At the end of 2022, the Papua New Guinea government signalled its intent to set up a state-owned commercial bank, and take a government seat on the board of Bank South Pacific. The plan has been criticised given the history of the poorly-managed Papua New Guinea Banking Corporation, which was privatised (and sold to BSP) 20 years ago. Critics also say the second plan bodes poorly for corporate governance in PNG. Meanwhile the Bank of China has expressed interest in operating in PNG, Credit Corporation Finance has received approval in principle for a banking license . . .