Fiji’s South Pacific Stock Exchange (SPX) has joined forces with Papua New Guinea’s PNGX Group Limited to enhance their trading capabilities through a recently issued Request for Proposal (RFP). This initiative aims to develop an integrated trading platform and central securities depository system tailored for scrip trading, building on a Memorandum of Understanding (MoU) signed earlier this year to explore technological collaborations.
SPX’s CEO, Sheraj Obeyesekere, described the project as a significant step towards modernizing the capital markets in the Pacific region. He emphasized the potential of a unified technology platform to transform how both SPX and PNGX markets engage with local and international investors. PNGX Group Chairman, David Lawrence, echoed Obeyesekere’s vision, highlighting the importance of robust technology in fostering a regional capital market supportive of sustainable investments.
Since they signed the MoU, both exchanges have reaffirmed their commitment to developing shared technology infrastructure, focusing on integrating trading, clearing, settlement, and registration processes. This collaborative effort not only aims to streamline operations but also to increase the global competitiveness of their markets, ultimately promoting regional economic growth.
The RFP is open to potential system providers who can contact PNGX for details. As the SPX and PNGX progress towards creating an integrated trading platform, they set a hopeful tone for enhanced cooperation in the South Pacific’s financial landscape.
Overall, this collaboration could pave the way for a more resilient capital market in the Pacific region, allowing both exchanges to leverage their resources and expertise more effectively. The initiative illustrates an optimistic outlook for capital market development in Fiji and Papua New Guinea, fostering investment opportunities that could stimulate economic growth in the near future.
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