BSP Financial Group Limited (BSP), the international Bank of the South Pacific, delivered a keynote address at Day one of the Commonwealth Business Forum’s first plenary. As the Anchor Partner BSP emphasised its commitment to championing prosperity across the South Pacific region through improved financial accessibility.

Headquartered in Papua New Guinea with operations spanning Fiji, Cook Islands, Samoa, Tonga, Vanuatu, and the Solomon Islands, BSP is uniquely positioned to address the financial challenges faced by Pacific Island nations.

During the plenary session titled “Access to Finance and the Scalability of Finance”, BSP Group CEO, Mark T. Robinson, talked to the importance of expanding access to financial services to foster economic growth and sustainability.

“Access to finance is not just a necessity; it is a catalyst for innovation and growth. By improving financial accessibility, we unlock untapped potential within our economies,” Robinson remarked. He underscored how small businesses and individuals alike benefit from greater access to finance, enabling local development, improving women’s prosperity, and bolstering resilience against climate change impacts.

Key challenges addressed by Robinson highlighted the pressing issues that hinder human capital development in emerging markets, especially in the South Pacific region. These include high levels of unemployment, underemployment, and skilled worker emigration, which trap people in the informal economy, limiting their access to essential services like financial systems, legal protections, and education.

Robinson also discussed the South Pacific region’s heavy reliance on remittances and commodity exports, which leaves economies vulnerable to external shocks like exchange rate fluctuations and rising public debt. Moreover, environmental degradation and climate change pose significant threats to the region’s economic stability.

BSP’s role in the South Pacific has given the bank a unique understanding of these challenges. Robinson reiterated BSP’s ongoing efforts to dismantle barriers preventing businesses and individuals from securing essential financing, which is key to unlocking long-term prosperity.

Robinson further stated “At the heart of the ‘South Pacific way’ is enriching our communities, their lives, their financial wellbeing and our environment.

BSP goes beyond banking, setting up operations in regional and remote areas across the South  Pacific where others won’t go.

BSP continues to promote economic growth and sustainability while investing in community development initiatives that improve access to financial services across the region. The bank’s initiatives have transformed the economic landscape for small businesses, women, and communities, building resilience against climate shocks and fostering economic security.

As BSP continues to lead the financial sector in the South Pacific, Robinson reaffirmed the bank’s dedication to protecting the long-term security of the region. By championing greater access to finance, BSP aims to drive innovation, empower communities, and support sustainable growth throughout the South Pacific and the broader Commonwealth.