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Kina Bank Invests $7 Million in Brisbane fintech startup
Papua New Guinea’s Kina Bank has announced a significant $7 million investment in WLTH, a rapidly growing Queensland-based fintech and neobank startup. This investment aligns with the goals outlined in the Queensland Pacific Trade and Investment Strategy, which was launched in November 2022 to bolster trade and investment opportunities in the region.
At the 39th Australia Papua New Guinea Business Forum & Trade Expo, Trade and Investment Queensland (TIQ) lauded Kina Bank’s investment, highlighting its potential to boost investor confidence from the Pacific Islands. WLTH, founded in Brisbane in 2019 by brothers Brodie and Drew Haupt, aims to revolutionise the lending and payments sector while emphasizing environmental sustainability. Through its partnership with Parley for the Oceans, WLTH pledges to clean 50 square metres of beaches and coastline for every settled loan.
Kina Bank stands as the largest wealth management company in Papua New Guinea, also excelling in stockbroking and funds administration. TIQ CEO Justin McGowan emphasised the importance of connecting Queensland companies with Pacific partners, saying, “Both Kina Bank and WLTH are committed to pioneering digital banking to drive financial inclusion.”
Leata Alaimoana, Queensland’s Senior Trade and Investment Commissioner for the Pacific, underscored PNG’s critical role in the region’s trade and investment landscape. She noted, “A consistent challenge across the region is access to finance, and fintech can address this.”
WLTH’s commitment to sustainability is evident through its recyclable Visa cards and ongoing environmental initiatives. Co-Founder and CEO Brodie Haupt expressed optimism about the partnership, saying it would revolutionise banking in PNG. “WLTH shares a common vision with Kina to change things for the better,” he said.
Kina Bank CEO Greg Pawson highlighted their goal to leverage WLTH’s digital lending and payments capabilities to support their growth initiatives. “We are working on an exciting program to digitalise our personal lending origination,” he added.
With this partnership, WLTH and Kina Bank aim to introduce innovative technology solutions to the PNG market, fostering economic growth and driving digital transformation in Queensland.
Article courtesy of the Australian Papua New Guinea Business Council

39th Business Forum reaffirms PNG’s economic potential and resilience
The picturesque Gold Coast in Queensland played host to a significant convergence of business minds and political leaders from May 13 to 15, 2024, at the 39th Australia Papua New Guinea Business Forum and Trade Expo. Organised by the Australia Papua New Guinea Business Council alongside the Business Council of Papua New Guinea, the forum, themed “Climate of Change: Opportunities for Business in Papua New Guinea,” was not just a meeting of delegates but a beacon of hope and opportunity amidst global uncertainties. With over 350 participants, including top officials and trade exhibitors, this event set a new benchmark for engagement and collaboration, marking the highest attendance at an Australian forum since 2014.
Distinguished attendees included the Papua New Guinea Minister for Public Enterprises, the Minister for Commerce, two Vice-Ministers, other parliamentarians, and key diplomatic figures such as the Papua New Guinea High Commissioner to Australia, HE Mr. John Kali CMG OBE, the Australian High Commissioner to Papua New Guinea, HE Mr. John Feakes, and Mr. Reatau Rau, Consul General of Papua New Guinea in Queensland.
Vaughan Mills, President of the Australia Papua New Guinea Business Council, kicked off the forum by emphasising the promising investment and business opportunities in Papua New Guinea, despite current challenges. He underscored the importance of a stable and predictable fiscal and regulatory environment and the need to streamline permitting processes to expedite resource sector development and other economic activities. These steps are crucial for attracting significant foreign direct investment and securing Papua New Guinea’s future prosperity.
Hon John Rosso MP, Deputy Prime Minister of Papua New Guinea and Minister for Lands, delivered the keynote address on behalf of the Prime Minister. Ms. Elizabeth Peak, Head of the Office of the Pacific, represented the Australian Government. Both emphasised the strong bilateral relationship and the potential for business collaborations to enhance Papua New Guinea’s economic growth. They also recognised the significant contributions of the Business Councils and their communities to this enduring partnership over the years.
The 13th Henry Kila OBE Memorial Address was presented by Hon Peter Gutwein, Director of Countrywide Hydrogen Pty Ltd and Former Premier of Tasmania, who spoke about leveraging Papua New Guinea’s abundant renewable energy resources to benefit economically and contribute to global emissions reductions.
Ms. Elizabeth Genia, Governor of the Bank of Papua New Guinea, provided an overview of the country’s economy and the role of the Bank in managing foreign exchange demands. She highlighted the challenges businesses face due to the uncertainty in the foreign exchange market, which hinders foreign investment.
Independent economist Professor Satish Chand from the University of New South Wales offered insights into potential fiscal reforms and the role of State-Owned Enterprises in the economy. Mr. Paulus Ain, Commissioner and CEO of the Independent Consumer & Competition Commission, clarified the Commission’s approach to mergers and acquisitions within Papua New Guinea.
A panel on carbon market opportunities discussed the economic benefits for Papua New Guinea in a growing carbon market and the need for enabling legislation and reforms. Another session addressed the impact of recent civil disorder in January 2024, which caused significant damage to businesses and property, affecting jobs and insurance premiums.
The forum also covered digital opportunities and challenges, infrastructure projects, agribusiness, and regional business development. The PNG Yes Grow Program, aimed at developing the micro, small, and medium enterprise sector, was highlighted for its role in overcoming growth barriers.
The forum highlighted the vital importance of extractive industries to Papua New Guinea’s economy and urged the government to speed up major projects to tackle fiscal and economic issues. Ms. Susil Nelson-Kongoi, President of the Business Council of Papua New Guinea, invited delegates to the 40th forum in Port Moresby, celebrating the 50th anniversary of Papua New Guinea’s independence.
Article courtesy of the Australia Papua New Guinea Business Council

How SGS’s On-Site Well Services are Revolutionising Gas Production in Papua New Guinea
SGS has emerged as a pivotal service provider in Papua New Guinea's upstream industry, providing cutting-edge on-site well services to a major operator in 2023.
Their use of state-of-the-art high-pressure sand filtration equipment ensured a safe and efficient natural gas extraction.
SGS utilised a comprehensive high-pressure sand filtration equipment package, featuring advanced components such as high-pressure flow lines, connections, and precision measuring equipment. Their equipment can deliver reliable natural gas extraction even in the rugged, challenging PNG terrain.
From initial job design and planning to the installation, commissioning, site supervision, equipment operation, and the delivery of thorough data reporting, their expert team oversee the project end-to-end guaranteeing seamless execution, and superior quality control. When you need to be sure, trust SGS to deliver.
SGS offers a wide range of in-house capabilities, including inspections, technical staffing solutions, upstream services, and sampling and analytics. These diverse service offerings allow SGS to deliver a customised, unique single point of contact service to meet the specific needs of each project.
Acknowledging the diverse operation landscape in PNG, SGS adopt a project-specific approach, ensuring that their solutions are precisely tailored to meet their client’s requirements and project objectives. Continual improvement initiatives are integrated into their operations, optimising processes on-site to ensure client satisfaction.
SGS takes pride in their ongoing support for clients across PNG. Beyond PNG, SGS proudly continues to make its mark globally, enabling a better, safer, and more interconnected world.
Contact SGS to learn how their cutting-edge on-site well services can optimise your project’s gas production.





















