Banking sector undergoing transformation, says executive

BANKS play an important role in the creation of new capital, helping economic growth and in transforming the nation, according to the Bank South Pacific Financial Group Ltd (BSP).
Group chief operating officer Frank van der Poll said the sector was undergoing transformation as well.
He was speaking during the opening of the Certified Practicing Accounts PNG and Australia 25th annual conference in Port Moresby last Thursday. “The FinTech (financial technology) ecosystem has become a real competitive force in the banking industry, forcing banks to transform.
“To address those challenges, BSP, the leading financial service provider in the country, formed the digital strategic business unit to drive digital transformation, not just within BSP, but ultimately to transform the way people bank in the nations in which we operate,” he said.