BPNG taps into block-chain tech

THE Bank of PNG aims to set standards and create an environment for the progress of technology to address financial inclusion issues, Governor Loi Bakani says.
He said this during a seminar on Friday on the block-chain concept which the bank was embarking on to use as a means to tackle financial inclusion problems in the country.
“Block-chain is a new area of interest that will become very important in our lives,” Bakani said.
“This is why we are keen to host the seminar and find out more from experts overseas about what benefits this can bring to our everyday lives.”
He defined block-chain as a shared ledger for recording the history of transactions that could not be altered.
“As the mandated authoriser of currencies issuance in the country, BPNG has an obligation to stay informed and to make sure that any emerging technologies or innovations do not change or affect the mandate that we have.”
He said the seminar was to find out from experts from other countries if the block-chain idea would encourage or enhance their mandated role in issuing of currencies or in terms of distribution and making payments to the rest of PNG.
“BPNG is exploring block-chain for improving financial inclusion and strengthening PNG banking systems, remittance, identification, credit history and balance payments and creating efficiency and reducing operational cost,” Bakani said.
Abt Association-Australia chief executive Jane Thomson shared her view on the potential for block-chain in PNG.
“I have been leaving and working in PNG for 30 years and went to every province in the country and understand the experience of many Papua New Guineans living in the rural areas,” Thomson said.
She said with the country having more than 85 per cent of the population with no financial access which constrained the growth of micro enterprises, block-chain could address not only financial issues but lots of all other issues faced by the people.