The Pacific Islands Forum Secretariat (PIFS) is inviting eligible financial institutions to participate in the Initial Selection phase of the Correspondent Banking Relationships Service Provider project. This initiative, which involves multiple Pacific Island countries including Fiji, Kiribati, and Samoa, is being financed through a partnership with the International Development Association (World Bank).
The Pacific Strengthening Correspondent Banking Relationships Project aims to address the challenges faced by local banks in accessing correspondent banking services, an issue accentuated by increasing “de-risking” practices from global banks. The procurement will utilize a simplified competitive dialogue approach to identify service providers capable of delivering interim correspondent banking services to at-risk banks, helping them maintain vital international financial connections.
The selection process will follow World Bank procurement regulations, with a Request for Proposals anticipated to be issued by July 2025. Interested institutions are encouraged to engage with PIFS through an upcoming video briefing scheduled for June 16 and June 18, 2025.
This project is a timely response to the significant reduction of correspondent banking relationships within the region, which has seen a decline in access to crucial banking services. By fostering collaboration and enhancing compliance measures, this initiative could stabilize and ultimately strengthen the financial frameworks in the Pacific Islands, ensuring better access to global markets for these countries.
The collective efforts of the Pacific Island nations, along with the backing of the World Bank, reflect an optimistic approach to overcoming historical banking challenges, paving the way for enhanced economic resilience and connectivity in this vital region.
With the right execution of this project, there is hope for improved banking services that can bolster trade and investment, and support sustainable development across the Pacific.
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