Specifically, consumers and those making and selling goods and services are using a number of new channels that have taken the focus away from traditional retailers, leading to a rise of new competitors that include smaller fintech startups, tech platform operators and e-commerce behemoths. That has had an impact on Ingenico in particular, which has dabbled in partnerships with various tech companies like Google and Groupon, but has never led the charge. More recently, under a new CEO, it had been looking for a buyer.
Business growth strategies rely on new revenue streams, which necessitate new and agile pricing models that can adapt to changing market needs. Thanks to the web, consumers are demanding more pay-as-you-go and fee-based products and services, and businesses are necessarily adapting internal business processes to accommodate agile pricing strategies. Without the ability to pivot pricing strategies rapidly, companies will not be able to optimize or will miss out on new revenue opportunities.
China is an economic powerhouse. It has ambition to be the world's most successful economy. Its economic transformation over the past four decades has been remarkable — it has lifted 500 million of its people out of extreme poverty. That transformation has benefited New Zealand as the Chinese consumer has looked to acquire food products it can trust and experiences that New Zealand has to offer. China has also invested heavily in developing its ability to innovate including in technology.
The emerging dominance of e-commerce creates an opportunity to co-ordinate approaches between China and New Zealand and ensure a smooth flow of commerce and access for our companies and consumers. Clear rules to support e-commerce means every single New Zealander can share in the benefits of Chinese trade.
Bloomberg's plan recommends clarifying which agencies are responsible for overseeing the space, creating a framework to clarify when tokens are securities, "protecting consumers from cryptocurrency-related fraud," clarifying the tax regime and defining the requirements for financial institutions in the space.
Antonia is CEO of ANZ New Zealand. Prior to this she held roles as Managing Director of our Retail and Business Banking business and as Chief Financial Officer. In her most recent role as MD Retail and Business Banking, Antonia was responsible for our network of retail branches, contact centres and banking specialists who take care of over two million consumer and small business customers. Antonia joined ANZ from Morgan Stanley, where she was General Manager of their business services and technology centre in Budapest and had various Finance roles in Sydney and London. She started her career at KPMG.