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

 

UNHCR: More Than 300 Die In Boat Tragedies On Mediterranean

The past few days have been the deadliest this year for people making irregular crossings on the Mediterranean from North Africa to Europe More>>

UN: Egyptian Crossing Used To Bring Food Aid To Gaza
United Nations World Food Programme (WFP) successfully crossed from Egypt into the Gaza Strip today, carrying enough food to feed around 150,000 people for five days More>>

ALSO:

Extended Cease Fire: Gaza Celebrates!!!!

Images and video from Gaza.Scoop - Julie Webb Pullman in Gaza. Gazans took to the streets tonight to celebrate their victory in achieving the end of hostilities and the lifting of the illegal seven-year siege. Whatever tomorrow may bring, tonight was a time to rejoice! More>>

ALSO:


Iraq: Killing Of Dozens Of Sunni Worshippers In Eastern Iraq

22 August 2014 – Condemning in the strongest terms the reported attack on a mosque in eastern Iraq, Secretary-General Ban Ki-moon today called on all Iraqi authorities to ensure that the attack is properly investigated and its perpetrators held to account. More>>

ALSO:

  • UN Watch - UN Urgent Session on Iraq, Demands "Concrete Outcomes"
  • UNICEF: Honours Life, Tireless Work Of Richard Attenborough

    Film producer and director Sir Richard Attenborough was introduced as the new Goodwill Ambassador for the UN Children's Fund (UNICEF) on 28 October 1987. UN Photo/Milton Grant More>>

    UN: Flight Restrictions Hamper Ability To Battle Ebola

    UNICEF and partners visit a crowded market in Conakry, Guinea, to explain to vendors how they can protect themselves and their families from Ebola. Photo: UNICEF Guinea More>>

    Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news