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FDB Developing New Products For Agricultural Clients

  The Fiji Development Bank is in the process of developing new products to add to its line-up of financial services, it was revealed yesterday. Fronting Parliament’s public accounts committee,
24 May 2018 10:19
FDB Developing New Products For Agricultural Clients
Fiji Development Bank chief executive officer Mark Clough (front right) with general manager finance and administration Saiyad Hussain making submissions on May 23, 2018. Photo: Fiji Development Bank

 

The Fiji Development Bank is in the process of developing new products to add to its line-up of financial services, it was revealed yesterday.

Fronting Parliament’s public accounts committee, the bank’s chief executive officer, Mark Clough, said the new products would be targeted at their agricultural clients.

Two areas Mr Clough mentioned were insurance – an important area for farmers given the rise in frequency of natural disasters – and land tenure.

The submission was chaired by Mohammed Dean.

Mr Clough, who has held the position of CEO for just over six months, said: “Our strategic plan is to be focused on any import or export balance so that the economy becomes more self-sufficient.

“Our statistics will show that we have a significant portion of the agricultural funding market in particular.

“This may include additional initiatives such as financing agricultural clients further up the value chain so the value is not lost from the Fijian economy.”

Examples of the procuts the bank currently offers include loans for farm development, fishing loans and more.

The bank currently follows the guidelines set by the Reserve Bank of Fiji, a compliance that was questioned by the committee members who said they were more for commercial banks.

“We are trying to attain a higher level of diligence when it comes to our reporting and the information that we provided to the authorities,” Mr Clough said.

“We could attain a lower level but we’ve chosen to be a little more diligent and accountable in what we do and also provide a little more information.”

As of July 1, 2018, the bank will also implement an international financial reporting standard known as IFRS 9 (International Financial Reporting Standard 9).

FDB’s general manager finance and administration Saiyed Hussain said its implementation would enable the bank to comply with international accounting standards.

Mr Clough also said that the bank was aiming to engage more with the public and fuel the job creation.

“Our role as a development bank also extends into those community aspects such as employment and engagement with the community which a lot of our competitors do not do,” Mr Clough said.

Feedback:  sheldon.chanel@fijisun.com.fj

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