Banking & Finance

Prime Minister Peter O’Neill says a planned ‘shake up’ of the Port Moresby Stock Exchange (POMSoX) will lead to more innovation and increased domestic and international investment.

Kina Group is set to become Papua New Guinea’s fourth retail bank, when it takes over the Malaysian-owned Maybank (PNG) in late July, ahead of a possible stock market listing.

Ratings agency Standard & Poor’s says PNG’s banks operate in a ‘high risk’ environment, with regulation and supervision ‘comparatively lenient’.

Liquidity conditions have emerged as a major source of risk for the PNG economy, as the central bank governor reveals he spent US$570.9 million (K1.48 billion) to support the kina last year.

Papua New Guinea’s central bank has moved to stop offshore foreign banks, which don’t operate in PNG, from foreign exchange trading in the Kina.

Papua New Guinea’s Parliament is likely to approve establishing the long-awaited Sovereign Wealth Fund by June, after unanimously voting for its enactment at its first reading last week.

A commitment to growth throughout the Pacific region has continued for Papua New Guinea-based Bank of South Pacific, with the acquisition of new Pacific operations from Westpac and launch of a new subsidiary.

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From modest beginnings, Papua’s New Guinea’s largest non-bank financial services company, the Kina Group, has come a long way. Chief Executive Officer Syd Yates explains the Kina vision to Business Advantage PNG.

Papua New Guinea’s credit finance industry has had ‘a challenging year’, according to Peter Burland, at one of the country’s leading finance companies, Credit Corporation Finance Ltd. Despite that, the company has expansion plans, he tells Business Advantage PNG.