The financial market in PNG includes a diverse range of players, from licensed financial institutions governed by the Bank of Papua New Guinea (BPNG) to innovative small and medium enterprises (SMEs) like iSupply Loans Ltd. At iSupply Loans, we believe it is critical to address the misconceptions surrounding licensing and clarify our role as a microloans lending business.

BPNG-licensed entities, such as banks and savings and loan societies, operate under strict regulatory frameworks designed to safeguard public deposits and maintain financial stability. These institutions must meet rigorous capital requirements, submit to regular audits, and comply with prudential standards that ensure their ability to protect customer deposits.

Their primary functions include:

1. Accepting deposits from the public.
2. Offering traditional lending products, such as personal and business loans.
3. Providing savings, investment, and other financial services.

As an SME microloans lending business, iSupply Loans is a financial entity that operates outside the scope of BPNG licensing. Unlike banks or other licensed entities, we do not accept deposits from the public. Our operations focus on providing quick, short-term low interest microloans to individuals and small businesses to meet immediate financial needs. However we maintain transparency, are committed to ethical lending practices and encourage responsible borrowing with our clients.

Key features of our business model include:

1. No Public Deposits: Our funding is sourced privately, and we do not hold or manage client savings.
2. Tailored Solutions: We offer small, low interest loans to borrowers who repay within an agreed number of fortnights, facilitated through a transparent process.
3. Accessibility: We focus on underserved segments, particularly individuals and businesses needing fast and flexible financial assistance.

While both licensed financial institutions and iSupply Loans provide credit, our approaches and target markets differ significantly. Licensed entities often cater to larger businesses or individuals seeking substantial loans with longer repayment terms, whereas iSupply Loans is designed for short-term, low-value financing needs. This overlap can create confusion but underscores the complementary nature of our services.

A recurring challenge we face is the assumption that all financial entities including SME lending businesses in PNG must be licensed by BPNG to operate in the market. This misunderstanding often stems from incorrect or incomplete information about the purpose of BPNG licensing.

iSupply Loans Business Development Team

To clarify:

1. BPNG licensing is required for institutions that accept public deposits to ensure their safekeeping and protect depositors.
2. Non-licensed entities like iSupply Loans are not deposit-taking institutions, and thus, the licensing requirements do not apply.

This distinction is critical for understanding our operations and compliance. By remaining transparent about our business model, we try our best to ensure that our clients and stakeholders can trust us to deliver reliable and ethical services.

As a registered entity in PNG, iSupply Loans Ltd operates in full compliance with all applicable company and tax laws. We are committed to maintaining the highest standards of governance, transparency, and accountability. Our dedication to these principles ensures that we not only meet our legal obligations but also build trust with our clients and partners.

Education is key to overcoming these misconceptions. At iSupply Loans, we are committed to:

1. Providing Clear Information: Through outreach and communication, we explain how our services differ from those of BPNG-licensed entities.
2. Building Trust: Transparency and ethical practices form the foundation of our relationships with clients.
3. Advocating for SMEs: We highlight the important role non-licensed entities play in expanding financial inclusion in PNG.

The financial ecosystem in PNG thrives when all players, licensed and non-licensed alike work together to meet the diverse needs of the population. By understanding and respecting the roles and responsibilities of each type of entity, we can foster a more informed public and ensure that everyone has access to the financial tools they need. We encourage individuals and businesses out there to thoroughly research the products and services of any financial entity without bias to properly understand and choose the provider that best suits your requirements.

At iSupply Loans, we take pride in our role as an SME microloans provider. Our mission is to empower individuals and businesses by offering fast, flexible, and accessible low interest financial solutions.