Kina Bank: A bright future for SMEs with BLP
BLP partners not just with businesses and business advisors across the Pacific, but also has robust partnerships with financial institutions. Using an online platform, SMEs are able to identify the financial products and services which suit their needs best, and approach the financial institution directly.
This gives financial institutions the opportunity to reach and support SMEs through improving their access to finance and the tools needed to not just survive but to grow and succeed. Addressing the immediate threats to SME survival, the programme provides sustainable mechanisms for Pacific Island SMEs to access the necessary financial and advisory services.
In this interview series, we speak to representatives from financial institutions to hear their unique views for the future of SMEs in the Pacific Islands, and specific innovations underway and in the planning stages.
Speaking from quarantine in New Zealand, COVID survivor and Kina Bank EGM of Business, Wealth and Advisory Services, Deepak Gupta outlined his bank’s impressive array of initiatives for SMEs in PNG.
The starting point for business as a financial institution is advisors. These people are experts in all facets of banking product services; they form relationships with customers and develop deep understanding of their businesses and needs, creating fit for purpose solutions for each individual customer,” Deepak explains. “With excellent medium to long term relationships, business grow, and as a result the bank also grows.”
In the digital space, Kina Bank has focused on upgrading its online banking platform to be more user friendly and intuitive, with specialised features for salary payments and international transfers, particularly useful for SME banking. And big changes are happening at Kina Bank EFTPOS terminals across PNG. With integrated dual sims, when one network drops out, the terminal switches to another and is still online, enabling fast, seamless business.
Still, in the digital space, and working closely with BLP, an accounting service provider, Xero will be launching Xero into PNG, enabling Kina Bank customers’ electronic connection to their bank transactions. Kina Bank will be the first bank in the Pacific Islands to offer this automatic connection which will effectively remove a pain point for business owners, allowing them to produce reports for the bank with relatively little effort. Again working with BLP and leveraging its partnership with Xero, Kina Bank will offer training and support to customers adopting this technology.
Deepak sees a bright future for Kina Bank in partnership with BLP,
Kina Bank will be the first bank to partner in the online financial marketplace offering a portal for businesses or individuals to find out about financial offerings from all financial service providers. Combined with the Xero partnership BLP has a good cultural fit with the bank and a clear affinity for the region.”
If you are an SME with up to 50 employees and are looking for finance to help your business grow and prosper, visit finance.businesslinkpacific.com to find out more about the financial products and services we have to offer.
To learn more about this topic, why not look at our recent podcast with Kina Bank below: