The Bank of Papua New Guinea issued banking licenses to TISA Bank Limited and CreditBankPNG to be part of PNG’s financial landscape today.
According to Bank of Papua New Guinea, this was a historic milestone for PNG Banking as two commercial banks were given licenses on the same day. The granting of the licenses confirmed that each applicant had satisfied the rigorous assessment process, conducted by BPNG over a two-year period to ensure they met the standards required to operate a commercial bank in PNG.
In meeting these standards, both TISA Bank Ltd and CreditBank PNG demonstrated robust business plans, strong financial standing, and clear commitments to providing high standards of customer service.
The addition of two new participants to the commercial banking sector is positive news for PNG and supports BPNG’s aim of developing a strong and vigorous financial system. Providing a competitive market that is likely to see results for the benefit of customers, such as a greater choice of products, services and competitive pricing.
The new banks would also contribute to the broader PNG economy by creating jobs, promoting financial inclusion, supporting local SMEs and MSMEs, and fostering innovation.
BPNG will continue to provide its support and guidance to both TISA Bank Limited and CreditBank PNG through its supervisory and regulatory oversight, as it does with all commercial banks.
As licensed commercial banks, TISA Bank Limited and CreditBank PNG would also have the opportunity to contribute to the banking industry development discussions, through theNational Payments Council.
