Fresh off the launch of their Digital Payments Accelerator, Australian fintech company Novatti Group (ASX: NOV) has been granted approval in New Zealand to expand its credit card issuing services.
The approval for ‘issuing and managing means of payments’ in New Zealand will provide commercial opportunities for Novatti to extend services to existing clients in NZ which already utilise their suite of payments tech, billing and international remittance services.
“Novatti’s model is to build platforms that provide the ability to scale. Obtaining regulatory licencing is core to this strategy,” said Novatti Managing Director, Peter Cook.
“Where possible, Novatti aims to offer complementary services to existing Australian customers with a presence in New Zealand, and to capitalise on the deep relationships that already exist in New Zealand through Novatti’s business process automation subsidiary, Emersion.”
New Zealand is one of three countries Emersion already has a notable presence, the others being Australia and Singapore, and recently launched on the Salesforce AppExchange, offering small businesses with billing automation and subscription payment services capabilities.
Registration with the New Zealand Companies Office Financial Service Providers Register is a natural fit for Novatti which holds a Visa Principal Issuer license from Visa Inc, enabling them to issue prepaid Visa cards both physically and digitally. This issuing division has seen a notable rise in adoption since the onset of COVID-19 where card usage has dramatically increased with many businesses ceased accepting cash while also sales towards online mediums where possible.
Through this expanded license to operate in New Zealand, local businesses will soon be able to utilise Novatti’s Digital Payments Accelerator which facilitates the issuing of up to 2,500 custom-branded Visa cards where usage can be restricted to customisable situations.
*Owners of this website are NOV shareholders
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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