Group told to meet demand


THE Bank of PNG has advised the PNG Think Tank group, which initiated a crowd-funding movement, to raise capital to form a banking to ensure they meet all requirements.
BPNG governor Loi Bakani said the group must be first registered with the Investment Promotion Authority so that “they are a registered association”.
“When it comes for them to start a bank, that’s when we come in,” he said.
Bakani said the group planned to start a Small-Medium Enterprise bank.
“We have put up a public notice just to warn people about it and the implication of it,” he said.
“But we have already discussed with the group (that they) make sure (to) meet the requirements if they want to get a banking licence for a SME bank.
Bakani said the BPNG would be waiting for the group to complete all requirements “before they come to us for a licence”.
Micro Small Medium Enterprise Council president Des Yaninen told The National last week that crowd-funding initiatives must satisfy all the requirements of the Capital Markets Act 2015.
He said it included using a licensed institution to raise funds from the public and issue prospectus, among other requirements.