There is broad agreement that Papua New Guinea needs more competition in its banking sector, and several finance companies have flagged their desire to acquire banking licences. What happens next, however, is likely to depend on government action.
Banking & Finance
The prospect of instantaneous settlements on Papua New Guinea’s stock exchange, PNGX, has moved a little closer with a new agreement to explore blockchain technology to support its trading system. PNGX Chairman David Lawrence tells Business Advantage PNG the technology could ‘turbocharge’ PNG’s capital markets.
Despite the pandemic’s severe economic impacts in Papua New Guinea, financial institution Heduru Moni Limited (trading as Moni Plus) achieved record-breaking revenues and profits in 2021. Business Advantage PNG sat down with the company’s new CEO, Aho Baliki OBE, to discuss its successes and ambitious plans for growth.
After over 42 years as finance company in Papua New Guinea, Credit Corporation (PNG) Ltd is planning to apply for a banking licence this year. CEO Danny Robinson explains why to Business Advantage PNG.
Kina Bank has unveiled its own range of products aimed at supporting SMEs in Papua New Guinea. Chief Executive Officer Greg Pawson explains the thinking behind the move to Business Advantage PNG.
Crowdfunding and a new listed fund are in the pipeline at Papua New Guinea’s stock exchange, PNGX, as it looks at new ways of grow the country’s capital markets and encourage SMEs.
It is back to the drawing board for Kina Bank and Westpac, as Papua New Guinea’s Independent Consumer and Competition Commission has issued a ‘final determination’ declining authorisation of Kina’s proposed acquisition of Westpac Papua New Guinea.
Kina Bank has reported a 36% increase in net profit for the first half of 2021, compared to the corresponding period last year. The results suggest the bank is successfully weathering the impact COVID-19 pandemic.
If Kina Bank’s acquisition of Westpac’s Pacific operation proceeds, it will be rebranded East West Commercial Bank, a stand-alone ‘Pan-Pacific’ bank to compete against its new parent. That’s according to a presentation made by Kina last week as it tries to convince Papua New Guinea’s Independent Consumer and Competition Commission of the deal’s merits.
In an interim determination, Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) says it may not allow Kina Bank to buy Westpac’s remaining assets in the Pacific.