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Page last updated: 23 December 2025

FMA’s Regulatory Sandbox Pilot

In December 2024, we announced the development of a fintech sandbox pilot project, and, in April 2025, we welcomed the first group of participants to take part. The sandbox pilot is still running but has closed to new participants. For future updates, please continue to visit this page, and follow our news and insights on our website. 

The FMA’s regulatory sandbox initiative marked a step towards fostering innovation, encouraging competition, and creating a more dynamic financial services landscape in New Zealand. We developed a regulatory sandbox to allow firms to test innovative products, services or business models, and to spur innovation for both startups and established firms. We aimed to lower barriers to entry for fintech innovators, to accelerate the development of digital products that meet the evolving needs of New Zealand’s financial services consumers, and to promote better outcomes for consumers and the financial system in New Zealand.

Through the current regulatory sandbox pilot, we are providing regulatory guidance and support to firms on their innovative projects. The pilot was designed for firms that: 

  • had a product ready to be tested in the New Zealand market with customers, 
  • understood what aspects of existing financial regulation would apply to their product or service, and 
  • had considered where they needed guidance from the FMA and why participation in the sandbox would help their ‘go to market’ plans.

The pilot has given us the chance to gain greater insights into the benefits and risks of financial innovation and new technologies. The pilot is helping us to better understand innovative business models and the regulatory barriers they face, and what actions we might take to reduce those barriers. Our findings from the pilot will be invaluable in helping us refine our fintech service and the design of any future iterations of the sandbox.

Past and current participants in the FMA’s regulatory sandbox include:

ECDD Holdings Limited 

ECDD Holdings Limited (part of the exchange service Easy Crypto) intends to launch a yield bearing NZD-backed stablecoin and to generate revenue from interest earned on money held on trust in interest-bearing accounts.

Emerge Group Limited 

Emerge is a digital banking alternative offering products like debit cards, current accounts, and in-app expense tracking. Customer funds are currently held in trust with a partner bank, but Emerge aims to transition to higher yielding options such as government bonds.

Homeshare

Homeshare offers investors the opportunity to own a fractional share of real estate, with each property divided into 1,000 equal shares. These shares can be bought and sold via an online platform.

IndigiShare  

IndigiShare aims to improve access to capital for Māori entrepreneurs and small businesses. It seeks to offer Te Whare Manaaki (a koha loan platform), as a way to lower barriers to entry for indigenous businesses and enable community entrepreneurship.

Invest in Farming Co-op 

IIF (Invest in Farming) is an Australian-based cooperative that connects investors to farming by digitising ownership of livestock, aquaculture, horticulture, and agriculture. It allows investors to own a share of agricultural assets, where investment returns are unlocked on the sale of the stock or crop.

Tandym Limited 

A group investment platform enabling people to form groups and build wealth together in a social and engaging way - while removing administrative burden.