PNG Kina Bank on hightech race to win the unbanked
|PNG Kina Bank|
Pawson and senior executives of the Kina Group were in Lae yesterday to promote their banking services.
Pawson said Kina Bank, which received its licence in 2015 following the acquisition of May Bank, was steadily growing and had more than 700,000 clients.
“Underpinning our ambitions for the future is a clear focus on technology and innovation,” he said.
“We want to position ourselves as PNG’s leading digital bank.
“We desire to be a bank that is everywhere to everyone.
“We want to enable customers to connect anywhere, anytime and anyhow through digital technology.”
Pawson said more than 70 per cent of the population in the country were still unbanked “so these are the people Kina Bank is targeting in its drive for expansion. We’re the fourth largest bank in the country,” he said.
“We are the only dual-listed integrated financial service provider in the country.
“We have Kina Bank and Kina Wealth. We’ve got a leading market position as number one in funds management and administration here in PNG through our wealth fund.”
Pawson said that as opposed to “more traditional” banking methods, Kina Bank would ride on the tide of technology and innovation to reach out to customers.
He said there would be fewer banks in the “corner of every street” but more shop-like banking outlets, automatic teller machines, internet banking and mobile applications that could meet increasing customer demands in a rapidly-changing world.
Pawson said Kina’s vision and purpose in 2018 was to “be the most-dynamic, progressing and accessible financial service for the people of PNG”.
Kina Bank has two branches in Port Moresby and one in Lae.
It is planning to expand its banking services to Kokopo and Mt Hagen soon.