Developing fintech vital to reach goals, says Cefi

One of the initiatives to achieve sustainable development goals (SDG) targets in the country is to implement work on the finance and technology (fintech) space, the Centre for Excellence in Financial Inclusion (Cefi) says.
Cefi in a statement said this include developing financial markets for enterprises in the Pacific islands.
The initiative was spearheaded by the National Stock Exchange (PNGX), PNG Digital ICT Cluster, Emerging Venture Management (Unkapt) and Cefi.
The define initiative would contribute to the development of financial markets, products, and services for enterprises in PNG and Pacific countries, diversifying their sources of capital and enhancing access to finance.
This includes establishment of specialist small-to-medium enterprises (SMEs) funding facilities for debt, debt-like, and equity-like investments in SDG-aligned private enterprises which demonstrate governance, performance, return and impact potential with a special focus on women-led enterprises, clean energy initiatives, agri-businesses, and businesses in the ICT sector.
Cefi executive director Saliya Ranasinghe said: “Objectives of the define initiative are very well aligned with those of Cefi and together it is hoped that the collaboration of all parties can deliver greater financial inclusion, financial literacy and business capability to the SME sector.”
PNGX chairman David Lawrence said the define initiative would strengthen the capacity of domestic financial institutions to encourage and expand access to banking and financial services.