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Stock exchange signs MOU with PNG counterparts

December 9, 2019 12:30 pm

The South Pacific Stock Exchange today signed a Memorandum of Understanding with the Papua New Guinea Exchange.

The South Pacific Stock Exchange today signed a Memorandum of Understanding with the Papua New Guinea Exchange.

Under the MOU, the SPX will be able to enhance its capacity and technological development by learning from the PNG exchange as well as piggybacking off their alliance with the Australian exchange.

SPX CEO Krishika Narayan says the new partnership augurs well for the exchange not only as a teachable initiative but one that further promotes Fiji’s regional footprint.

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“Earlier this year we signed off an MOU with the New Zealand Stock Exchange and now we’ve concluded with the PNG X as well just to see how we as a region can come together and work in terms of our technologies, technological aspects in terms of our skill sets. Every market has their own unique way of doing things and so how can we sort of work together in those areas and have a global approach and come to the forefront in those regards.”

SPX Chair Dr. Nur Bano Ali says the PNG partnership sets up Fiji’s exchange to be a bigger player in the Pacific’s capital markets.

“We not only focusing, while the region was a main strategic goal, we’re also focusing on becoming a global player and this is, but all these different MOUs also give us that global presence.”

This is the third MOU that the SPX has formalized with other agreements including Sri Lanka and New Zealand earlier this year.

PNG X’s Executive Chairman David Lawrence says the MOU is a welcome initiative that will allow them to learn from Fiji’s impressive investor education awareness programs.

The PNG exchange is valued at more than $54 billion with Fiji’s exchange currently around $4 billion.