THE PNG Digital Commerce Association is confident that the blockchain technology has the power to transform the buying and selling of goods and services in the country.
The first stakeholder meeting for was held in Port Moresby last week to progress the technology across the country.
The meeting was attended by more than 50 stakeholders from banking, finance, business and mobile phone industries to progress the use of digital commerce in PNG.
Digital Commerce is the buying and selling of goods and services using the internet, mobile networks and commerce infrastructure.
Bank of PNG Governor Loi Bakani and association patron and its president Isikeli Taureka encouraged stakeholders to be involved in the new association.
Both were confident that the new technology also has the power to give all people access to financial products and services.
“This technology has the potential to transform business operating models by giving people access to goods and services through the internet or mobile phones,” Bakani said.
“The use of digital technology can bring greater efficiencies to supply chains and financial transactions, giving more power to people and small businesses who may not have access to traditional banking and finance infrastructure.”
The association will be officially launched next year and is currently calling for expressions of interest to become members of its board.
The association is being set-up to develop, promote and support digital commerce practices and standards in Papua New Guinea, and to engage with the government on strategy, policy, law and legislation.
“We are keen to encourage businesses to use new methods to process transactions,” Taureka said.
“This is a new area for Papua New Guinea, but we are confident the new association’s focus on digital commerce will attract a range of stakeholders who can move this initiative forward.” The National