By PETER ESILA
PAPUA New Guinea must start to participate in the global financial order and systems in order to move ahead, says the Bank of PNG Governor Loi Bakani.
He said this on Friday during the launch of YuTru, a PNG’s first digital identification framework.
Bakani was flanked by president of PNG Digital Commerce Association Isikeli Taureka and managing-director of Neocapita Security Consulting Tony Willenberg.
The YuTru digital trust framework is an agreed set of stick rules, open standards, and technical specifications that exist between licensed financial institutions that join the scheme.
“This is something quite unique,” Bakani said.
“Once it is developed, we will never really think about it again,” he said.
“Our Central Bank has embarked on a number of key financial inclusion initiatives, under my watch, to help our people join formal financial sector.
“We know that the formal financial sector is not only a domestic environment, but with the expansion of internet access, it is now a global arena.
“This comes with both benefits and challenges. This global financial environment means that PNG can no long just play by Papua New Guinean rules.”
Bakani said the global system today was interlinked and identity was now at the heart of every transaction.
“Stopping the flood of fake news, making e-government work, economic empowerment of women, expanding the domestic economy and creating new markets here, as well as accessing markets abroad via the internet, requires that we know who we are dealing with,” he said.
“Today, identity is the only way that we can reconcile the law, policy and regulation with the range of transactions that can be one over the internet.
“Our citizens need legal protection, support and online safety.
“YuTru will form the foundation of this trust in PNG online.”
Taureka said YuTru digital trust scheme was an initiative of the PNG Digital Commerce Association.
He said it was in response to BPNG’s call for a private sector-led digital identification scheme to expand financial inclusion across the country.
By PETER ESILA