THE Bank of Papua New Guinea (BPNG) has granted licenses to two new financial institutions, Pay It Now PNG Limited (PIN PNG) and DealCorp Finance Limited.
BPNG Governor, Elizabeth Genia during the presentation highlighted that the future of Papua New Guinea’s (PNG) financial system will require cooperation between the bank, licensed financial institutions, payment service providers, telecommunication and technology providers, government agencies and other stakeholders.
She noted every stakeholder must work together to develop a financial system that is safe, competitive, innovative and excessive.
“The bank will continue to strengthen its regulatory and supervisory framework as the financial sector evolves,” Governor Genia said.
“We will continue to support responsible innovation while ensuring that risks are appropriately identified, managed and contained.”
Governor Genia encouraged the two new institutions to view the license as an ongoing responsibility to the people of PNG and a continuing supervisory relationship with BPNG.
“I encourage you to uphold the highest standards of integrity, governance, professionalism and customer service,” Governor Genia said.
“Your success will not be measured only by the growth of your businesses. It will be measured by the value you create for your customers, the confidence you build in the financial system, the opportunities you create for businesses and communities and the contribution you make to the development of our economy.”
Governor Genia encouraged the two institutions to provide financial inclusion while noting the BPNG and the people of PNG want a financial institution that reaches beyond those who were already connected to the formal financial services.
“We want a system that creates opportunities for more Papua New Guineans, including small businesses, entrepreneurs and people in communities across our country. For both of you, this means developing services that are affordable, easy to understand and suited to the needs of the people you seek to serve,” Governor Genia said.