Papua New Guinea has a high level of mobile phone penetration, but Tony Westaway, Chief Executive of MiBank, believes the country has significant barriers to overcome if it is to achieve optimum financial inclusion in the digital age. He outlines some of the issues to Business Advantage PNG.
The Pacific’s three biggest banks: Bank South Pacific, ANZ and Westpac have distinct approaches to the Pacific region. Their top executives outline their strategies to Business Advantage PNG
Demand for housing in Papua New Guinea is strong but there is a shortage of supply, according to the latest survey by Hausples, a Port Moresby-based real estate technology company.
It has been a bad month for most commodity prices, but not precious metals. The weakness in Liquefied Natural Gas (LNG) prices has continued, with the price falling sharply over the last month. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.
Bank South Pacific purchased the National Bank of the Solomon Islands 10 years ago this year. David Anderson, BSP’s country manager in the Solomon Islands, shares a 2017 overview of the country’s economy with Business Advantage PNG.
The big mover this month was the cocoa price which was up 6.6 per cent for the month according to Kina Securities. Otherwise commodity prices moved sideways or weakened. Business Advantage PNG’s monthly overview of commodity and financial markets.
The advent of electronic banking in Papua New Guinea has the potential to significantly modernise and expand the country’s financial system Greg Pawson, General Manager of Westpac Pacific tells Business Advantage PNG.
The big mover this month was palm oil, which was up 20.5 per cent for the month according to Kina Securities. Oil prices have continued to hold up but LNG prices have eased. Business Advantage PNG’s monthly overview of commodity and financial markets.
The way banks operate will change dramatically over the next five years, according to Kina Group’s Syd Yates. Banks will need to be quasi-technology companies.
Changes in ANZ’s Asia-Pacific strategy could provide benefits to Papua New Guinea, ANZ’s Managing Director in PNG, Mark Baker. He also tells Business Advantage PNG he sees growth potential from PNG’s rising middle class, while mobile phone banking has moved past traditional PC based internet banking services.