Pact provides platform for transferring money

PAPUA New Guineans will soon access a new platform to transfer money overseas and trade in foreign currency following a partnership between Kina Bank and Everest, an overseas online solutions provider.
A Kina Bank statement said customers would not need to have a bank account with Kina to access the platform.
Kina bank chief executive officer Greg Pawson said: “We want to make banking simple and easy for all customers, no matter who they bank with.
“It’s one of many digital and mobile banking services we provide.
“An added bonus is that we are working with the Bank of PNG on the regulatory requirements to provide customers with their own digital identity, ushering in a more digital future for everyone,” Pawson said.
Everest chief executive officer Bob Reid said: “We are thrilled to partner with Kina Bank to leapfrog antiquated means of moving money.
“By customising elements of Everest’s global cloud bank platform, we remotely verify users’ identities digitally and empower them with encrypted accounts and digital transactions for easy, cost-effective money movement.”
With Everest’s biometric identity and virtual account creation capabilities, customers would be able to use their passport as ID to self-register through an app or online. They would not need to visit a branch or submit paper documents.
Once registered, customers would be able to fund their digital wallet using their existing internet banking account and start foreign exchange transactions.
Kina Bank and Everest said they were committed to having competitive foreign exchange rates and low transaction fees to ensure customers could transact across borders.
Kina was seeking regulatory approval from the Bank of PNG and was expected to launch the service before the end of the year. The service is available to everyone.