Following a collaboration between Kina Bank and Everest, an international internet solutions provider, Papua New Guineans will soon have access to a new platform for sending money overseas and trading in foreign currency.
Customers will not require a Kina Bank account to use the platform, according to a Kina Bank statement.
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.”
Customers will be able to self-register using an app or online using their passport as ID, thanks to Everest's biometric identity and virtual account creation capabilities. They wouldn't have to go to a branch or submit any paperwork.
Customers may fund their digital wallets with their current online banking accounts and begin foreign currency operations once they have enrolled.
Kina Bank and Everest both said that they were dedicated to offering competitive foreign exchange rates and minimal transaction costs to guarantee that their clients could conduct cross-border transactions.
Kina was waiting for regulatory permission from the Bank of PNG before launching the service, which was scheduled to happen before the end of the year. The service is for everyone.
Reference: Papua New Guinea Today (25 September 2021). “Kina Bank to bring Global Forex Market to PNG”.
