Long held back by inefficiencies linked to geography, manual operations and slow procedures, Papua New Guinea’s banking sector marked a watershed in 2013 with the initial implementation of a real-time gross settlement (RTGS) system. Running on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, the high-value...
While the new financial inclusion policy aims to expand access to and usage of financial services – Bank South Pacific (BSP) estimates some 98% of its over 1m accounts in Papua New Guinea are used for transaction purposes only – facilitating access to funding for small and medium-sized enterprises (SMEs) will be key to broadening economic...
In what ways will Papua New Guinea’s liquefied natural gas (LNG) project benefit the local economy, given the government’s debt arrangements?
Highly profitable by global standards, Papua New Guinea’s banking sector has traditionally focused on the government, larger firms and high-net-worth individuals. Despite significant challenges linked to poor infrastructure, inadequate credit information and a largely rural population, commercial lenders are developing innovative means of...
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...
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...
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