DealCorp Finance Limited issued official BPNG financial service licence

THE Bank of Papua New Guinea (BPNG) yesterday issued financial service licences to locally-owned DealCorp Finance Limited and PayItNow PNG Limited to conduct financial operations in the country.

Deal Corp Finance Ltd is licensed as a financial institution under the Banks and Financial Institution Act 2000 to provide loans and other financial services to individuals and businesses across the country.

PayItNow PNG Limited is a payment service provider under the National Payment System Act 2013, providing digital payment services.

The licences were issued following an assessment of the applicant's ownership, capital governance systems and the fitness and propriety of its directors and senior management.

BPNG governor Elizabeth Genia said that a licence issued by the bank was not only a permission to conduct financial business but also protect customers' interests and trust.

"Trust is the foundation of all the financial systems. Without trust, people will be reluctant to stay with the financial institutions, use digital payments, invest or participate in the formal economy."

"The licences you receive today come with a responsibility to maintain and strengthen that trust. Licensed financial institutions mobilise savings, they provide credit, and they manage risk and support economic development and financial inclusion."

Genia said that payment service providers played an important role in enabling individuals, businesses and government to make and receive payments.

"Digital financial services can lower costs, improve the efficiency of payments and reach people and businesses that the formal system has not served," she said.

Obligations and standards

Genia said obligations expected from the companies included:

• Fair treatment of customers
• Clear pricing and the prompt, fair handling of complaints
• Accurate and timely regulatory reporting to the Bank of PNG
• Protection of customer information
• Effective safeguards against fraud and cyber threats
• Safeguarding of customer funds and the reliability of systems

"Licences, therefore, carry a clear expectation that financial service providers could operate their businesses safely, responsibly and transparently."

Genia said the bank would not hesitate to take appropriate supervisory and enforcement action when these obligations were not met. She said that the public and businesses would depend on their system to transfer money, pay for goods and services and settle obligations.

What this means for DFL customers

DealCorp Finance Limited is now a fully licensed financial institution operating under the direct supervision of the Bank of Papua New Guinea. Customers can have full confidence that DFL operates safely, responsibly, and transparently — with the complete backing of PNG's central bank regulatory framework.

DFL is authorised to provide loans and other financial services to individuals and businesses across the country. If you would like to enquire about a loan or learn more about our products, our team is ready to assist.