Fiji’s South Pacific Stock Exchange (SPX) has partnered with Papua New Guinea’s PNGX Group Limited to bolster their trading capabilities by issuing a Request for Proposal (RFP). This initiative focuses on the creation of an integrated trading platform along with a central securities depository system specifically designed for scrip trading. This development builds on a Memorandum of Understanding (MoU) signed earlier this year, which set the groundwork for technological collaborations between the two exchanges.
SPX’s CEO, Sheraj Obeyesekere, regards this project as a pivotal move towards modernizing capital markets within the Pacific region. He articulated how a unified technology platform could revolutionize the engagement of both SPX and PNGX with local and international investors. Sharing a similar sentiment, PNGX Group Chairman, David Lawrence, underscored the critical role that robust technology plays in nurturing a regional capital market that supports sustainable investments.
Following the MoU, both exchanges have reiterated their dedication to developing a shared technological infrastructure that will integrate trading, clearing, settlement, and registration processes. The collaborative effort aims not only to streamline operations but also to enhance the global competitiveness of both markets, ultimately fostering regional economic growth.
The RFP is currently open to interested system providers, inviting them to reach out to PNGX for further details. As SPX and PNGX move forward with the development of this integrated trading platform, they foster a promising atmosphere for enhanced collaboration within the South Pacific’s financial environment.
This partnership represents an opportunity for creating a more robust capital market in the Pacific region, enabling both exchanges to effectively combine their resources and expertise. The initiative reflects an optimistic perspective for capital market progress in Fiji and Papua New Guinea, potentially opening up investment opportunities that could lead to significant economic advancements in the near future.
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