New Zealand's Financial Markets Authority has licensed the country's first peer-to-peer lender, Harmoney.The FMA announced last week that the licence for the new service, which is provided for in the Financial Markets Conduct Act, is part of the government's business growth agenda and would facilitate new capital-raising opportunities.To meet the required standard for a licence service providers must meet a disclosure test, have transparent processes and meet minimum conduct standards.Under the regulations covering the licence, borrowers are limited to raising no more than NZ$2 million through a P2P service in any 12-month period. The regulations do not impose any limits on the amount lenders can lend.Harmoney said in a media release that its business ran on a fully automated online platform, which has "bank grade" security.