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Banking Banking

nology in PNG. As part of the Westpac acquisition we will technology that will introduce into that market over time as
probably use that same platform to replace Westpac’s POS well, that they’re not necessarily new by global standards, but
network, which is kind of aged infrastructure, it’s quite old, they’ve been tried and tested offshore.”
ours is far more contemporary.” Kina also has funds administration and investment/wealth
About a year ago, Kina also launched a new Internet Pay- management businesses in PNG and is looking at launching
ment Gateway (IPG), which enables merchants to accept a SME Capital Fund there which will enable small businesses
payments for goods and services online with both scheme and to apply for equity, and there may be opportunity to extend
non-scheme based cards. In PNG, some government depart- these offerings to Fiji.
ments also use the gateway to accept payments and pay sup- Kina isn’t looking to expand to other markets beyond PNG
pliers, and Pawson anticipates their new Fiji clients will find and Fiji at this point.
value in the IPG as well. “Fiji in the end for us was kind of, a nice to have. It’s not a
A third offering, Corporate Online, is available to businesses market that were previously considered about potentially go-
of all sizes in PNG, and will replace the existing Westpac plat- ing to, but given the quality of the Westpac business there it’s
forms. For SME businesses, Kina is working on what Pawson worked out really well,” Pawson says.
calls a “SME bank-in-a box e-commerce model”. “All the fundamentals that a bank would normally look for
Commercial banks in PNG—where 70% of the country is un- are present in Fiji, [a] well educated, talented workforce,
banked—must have a financial inclusion strategy. Pawson says good telecommunications infrastructure, you’re on the South-
rather than reinventing the wheel, Kina formed a strategic ern Cross cable, the cost of data in Fiji is about a quarter of
partnership with (and took a 15% stake in) Nationwide Micro- that in PNG. So you know that that’s really important to us
bank Limited (MiBank), which provides smaller, microfinance as a financial services organisation, and you’ve got in the ICT
loans through an agency network and branches across PNG. space in Fiji, some really smart people doing some amazing
It’s a model Pawson says they could also explore for Fiji. things, so we’re hoping to be able to kind of tap into that
“We certainly will look at that model and see whether there’s software development after innovation.”
an opportunity to somehow deploy that into Fiji. So that
definitely could be an opportunity. Westpac already have editor@islandsbusiness.com
quite a big financial inclusion business in Fiji. We’ll be making
commitments, obviously, to continue those arrangements and
over time to see how we can expand them.” TRADE MARK CAUTIONARY NOTICE IN NAURU
MiBank was set up a decade ago by the Asian Development
Bank, which is also Kina’s second largest shareholder and a NOTICE is hereby given that Qingdao Haishang Zhicai Management Consulting
Co., Ltd. A Chinese company of Haier Industrial Park, No.1 Haier Road, Loashan
key sponsor in its acquisition of Westpac. Pawson says at some District, Qingdao City, Shandong Province, China are the Sole Proprietors in Nauru
point, after the Westpac acquisition is fully realised, Kina will and in all other countries of the following Trade Mark:-
probably assume full ownership of MiBank.
So what will Kina’s point of difference be in a market that is
already serviced by six commercial banks, four credit institu- Which is used in connection with
tions, around 30 credit unions, plus insurance companies,
foreign exchange dealers and capital market intermediaries? Blenders, electric, for household purposes; Kitchen machines, electric; Fruit
“Without sort of speaking out of school with respect to presses, electric, for household purposes; Dishwashers; Soybean milk machine
for household purposes; Washing machines (laundry); dry-cleaning machine;
Westpac, I think the exciting thing about this acquisition is Wringing machines for laundry; Disintegrators; industrial robots; Compressors
we’re a Pacific-based, Pacific-domiciled bank. So all of our for refrigerators; garbage disposal units; Machines and apparatus for cleaning,
electric; Machines and apparatus for carpet shampooing, electric; Vacuum cleaners.
decisions are made here, all of our people work here in the Notebook computers; Computers; Computer peripheral devices; Computer
Pacific. software, recorded; Navigation apparatus for vehicles (on-board computers); Video
“With the ANZ acquisition, for example, we had to bring 80 telephones; Navigational instruments; humanoid robots with artificial intelligence;
Television apparatus; Remote control apparatus; Plugs, sockets and other contacts
jobs back to PNG, that were performed outside PNG previous- (electric connections); video screens; Locks, electric; Batteries, electric; Chargers
ly. With Westpac, that number won’t be as big. But certainly for electric batteries. Microwave ovens (cooking apparatus); Gas burners; Cooking
for Fiji, one of the things that we want to give consideration apparatus and installations; Cooking utensils, electric; Refrigerators; Freezers;
Extractor hoods for kitchens; Air cooling apparatus; Air-conditioning installations;
to over time, is doing more of our operations out of the Fiji Air purifying apparatus and machines; Heating apparatus, electric; Toilets (water
market. You’ve got a better telecommunications infrastruc- closets); Bath installations; Heaters for baths; Water purifying apparatus and
machines.
ture, it’s cheaper, it’s easier to have a more efficient business
model in Fiji than it necessarily is in PNG. So we’ll be looking Any person who copies, imitates, or in any other way whatsoever infringes the rights
at ways that we can kind of leverage that over time.” of the said in the Trade Mark will be proceeded against in accordance with the Laws
in force in Nauru to prevent the imposition of fraudulent Marks on merchandise.
He says this should translate into customers feeling that
Contact: HALFORDS IP
with Kina, “we’re far more receptive to doing business, that Level 7, 1 Market St, Sydney, NSW 2000, Australia
we’ve got solutions, I think that they’ll be really interested Phone: +61 2 9264 8388
in, that meet global standards and these other pieces of Email: mail@halfords.com.au

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