Papua New Guinea’s Kina Bank has announced a significant $7 million investment in WLTH, a rapidly growing Queensland-based fintech and neobank startup. This investment aligns with the goals outlined in the Queensland Pacific Trade and Investment Strategy, which was launched in November 2022 to bolster trade and investment opportunities in the region.
At the 39th Australia Papua New Guinea Business Forum & Trade Expo, Trade and Investment Queensland (TIQ) lauded Kina Bank’s investment, highlighting its potential to boost investor confidence from the Pacific Islands. WLTH, founded in Brisbane in 2019 by brothers Brodie and Drew Haupt, aims to revolutionise the lending and payments sector while emphasizing environmental sustainability. Through its partnership with Parley for the Oceans, WLTH pledges to clean 50 square metres of beaches and coastline for every settled loan.
Kina Bank stands as the largest wealth management company in Papua New Guinea, also excelling in stockbroking and funds administration. TIQ CEO Justin McGowan emphasised the importance of connecting Queensland companies with Pacific partners, saying, “Both Kina Bank and WLTH are committed to pioneering digital banking to drive financial inclusion.”
Leata Alaimoana, Queensland’s Senior Trade and Investment Commissioner for the Pacific, underscored PNG’s critical role in the region’s trade and investment landscape. She noted, “A consistent challenge across the region is access to finance, and fintech can address this.”
WLTH’s commitment to sustainability is evident through its recyclable Visa cards and ongoing environmental initiatives. Co-Founder and CEO Brodie Haupt expressed optimism about the partnership, saying it would revolutionise banking in PNG. “WLTH shares a common vision with Kina to change things for the better,” he said.
Kina Bank CEO Greg Pawson highlighted their goal to leverage WLTH’s digital lending and payments capabilities to support their growth initiatives. “We are working on an exciting program to digitalise our personal lending origination,” he added.
With this partnership, WLTH and Kina Bank aim to introduce innovative technology solutions to the PNG market, fostering economic growth and driving digital transformation in Queensland.
Article courtesy of the Australian Papua New Guinea Business Council
