The Funds Administration Division of leading financial institution, Kina Securities Limited, has won the mandate to provide fund administration services to the National Superannuation Fund (NASFUND).
Kina CEO, Syd Yates, said the mandate shows the ongoing development and growing need for sophisticated, technology-led services for the financial services sector in Papua New Guinea.
NASFUND CEO, Ian Tarutia, said NASFUND had awarded the mandate because of Kina’s proven ability in utilising advanced technology to provide members with the services they require.
Kina Securities Limited has seen strong growth in its funds administration business in recent years. It will now administer K9.7 billion in Funds under Administration on behalf of over 700,000 members.
Mr Yates said Kina has a strong commitment to funds administration in PNG, having established the division in 1988.
He said Kina would continue to leverage its best-of-breed technology platform developed by its partners, Financial Synergy and OpenText, who are industry leading superannuation and investment software providers.
Mr Tarutia said Kina’s specialist knowledge and experiences to funds administration and the local support they provide was critical to NASFUND’s decision.
NASFUND has total assets of over K4.09 billion (A$1.66 billion) and manages the superannuation savings of more than 543,000 members. Its membership is mainly workers from private sector companies, government-owned corporations, statutory authorities and self-employed individuals.
Mr Yates said Kina’s priorities include improving access and services for members while also delivering administrative efficiency, reduced risk and greater confidence to its clients.
Kina has set a goal of being PNG’s best administrator, and on top of that, it wants to compete with fund administrators operating in Australia, Asia and the Pacific.