Local conventional and Islamic banks as well as international bank groups are all active in the small and competitive Bruneian market. Sector growth has accelerated as authorities have eased up somewhat on restrictive regulations, and banks are looking forward to an improved climate as overall economic growth revives. While the climate for banking remains competitive and the scale of the...
Asia Financial Services
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The market has seen several new entrants in recent years, with the total number of licensed insurance underwriters reaching 14 in 2014. While limited in size and reach, the insurance market in PNG recorded double digit growth in five years to 2013. Driven by the non-life corporate segment, growth has attracted a number of new players. However, the market remains shy of its potential, with low...
Chapter | Capital Markets from The Report: Papua New Guinea 2014
Although still fledgling, Papua New Guinea’s capital markets have strong prospects for growth as the economy looks forward to significant foreign currency inflows linked to the liquefied natural gas project and the development of new resource projects. With 13 dual-listed stocks on the exchange, share prices on the Port Moresby Stock Exchange are highly dependent on movements in foreign...
Despite significant challenges linked to poor infrastructure, inadequate credit information and a largely rural population, commercial lenders are developing innovative means of broadening the sector’s reach. Framed by the government and the country’s central bank, the National Financial Inclusion and Financial Literacy Strategy encourages private banks, microfinance institutions, non-bank...
Papua New Guinea is poised for change, as the country’s mineral riches are providing a major opportunity for economic development through the exploitation of natural resources. The government’s five-year strategic plan focuses on key development enablers such as free education, improvements to health services, the strengthening of law and order, rural development projects and infrastructure construction.
Despite being well established in the country, insurance remains a fairly small part of Malaysia’s financial industry. According to IMF calculations the insurance sector accounts for 6% of total financial assets, and insurance assets are equal to around 15% of GDP. Insurance penetration, though improving, remains low. More foreign investment and consolidation may help, as critical mass and...