Kina Bank introduces new platform that makes it easier to transfer money overseas and trade in FX.
Initiative continues the bank’s commitment to providing a better banking experience for all Papua New Guineans.
Kina Bank scaling new heights with Everest Network
All of PNG will soon have access to a new platform to transfer money overseas and trade in foreign currency, thanks to Kina Bank’s new partnership with Everest. Customers won’t need to have a bank account with Kina Bank, making the service available to everyone, including those who don’t already bank with Kina Bank.
Using Everest’s biometric identity and virtual account creation capabilities, customers will soon be able to use their passport as ID to self-register through an app or online, meaning they won’t need to visit a branch or submit paper documents. Once registered, customers will be able to fund their digital wallet using their existing Internet banking account and start foreign exchange transactions straight away.
Kina Bank and Everest are committed to having competitive FX rates and low transaction fees to ensure all customers can affordably transact across borders. Ahead of the market launch Kina Bank is seeking regulatory approval from the Bank of PNG and is expecting to launch the service before year end.
Greg Pawson, Chief Executive Officer of Kina Bank said: “We want to make banking simple and easy for all customers, no matter who they bank with. It’s one of many digital and mobile banking services we provide. An added bonus is that we are working with the Bank of PNG on the regulatory requirements to provide customers with their own digital identity, ushering in a more digital future for everyone. It will be another first for PNG and shows how Kina Bank is at the forefront of digital innovation.”
Everest is the world’s only globally accessible, device-free cloud banking platform, solving the problems of seamlessly and compliantly transferring value around the world. Able to create regulatory compliant accounts in a few minutes for anyone in the world, combined with programmable money to issue and process payments in any country, Everest is positioned to deliver digital financial services to anyone, anywhere.
Bob Reid, Everest Chief Executive Officer said: “We are thrilled to partner with Kina Bank to leapfrog antiquated means of moving money. By customising elements of Everest’s global cloud bank platform, we remotely verify users’ identities digitally and empower them with encrypted accounts and digital transactions for easy, cost-effective money movement. We look forward to connecting all of PNG with Everest’s global correspondent network and additional services.”