practice this means for the market.

[13:52] They discuss the Select Committee inquiry that is now underway and how it provides an opportunity for industry participants to support meaningful change, noting the deadline for submissions of 25 September 2024

[15:51] Shane closes out the interview sharing his insights into the future of personal banking in New Zealand, noting the dawn of a new digital banking era is now underway.

Information in this episode is accurate as at the date of recording, 11 September 2024.

Please contact Jeremy Muir or our Financial Services team if you need legal advice and guidance on any of the topics discussed in the episode.

Please get in touch if you have any feedback. Don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also sign up to receive technology updates via your inbox here.

Additional resources

New Zealand’s digital bank revolution with Dosh co-founder Shane Marsh

Commerce Commission: Personal banking services market study – Final report 20 August 2024

Select committee: Inquiry into banking competition – Submissions due 25 September 2024

Dosh Website

For show notes and additional resources visit minterellison.co.nz/podcasts

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In this episode, Jeremy Muir a partner in MinterEllisonRuddWatts’ Financial Services team talks to special guest, Thomas Thurston, Chief Technologist at Ducera Partners, an investment bank with over $750 billion transactions to date. Thomas is also a partner and CTO at WR Hambrecht + CO, San Francisco-based venture capital and investment firm. The episode focuses on Thomas' quest to build a data-driven strategy for venture capital investment, eliminating guesswork.

[01:24] Jeremy and Thomas speak about challenging traditional investing models. Thomas shares his prior experience and observations on how companies and VCs focus on successes rather than failures, and emphasises the need for understanding the success rate of start-ups.

[04:07] Thomas then introduces the idea of using data to predict start up success or failure, acknowledging the need for a more objective, data-driven approach.

[04:49] Thomas further talks about the multivariate nature of decision-making in venture capital, together with the challenge of unpacking variables related to the team, product, and market, and their dynamic interactions.

[07:56] Drawing parallels with Moneyball in sports, Jeremy and Thomas discuss whether the data-driven approach in business can be comparable to other areas, such as sports analytics and consideration of team performance.

[12:16] Jeremy and Thomas discuss the traditional venture capital decision-making process, and how Thomas’ new approach leads to efficiencies in decision-making that is done in a quantitative way.

[14:06] They then talk to the bias that is inherent in the traditional process, and how coding and AI can be used to minimise this bias significantly.

[16:58] Thomas talks about leveraging AI to identify businesses already demonstrating success. He highlights the selective approach, and talks about how he is more concerned about not investing in “bad” start-ups, rather than missing out on “big” ones.

[17:59] They talk about the evolution of terms like data science and analytics. Thomas mentions the challenges faced when initially quantifying start ups and the perception of squashing creativity.

[18:39] The two discuss the extent to which VCs are using technology in their investment decisions – successfully or otherwise. They talk about the challenges faced by venture capitalists and the slow adoption of quantitative tools.

22:57] Thomas highlights the limitations of traditional deal flow efforts in covering large and complex markets. He emphasises the challenge of knowing all potential companies in a specific market and narrowing them down.

[26:49] They discuss the potential for New Zealand to take a lead in using data and analytics for global venture investing. Thomas talks about the underdog spirit in New Zealand and the desire to do things differently.

Please contact Jeremy Muir or our Technology team if you need legal advice and guidance on any of the topics discussed in the episode.

Please get in touch to receive an episode transcript, noting that this episode dates from 22 January 2024.

Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also sign up to receive technology updates via your inbox here.

For show notes and additional resources visit minterellison.co.nz/podcasts

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In this episode, Tom Maasland, a partner in MinterEllisonRuddWatts’ Technology team, talks to Simon Bridges, in his capacity as CEO of the Auckland Business Chamber, about the recently released report from the Auckland Tech Council, suggesting that three tech sectors can transform Auckland into a Global Tech Hub.

Simon Bridges is a former lawyer, former National MP for Tauranga, was Leader of the Opposition, and a senior cabinet minister in John Key’s National-led government. As part of Cabinet, Simon held several ministerial portfolios including Energy, Transport, Communications, Economic Development and Leader of the House.

More recently, since leaving the world of politics, Simon is CEO of the Auckland Business Chamber, whilst also sitting on a number of company boards, including most recently his appointment as Chair of New Zealand Transport Authority / Waka Kotahi. It’s in his capacity as CEO of the Auckland Business Chamber that Simon is interviewed for this podcast.

[01:34] Tom and Simon talk about how the report sets out an ambitious plan to move Auckland from the tech hub that it already is, into a Global Tech Hub and what motivated this idea.

[03:14] They then discuss the pathway that is needed for Auckland to achieve this ambition. Simon touches on the need for an intentional and focused approach, rather than a scatter-gun approach. [06:23] He notes the three Tech sectors identified in the report that Auckland should focus on and develop further: CreativeTech, FinTech and HealthTech.

[06:42] Simon talks about the specific opportunities and challenges for Auckland in becoming a global CreativeTech hub. He outlines various steps in a five year plan the Auckland Tech Council has proposed to achieve this.

[11:05] They then focus in on FinTech; looking into its particular pathway and the exciting role it has to play in achieving the goal of Auckland becoming a Global Tech Hub. Simon notes that collaboration between public and private sectors will be essential.

[15:50] Tom and Simon lastly delve into the fascinating part HealthTech will play in this ambition, and how to actively foster its enterprises and growth in Auckland.

[20:50] They round off the podcast considering what types of infrastructure are needed to be invested in further for the ambition to be met.

Information in this episode is accurate as at the date of recording, 19 March 2024.

Please contact Tom Maasland in or our Technology team if you need legal advice and guidance on any of the topics discussed in the episode.

Please get in touch to receive an episode transcript. Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also sign up to receive technology updates via your inbox here.

Resources

Auckland's path to becoming a Global Tech Hub

For show notes and additional resources visit minterellison.co.nz/podcasts