What approach are banks taking to increase financial literacy, and how can this impact the economy?
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Interviews & Viewpoints | Loi Bakani, Governor, Bank of Papua New Guinea (BPNG): Interview from The Report: Papua New Guinea 2017
Interviews & Viewpoints | Mark Baker, Managing Director, ANZ Bank Papua New Guinea: Interview from The Report: Papua New Guinea 2017
In what way do you see the shortage of foreign exchange in Papua New Guinea developing?
Articles & Analysis | Banking sector in PNG well positioned to meet challenges from The Report: Papua New Guinea 2017
Papua New Guinea’s banking sector is sound, stable and profitable. Despite slow economic growth in the country in recent years, institutions have managed their exposures well and entered the current weak patch in a strong position. They are generating good results and investing in future growth. Regulation is solid and improving, with the...
Articles & Analysis | Concerted effort to broaden banking penetration in PNG from The Report: Papua New Guinea 2017
By most measures Papua New Guinea is under-banked. Branch density is low and has not risen in at least a decade, while the loan-to-GDP ratio is 31%, well below that reported by neighbours and peers. The Philippines is at 41%, Solomon Islands 38%, Thailand 151%, Vietnam 111% and Indonesia 39%. It is estimated that only 20% of people in PNG have...
Articles & Analysis | PNG banks poised to adopt new technologies from The Report: Papua New Guinea 2017
The importance of technology in the banking sector has long been recognised in Papua New Guinea. Both the regulators and the institutions understand that advanced systems, networks and devices can help promote growth and stability. Their adoption is also seen as instrumental in improving inclusiveness. Laws and regulations have been written to...
Insurance in Papua New Guinea remains a sector that offers significant opportunity. With a low penetration rate – estimated at under 2% – and the overall economy set for rapid growth as a result of ExxonMobil’s liquefied natural gas project, demand is projected to increase over time. Other trends and events also suggest good prospects. A new acting insurance commissioner has been appointed and...