Herbert Maguma, Managing Partner at Deloitte PNG, speaks with Business Advantage PNG about how investments in technologies such as digital channels and AI are reshaping Papua New Guinea’s financial services sector. He also goes into detail about the likely impact of a financial greylisting on the PNG economy.

Deloitte, the largest professional services firm in the world by revenue and number of employees, has been operating in Papua New Guinea for more than four decades.

In this wide-ranging interview, Deloitte PNG Managing Partner Herbert Maguma shares how investments in technologies such as digitalisation and artificial intelligence are set to drive the growth of Papua New Guinea’s financial sector and the economy as a whole.

Calling the introduction of new commercial banking licences “a breath of fresh air”, he notes that “you’ve got the new players who are coming in, who are focusing on digital channels, and you’ve got the traditional players, who don’t want to miss out on the opportunities that are presenting themselves. The culmination of that is significant investment in the financial sector.”

Among other topics, Maguma also speaks in detail about the likely impact of a potential greylisting by the global Financial Action Task Force, which he notes will “increase the risk premium for PNG as a country.”

Enjoy this exclusive interview, recorded by Business Advantage PNG in Port Moresby in November 2024.