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

 

Ban Condemns Killing Of Former Lesotho Military Commander

United Nations Secretary-General today condemned the killing of Lt. Gen. Maaparankoe Mahao, former Commander of the Lesotho Defence Force, on 25 June, near Maseru. More>>

Ban Welcomes US Supreme Court Ruling On Same-Sex Marriage

Ban welcomes US Supreme Court ruling guaranteeing right to same-sex marriage Lesbian, Gay, Bisexual, Transgender and Intersex (LGBTI) pride march. Photo: OHCHR/Joseph Smida More>>

UN Agency Welcomes EU Measures On Refugee Arrivals

Afghan refugees in front of the abandoned hotel Captain Elias on Kos Island, Greece, where hundreds of refugees and migrants are waiting for their registration. Photo: UNHCR/J. Akkash More>>

Increase In Voluntary Blood Donors Can Save Millions Of Lives

Increase in voluntary blood donors can save millions of lives, UN health agency says on World Day More>>

Kenya: Funding Shortage Means Food Cut To 500,000 Refugees

Funding shortage forces UN agency to temporarily cut food aid to 500,000 refugees in Kenya More>>

UN Launches Education Appeal In Fight Against Child Labour

12 June 2015 – The United Nations has announced it is marking the 2015 edition of the World Day Against Child Labour with a call for the international community to invest in quality education as a key step in the fight against child employment ... More>>

Pope Francis & UN Agency On Sustainability Of Agriculture

Pope Francis (centre) with delegates to the 39th FAO Conference during a special audience at the Vatican. Photo: FAO More>>

South Sudan: Call For De-Escalation Of In-Country Conflict

Women and children have suffered devastating attacks in South Sudan’s Unity State. Photo: UNICEF/South Sudan/Sebastian Rich More>>

Burundi: Emergency Support To Refugees Fleeing Burundi Crisis

Burundians fleeing pre-election violence rest on the shores of Lake Tanganyika in the Democratic Republic of Congo after a gruelling 22-hour boat journey. More than 100,000 Burundians have fled over the past month, arriving in Tanzania, Rwanda and ... More>>

Afghanistan: Commitment To Advancing Women's Rights

While the outgoing senior United Nations rights official in Afghanistan said she expected the human rights advances made “will be sustained, will not be rolled back, and will not be sacrificed,” she lamented the high level of violence against ... More>>

Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news