The number of PNG businesses operating in Singapore is increasing with many using banking facilities there to keep their earnings.
The office of the Central Singapore District Mayor says their records have detailed information on all PNG businesses in their country.
“We have Central Singapore district, we have North East District, we have North West district, South East District and South West District. All these are looked after by mayors and from our records we have Papua New Guinean businesses detailed here,” the office says.
Among the businesses are some provincial governments who have business arrangements with some major business houses.
“The Monetary Authority of Singapore is very strict. There are actually successful Papua New Guineans who are doing business back here and it is our duty as well to protect them,’’ they added.
Singapore's central bank and financial regulatory authority administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance.