Papua New Guinea is experiencing similar stresses to other economies in the Pacific region due to the impact of COVID-19. Two reports, by the Asian Development Bank and Pacific Trade Invest, highlight both the impacts and a way to recovery.
Banking & Finance
Kina Bank will adopt a ‘multi-brand’ strategy after acquiring Westpac PNG, according to Lesieli Taviri, Executive General Manager for Banking. She believes fears about a duopoly are unfounded.
Peter Aitsi, Group Chief Executive Officer of Credit Corporation PNG, says the COVID-19 pandemic has had a significant impact on operations. He tells Business Advantage PNG that the company is moving to a more agile digital platform and diversifying its product range.
A new lender, Savi Moni, is entering Papua New Guinea’s financial services market. Founder and Managing Director Nick Keane tells Business Advantage PNG that the aim is to minimise the burden on employers, provide affordable and responsible loans, and promote financial wellbeing.
Kina Bank has consolidated its position as Papua New Guinea’s second largest bank, and also taken a first step towards becoming a regional bank, by acquiring the assets of Westpac in Papua New Guinea and Fiji.
The current economic conditions are the most ‘challenging in our lifetime’, according to Justin Smirk, Senior Economist at Westpac. He told a Business Advantage PNG briefing that the success of the 2021 National Budget depended on getting Papua New Guinea’s non-resources economy firing.
Kina Bank is introducing some ambitious enhancements to its digital services. Chief Executive Officer Greg Pawson outlines his plans to Business Advantage PNG.
SME Business Advisor Akae Beach, from Beach Accounting Advisory, looks at the pros and cons of taking part in the Papua New Guinea government’s SME concessional loan plan.
Credit card giant Visa is fast-tracking its digital revolution to the Pacific due, in part, to COVID-19. According to its senior South Pacific executive, there will benefits for both businesses and consumers.
The first half of the Papua New Government Government’s promised K200 million funding for small and medium-sized enterprises has been handed over to Bank South Pacific. The money will be used to provide subsidised business loans.