In a speech to the Payments NZ conference, New Zealand's Minister of Commerce and Consumer Affairs Kris Faafoi has told the payments sector that progress must be made on innovation and open banking. "Speed is of the essence and the status quo isn't an option. I do not want to see New Zealand left behind in respect of the outcomes that Open Banking could deliver in terms of economic development and benefits for consumers," he said.Faafoi said the principles set out in the Australian review into open banking were a good starting point: customer-focused, promoting competition, encouraging innovation, efficient and fair. He went on to say that the new Labour-led government had mostly stood on the sidelines as an enthusiastic supporter of payments systems innovation, but he was testing whether there is more of a role for Government, saying "… you still need to convince me that you are willing and responsive enough to take a leap and embrace a new environment."