Digital services vital, says Fleming

FROM a digital and banking perspective, banks want to adapt digital services to financial services especially for the informal sector, says Bank South Pacific Financial Group Ltd (BSP) chief executive officer Robin Fleming.
“Digital as we see in PNG provides an opportunity to change lives in many ways,” Fleming said.
“Effective use of digital can assist with the delivery of health services, education and of course from a business perspective.
“It gives businesses in the financial and retail sector and individuals an opportunity to undertake financial transactions which are business-related without the need to visit a bank.”
He said while progress had been significant in the past 10 years, “a lot of the digital activity other transfer top ups, mobile phones and purchase of power are predominantly person to person, and equally are predominant in regional and geographical clusters which have access to broader and deeper telecommunications network”.
“From a digital and banking perspective, we want to make sure that we can adapt and adopt those services to other types of financial transactions especially for the ones in the informal sector,” he said.
Fleming said supporting the transformation required collaboration between the Government and businesses to have an effective legislative framework and commercial platforms.