World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


Secured Transactions Registry in Palau Goes Online


Secured Transactions Registry in Palau Goes Online


KOROR, PALAU (16 January, 2013) – The Asian Development Bank (ADB) has funded a new electronic Secured Transactions Registry, which will make it easier for people to access business loans from commercial banks, using moveable assets as collateral. The registry will also contribute towards the Government of Palau’s efforts to improve efficiency and ease of doing business in the country.


Launched by the Palau Financial Institutions Commission today, the Secured Transactions Registry is an online facility which may be used by lenders to register interests in collateral and allow them to check if money is owed on collateral presented.

“The registry will simplify all aspects of loan processing for banks,” said Semdiu Decherong Registrar of the Secured Transactions Registry. “Through the registry, loan approval times will improve as lenders will have 24 hour access to reliable information and this will reduce loan processing times from weeks or months to days.”


The registry will help facilitate the administration of the new Secured Transactions Act which was passed in May 2012. ADB also assisted the Government by supporting the drafting of the Act, which was prepared following extensive consultations over a long period of time. The Act was introduced as part of the government’s plan to boost business development by modernizing business laws and increasing access to finance opportunities.


“Through the Secured Transactions Registry people will be able to secure loans to start or grow a business, using moveable assets such as boats or farm equipment, says Andrea Iffland, Regional Director of ADB's Pacific Liaison and Coordination Office in Sydney, Australia. “The registry is also a reliable, transparent record of transactions which will help prevent conflict among creditors.”


The Financial Institutions Commission will be the contact point for businesses and users of the registry. The registry, is available to the public on the Internet via the following link: https://www.stforop.com/


Getting adequate access to financial services is a major constraint to economic growth in Palau and the rest of the Pacific region. Other ADB supported secured transactions reform initiatives have been implemented in: Marshall Islands, Solomon Islands, FSM, Tonga, and Vanuatu with PNG to follow later in 2013.


The Secured Transactions Registry was funded through the AusAID and ADB funded Pacific Private Sector Development Initiative. The initiative supports efforts by ADB’s developing member countries in the Pacific to encourage private sector-led, sustainable economic growth.


ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2011, ADB approvals including cofinancing totaled $21.7 billion.


ends

© Scoop Media

 
 
 
 
 
World Headlines

 

Gordon Campbell: On How Obama’s Supreme Court Choice Says Everything (Bad) About His Presidency

Nothing has epitomised the presidency of Barack Obama quite like his Supreme Court nominees. Time and again, Republican presidents will blithely nominate right wing ideological extremists (Antonin Scalia, Samuel Alito, Clarence Thomas) who only sometimes misfire and turn out to be liberals in disguise (David Souter). Yet Obama has consistently skipped over the judicially qualified liberals and gone for a succession of centrists... More>>

ALSO:

Turkey: UN Secretary-General On The Terrorist Bombing In Ankara

The Secretary-General condemns the terrorist attack in Ankara earlier today. According to the latest reports, the explosion in the Kizilay district killed and wounded dozens of people. More>>

ALSO:

Five Years On: Fukushima And New Zealand

Science Media Centre: It was the worst nuclear event since Chernobyl. In the wake of the 2011 Tōhoku earthquake and tsunami, a crippled Japanese nuclear powerplant went into meltdown, and the world watched as emergency workers scrambled to shut down and contain the reactors. More>>

ALSO:

UNICEF: 1 In 3 Syrian Children Has Grown Up Knowing Only Crisis

An estimated 3.7 million Syrian children – 1 in 3 of all Syrian children - have been born since the conflict began five years ago, their lives shaped by violence, fear and displacement, according to a UNICEF report. This figure includes more than 151,000 children born as refugees since 2011. More>>

ALSO:

Franklin Lamb: Syria’s Truce Bodes Well For Salvaging Our Cultural Heritage

The tentative cessation of hostilities in Syria, which came into effect on 2/28/2016, brokered by Washington and Moscow, is only in its second week... It is well documented that there have been daily incidents of artillery shelling, airstrikes and clashes. Yet, for the nearly 12 million displaced civilians, half of Syria’s population, it’s a much welcomed respite. More>>

Gordon Campbell: On Rubio’s Last Stand (And Sleater-Kinney)

Well, it certainly was entertaining to watch Rubio succeed in getting under Donald Trump’s skin the other day, in the last debate before tomorrow’s Super Tuesday multi-state sweepstakes... The real killer for Rubio was that the most recent poll from Florida which shows him losing his home state to Trump by a huge margin in the primary due on March 15. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news