The MoU was signed with PNGX Markets, the PNG Digital ICT Cluster and Emerging Venture Management (Unkapt), together the proponents of the DEFINE initiative.
In order to achieve the goals of the Sustainable Development Goals (SDG) in the country, one of the initiatives to implement the work in the fintech (financial technology) area is the initiative to develop financial markets for companies in the Pacific Islands (DEFINE), which is led by Partners, including the Center for Excellence in Financial Inclusion (CEFI), with PNGX Markets, the PNG Digital ICT Cluster and Emerging Venture Management (Unkapt).
The aim of the DEFINE initiative is to contribute to the development of financial markets, products and services for focused companies in Papua New Guinea and the Pacific Island States, with the ultimate aim of diversifying their sources of capital and improving access to finance.
This includes the establishment of special SME financing facilities for debt, debt-like and equity-like investments in SDG-oriented private companies, the governance, performance, return and impact potential with a special focus on companies run by women, initiatives for clean energy, agribusinesses and corporations in the ICT sector.
The Executive Director of CEFI, Saliya Ranasinghe, stated that the objectives of the DEFINE initiative align very well with those of CEFI and together he hopes that the cooperation of all parties can bring more financial inclusion, financial literacy and business capability to the SME sector.
PNGX chairman David Lawrence said a key goal of the DEFINE initiative is to strengthen the capacity of domestic financial institutions to promote access to banking and financial services for all, especially women and the vulnerable, and their integration into value chains and expand markets.
Lawrence explained that as a locally driven initiative, CEFI will be an important partner to achieve its goals in Papua New Guinea and to use the experience gained to export financial services and financial access across the Pacific.
(CEFI and DEFINE Initiative sign the declaration of intent)