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Work commences on implementation of Personal Property Securities Act
Work has started on the creation of an online personal property securities registry in Fiji.
The registry will make it easy for lenders to accept assets other than land and buildings as collateral for loans, thereby extending access to finance, particularly to smaller and medium sized businesses.
PSDI has been working with the Government of Fiji on the development of the associated legislation, is now providing technical support for its implementation and the development of the online registry, which will launch in 2019.
“Introducing a personal property securities registry will complete a new framework for lending that is safe, convenient, and sustainable,” said Reserve Bank of Fiji Governor Ariff Ali.
“Making movable collateral viable for lenders will result in the extension of credit to new categories of borrowers, help bridge the micro, small and medium enterprises finance gap and open up new opportunities for many alternative forms of credit.”
Read full story in Fiji Times.