Digital assets, payments and the real economy

Digital assets, stablecoins and tokenisation are rapidly reshaping global payments and settlement infrastructure. While these technologies are often viewed through a crypto or investment lens, their most significant impact lies in how they can improve the efficiency, speed and resilience of the real economy.

This report brings together perspectives on what these changes mean for New Zealand and how global markets are moving from experimentation to execution. Insights reflect input from KPMG New Zealand, KPMG International and Chapman Tripp, drawing on conversations at the 2026 FinTech NZ Hui alongside expertise across financial services, regulation and fintech.

Digital Assets, Payments and the Real Economy: Why New Zealand needs intent, coordination and pace

New Zealand is at a crossroads. The choices made now will determine whether we develop the critical financial infrastructure necessary to serve our economy into the future. These choices will need to be made quickly.

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Key themes explored include:

Payments modernisation as a practical starting point: Faster, lower‑cost settlement — particularly for cross‑border payments — has material implications for SMEs, exporters and capital‑intensive sectors.

Digital assets as financial infrastructure: Stablecoins, tokenised deposits and tokenised assets are increasingly being used to extend existing financial systems, rather than operate outside them.

Learning from global markets: Jurisdictions making progress are those with clear regulatory intent, live pilots and a focus on infrastructure‑first use cases.

The need for clarity and coordination: Fragmented governance and slow decision‑making risk becoming a competitive disadvantage for a small, open economy like New Zealand.