Briefs: Historic low for Kiwi interest rates, Westpac opens Singapore innovation lab 16 November 2018 5:14PM Banking Day staff Briefs, Consumer lending, Interest rates, consumer, Major Banks, Mortgages, Westpac New Zealand's weighted average one-year fixed mortgage rate has dropped below 4 per cent for the first time, reports interest.co.nz. With recent cuts, it has fallen to 3.99 per cent (4.02 per cent on an unweighted basis). Westpac is one of three global banks to announce the opening of a fintech innovation lab in Singapore. During the Singapore FinTech Festival, Westpac announced it had opened its "co.lab", intended as a launchpad into Asia for Australian fintechs, focusing on regtech, data analytics, AI and payments. Bank of China and Deutsche Bank also used the FinTech conference to announce news innovation labs based in Singapore.