TISABANK launched, opens its doors today

The Papua New Guinea commercial banking industry will see its newest member open its doors in the country as

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Tonga Supreme Court orders millions to be paid out in judgement over reports of banking dispute

The Tonga Supreme Court has ordered a multi-million pa’anga payout in a case involving the Tonga Development Bank and the Reserve

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K1billion in foreign exchange backlog in PNG banks, forum told

Papua New Guinea foreign exchange backlog among commercial banks has increased to more than K1 billion (US$255 million) in the past six

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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

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Opinion: As Western banks leave the Pacific, a new player emerges

Australian banks are gradually withdrawing from the Pacific Islands, leaving the region at risk of being totally disconnected from the global banking system. Bendigo Bank is exiting Nauru, while Westpac has floated

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Financial crisis looms over OACPS, SG Chikoti urges immediate action

The Organisation of African, Caribbean, and Pacific States (OACPS) faces significant financial challenges that threaten its operations, said Secretary-General Georges Rebelo Pinto Chikoti at the 117th Session of the

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Pacific islands are being ‘debanked’. What does it mean – and why are Australia, NZ and the U.S concerned?

The withdrawal of major banks from Pacific islands poses significant socio-economic risks to the region, prompting intervention by Australia, the U.S and New Zealand. The so-called debanking of the Pacific – when

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ANZ says in talks with Australian govt about shoring up Pacific Islands business

ANZ bank is in talks with the Australian government about ways to make its business in the Pacific Islands more viable as an exodus of Western financial services fuels concern about rising Chinese influence, its CEO

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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

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Solomon Islands Finance Minister Sogavare identifies revenue leakages

Solomon Islands Minister of Finance and Treasury, Manasseh Sogavare, has emphasised the ministry’s commitment to addressing significant revenue leakages within various government departments.  Sogavare candidly

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BSP budgeting K345m in capital expenditure

BSP Financial Group Limited is budgeting K345 million (US$90 million) in capital expenditure over two years starting this year, says Group Chief Executive Officer, Mark Robinson. Speaking during the bank’s 2024 annual

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Opinion: The Climate Crises & High Debt-Levels in the Pacific: Who will pay?

As Fiji and neighbouring Pacific Island Countries face the daunting prospect of dealing with unprecedented national debt levels and the effects of climate change, the issue of how climate action will be financed becomes

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BPNG survey confirms decline in business confidence

A survey conducted by the Bank of Papua New Guinea (BPNG) indicates a decline in business confidence in the country. Bank of PNG Governor Elizabeth Genia revealed this recently when presenting the March 2024 BPNG

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Prioritise cyber risk management: ANZ

A cybersecurity expert with the ANZ bank says many organisations fail to keep their systems up to date, and as a result, they expose themselves and their customers to cyberattacks. Eli Hirschauge, ANZ’s Head of

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Bank boss paints positive picture of PNG prospects

Kina Bank plans to invest over K30 million (US$7.9 million) this year to expand and refine its services with a focus on improving Papua New Guinea customer service, says Managing Director and Chief Executive Officer,

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Winston Peters and Shane Reti make Cook Islands climate change announcement

Tackling the impacts of climate change is a key focus for New Zealand, with a total of $16.5 million (US$10 million) to go to the Cook Islands to help fight the crisis. Deputy Prime Minister and Foreign Affairs

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Fiji Business Briefs: Fiji Airways charter, Kontiki results

Fiji Airways defends Israel charter flight arrangements Fiji Airways says it has adhered to ethical business practices in the running of last year’s charter flights to Israel, but has admitted the charterer has missed

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Fiji Business Briefs: Pine harvesting, Nabouwalu development, Kinetic Growth updates

RBF gives insurers time to implement new standards The Reserve Bank of Fiji (RBF) says licensed insurers will only have to reflect new reporting standards in their prudential reporting from 1 January 2026. This follows

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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

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The long, hard road to climate finance

It’s the classic Catch-22.  Pacific and other small island developing states desperately need to access climate finance to survive the growing impacts of climate change. That much is well known. And the

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PNG Climate Change General Manager Alfred Rungol reinstated

The Papua New Guinea Climate Change Development Authority (CCDA) general manager for Measuring, Reporting, Verification and National Communication Alfred Rungol has been reinstated to his substantive position. After a

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Commonwealth Finance Ministers meet in Marrakesh to tackle overlapping global crises

Commonwealth Finance Ministers met this week in Marrakesh, Morocco to discuss the reform of the global financial architecture, with particular attention to two pivotal areas, scaling up development finance and

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Pacific region vastly underserved by climate finance: Coral Pasisi

The Pacific region remains vastly underserved by access to climate finance, according to the Pacific Community’s (SPC) director of climate change and sustainability, Coral Pasisi. By her estimation, the region

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BSP facing more system issues than expected

Bank South Pacific (BSP) has come out with an apology and explanation on the current technical difficulties experienced in Papua New Guinea since the implementation of the new Information Technology core banking system

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