Robin Fleming

Now containing microchip technology, the enhancements protect customers against card fraud.

Additionally, the new card enables ‘touch and go’ technology, allowing customers to make transactions much quicker.

The new visa cards were launched in Port Moresby on Thursday night by BSP Group CEO, Robin Fleming.

“And it is important for PNG to be able to have a world class system,” said Fleming.

Bank South Pacific says since the introduction of more than K300 million into the market by the Central Bank, they have reduced around K150 million in backlog orders.

Group CEO chairman, Robin Fleming, said while the backlog hasn’t changed much, the total outstanding has improved.

“During October it actually reduced by the best part of a K150 million when the bank of PNG put the full US$$100 million that was indicated in the 100 day plan.

According to Bank South Pacific Group CEO, Robin Fleming, there has not been quite as much inflow compared to the same period in 2016.

Fleming highlighted one of the major contributors to the agriculture inflows was coffee, which has been hit hard by the Coffee Berry Borer (CBB) pest.

This has reduced output of coffee sold.

Fleming said while inflows have dropped, demand for imports continues to rise.

“From our perspective we’ve seen reduced flows as much to do with agriculture as much as anything, and demands on imports are continuing,” he said.

According to BSP, more than 200 SME loans have been acquired by SMEs throughout the country.

CEO Robin Fleming says assisting SMEs in the country is one of the major focuses for the bank.

“We’re very strong in helping SMEs. This is one of the board’s directives to management, to help the small Papua New Guineans, help them into business,” he said.

“We get questions from the board about SMEs. What are we doing? How are we promoting young Papua New Guineans? How are we promoting businesses?”

This was revealed today during the announcing of the final dividend to shareholders for 2016 today.

The decision to enter Cambodia was settled on May 2^nd this year.

BSP owns 50 per cent of an asset finance company called RMA Finance, which is now in the process of being rebranded to BSP Finance Cambodia Proprietary Limited.

“It’s already operating. We now own 50 per cent and the formal rebranding, hopefully by the end of July we’ll have the BSP colours proudly in Cambodia,” said BSP CEO Robin Fleming.

The transaction was completed on July 1, 2016.

This follows the purchase of Westpac operations in Cook Islands, Samoa and Tonga in July 2015, Solomon Islands at the end of October 2015.

BSP Group Chief Executive Officer, Robin Fleming, reiterated that this acquisition is aligned to BSPs’ Pacific based expansion strategy, which has been maintained since 2006.

The acquisitions include the Habib Bank in Fiji in 2006, National Bank of Solomon Islands in 2007 and the Colonial Groups of Companies (Banking & Life Businesses) in Fiji in 2009.