With internet usage growing, various industries are jumping into innovation mode to take the lead in the various markets they do business. And this morning, Fincorp took another step ahead by introducing the first pre-approved loan application in Papua New Guinea.
Below is the speech made by Chairman of Fincorp, Mr Robert Igara, at the launching.
On behalf of the board of Finance Corporation Limited I would like to welcome the Governor of the Bank of Papua New Guinea, Mr Loi Bakani, assistant Governor Mr Ellison Pidik, fellow board members, invited guests, members of the media, ladies and gentlemen.
It gives me great pleasure to introduce the new age of technology that we believe will be the cornerstone of the future. Today, in the presence of all of you, our invited guests, Fincorp will launch the first pre-approved loan application that can be downloaded on most mobile telephones anywhere in Papua New Guinea and the world. This application will allow people in remote areas access to lending facilities with the touch of their fingertips.
With the benefit of years of design technology, Fincorp will allow people in the cities and remote villages the ability to enquire and have pre-approved loans on their mobile telephone. This will ensure that people who have in the past have had no access to lending to a licensed financial institution will now be able to apply online and instantly.
The new pre-approved applications (or Apps) is simply downloaded through www.fincorp.com.pg or through the Google store and soon to be “Apple IOS” and takes less than 5 minutes. Once the App is downloaded, simply follow the prompts and the customers enter all their details and a pre-approved loan decision is made immediately. Of course, the information entered will be confirmed before any loan is paid.
Fincorp firmly believes this technology enhancement will greatly assist people in trying to manage their finances better and at the same time allow people to be more proactive in their planning for future borrowings and thus improve their lifestyle.
While pre-approved loans have been in Australia for a long period of time, this is the first in Papua New Guinea and brings Papua New Guinea in line with such emerging technology advancement.
Fincorp takes this opportunity to thank our Head of Credit and Head of Information Technology that spent numerous hours in developing the process and design of the pre-approved loan application.
Our web and application designer, Ira Wara, and our marketing officer Jenny Aisa who were fundamental in ensuring the App could undertake that scrutiny of use and meet all the Government and prudential guidelines.
Ladies and Gentlemen, FIncorp introduces you the the new age of lending in Papua New Guinea.
Mr Robert Igara
Finance Corporation Limited