K15 billion remains unbanked due to stringent banking policies
Papua New Guinea’s informal economy, the small and medium enterprises (SMEs) are holding onto an estimated K15 billion in unbanked
Banking
Banks and mobile wallet integration in Fiji ‘a game-changer’
People living and doing business in Fiji can now transfer funds between their mobile money wallets and bank accounts.
Griffith experts guide Marshall Islands towards a new Monetary Authority
The Republic of the Marshall Islands (RMI) is a step closer to establishing a new banking regulatory system with Griffith University academics playing a key part in the move towards a Monetary Authority for the North
Economic diplomacy: Banking on the Pacific
Rebuilding regional banking is unlikely to pay dividends without an underlying business revival. Australia’s oldest bank changed its name from the Bank of New South Wales to Westpac in 1982, reflecting apparent
Funding injection to help keep banks in Pacific
An extra $6.3 million (US$4.24 million) in Commonwealth funds will go toward bolstering banking infrastructure in the Pacific, the federal treasurer will announce at a forum in Brisbane. The talks are focused on banking
Westpac stays, so what’s next?
Westpac’s October announcement that it no longer planned to sell its remaining businesses in Papua New Guinea and Fiji, and its statement to the Australian Stock Exchange that it would increase investment in its
De-banking having a ‘severe impact’ on Pacific Islanders
The region’s economic ministers say the expiry of correspondent banking relationships (CBR) is having a severe impact on the lives of Pacific Islanders, including seasonal workers, micro, small, and medium
Westpac to maintain Pacific presence, cancels sale of PNG, Fiji banks
Westpac has decided to maintain a presence in the South Pacific after the federal government indicated it wants to see Australian companies maintain a role in the region. The Australian Financial Review reports the bank
New financial entrants ‘pose risk’: Bank of PNG
In a real sense, encouraging new entrants in the financial system can be considered a national risk management strategy, says Bank of PNG acting governor Elizabeth Genia. “In recent years, we have seen internationally
Banking: A regional overview
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
Banking and Enterprise Backup
Internet connectivity has become a core system for the world’s financial institutions. From international transfers and business banking to ATM withdrawals and Point-Of-Sale systems, a good quality internet connection
BSP pays K190million extra tax
The Bank South Pacific Financial Group Limited (BSP) has declared a substantially lower net profit of K69 million (US$19 million) from K259 million (US$73 million) due to a controversial levy imposed by the Government.
Local banker Smith is Westpac Fiji CEO
Westpac has announced the appointment of Shane Smith as its new Chief Executive for Fiji. “I’m honoured and humbled by the opportunity to lead this great business and build on the legacy of my predecessors.
Kina’s acquisition of Westpac Pacific operations thwarted
Papua New Guinea’s Independent Consumer and Competition Commission (ICCC) has rejected Kina Securities Limited’s proposal to buy out Westpac Bank’s PNG operations. The ICCC’s decision reflects its concerns about
Debt traps and doing business
Tourism may be the poster child of the Pacific’s post-COVID economic crisis, but it’s not the only sector that has suffered. A stark example of the challenges that border closures are causing came in reports from
“We have been lagging behind quite poorly”
In 2020 as shops and markets all over the world were forced to close due to the coronavirus, people shopped from home, with e-commerce seeing exponential growth in many markets. And the trend will continue. Online
Keeping the bank door open for Pacific peoples
Now is the time for New Zealand banks to act with courage to keep providing banking services, including money remittances, to the Pacific Islands open. The scale and complexity of the challenges facing Pacific Island
Delving into digital: Kina finds its sweet spot
Kina Bank is set to bring new digital products to Fiji when it acquires Westpac's Fiji
PNG’s largest bank to list on the Australian Stock Exchange
Shareholders have approved Papua New Guinea’s largest bank, Bank South Pacific, listing on the Australian Securities Exchange in a bid to access more capital and improve its presence in international capital markets,
ANZ extends fee waiver for money transfers to Pacific
ANZ will extend its fee waiver until September 2021 for online foreign currency payments made from Australia and New Zealand into 10 Pacific countries.* Latest figures show the value and volume of transfers made by ANZ
Kina’s Westpac offer: why a banking duopoly would be bad for PNG
The much-anticipated bid for Westpac Pacific (PNG and Fiji) operations by Kina Securities (the owner of Kina Bank) was finally confirmed last month. The offer did not come as a surprise as Westpac moved its Pacific
Westpac won’t speculate on Pacific sale
Westpac says it will not respond to speculation in Australian media this week that it is on the verge of selling its Pacific businesses. A Westpac Fiji spokesperson says the Bank “is currently undertaking strategic
Rein in public sector wage increases, bank urges Fiji
A major bank in the Pacific region has recommended that Fiji put the brakes on civil servants wage increases as a major step towards bringing the national budget back to balance in the medium to long term. In its