The proposed timetable for a national program in New Zealand to roll out a universal non-cash payment method for public transport has been set. The Project NEXT group, comprising representatives from local government around the country, hopes that bus, train and ferry users in Wellington will be able to use either mobile devices, credit or debit cards or a national "transit" card by 2021. The rest of the country should follow by 2026. The call has been put out to local and overseas technology providers. A New Zealand finance company is chasing NZ$4 million from a former employee who allegedly transferred the money into his own personal ASB account, left the office for a doctor's appointment and never returned, reports Stuff.co.nz. Richard Whitham is believed to have left the country immediately and is still overseas. He was initially employed by WorldClear (a foreign exchange and payments company) to establish relationships with banks, and later became the sole director and shareholder of T1, a company set up to open bank accounts and conduct financial transactions on behalf of WorldClear. Banking and insurance bosses no longer have to fear being hauled in front of MPs to face questions on their culture and conduct, reports interest.co.nz. The chairman of New Zealand's finance and expenditure select committee Michael Wood said he had "become aware that the banks themselves are effectively under a confidentiality order with the Financial Markets Authority with respect of everything they are discussing in the current process". The FMA and Reserve Bank are currently investigating the sector as a result of the revelations coming out of the Australian royal commission into banking misconduct. The FMA said the confidentiality orders were in place in order to facilitate "completely frank and open communication with firms during the course of our work". The proposed ban on foreign buyers is likely to be relaxed by the new Labour-led government in New Zealand. Its Overseas Investment Amendment Bill calls for a ban on foreign purchasers of homes, but the finance and expenditure select committee has recommended that foreign buyers be allowed to buy - and hold - apartments off the plan provided they are in large, multi-storey developments with at least 20 units. The draft Bill allowed purchase off the plan but would compel them to sell once the apartment was completed.