Leading Papua New Guinea (PNG) financial institution, Kina Securities Ltd (KSL.ASX, KSL.POMSoX), today confirmed its fund administration division has expanded its implementation of IRESS’ Acurity Online, a new member and employer online facility, for more than 700,000 members.
The Acurity Online member portal and mobile app provides Papua New Guinean superannuation members with access to their fund information via any device. The member portal enables super fund members to update details online, access their balance and transaction history, view their statements, and conduct a range of other functions from their phone, tablet or computer.
Kina has also driven efficiency for employers using the Acurity Online employer module, enabling contributions to be lodged online for the first time in Papua New Guinea. This delivers significantly reduced administration times and positively impacts data matching and super engagement rates. The result is that contributions now get into members’ accounts much faster, in some cases instantly.
A long-time user of IRESS’ Acurity administration platform, Kina has funds under administration of K11 billion (A$4.32 billion) and has built its reputation on delivering industry-leading online member services and a highly differentiated superannuation administration environment for existing funds.
Adam Fenech, General Manager of Kina’s wealth management business, said the successful implementation of Acurity Online is part of its continued low-cost, high-tech fund administration capabilities.
“Just as the Australian superannuation industry transformed the relationship between fund members and employers with the SuperStream model, our implementation of Acurity Online is expected to raise the benchmark for our members in PNG and the wider Pacific market.
“Acurity Online enables Kina to deliver vastly improved services for members by revolutionising the delivery of a broad range of digital member services. This sees paper-based forms removed from transactions and the majority of member transactions completed within one business day. Automated data matching ensures that member details in employer payroll systems reliably match the data in the superannuation system in PNG for the first time. This is key to the delivery of a better member and employer experience.”
Jeff Hall, Managing Director, Superannuation IRESS said: “The Kina and IRESS teams have worked to transform the superannuation administration environment in PNG. This latest Acurity implementation is a great example of how fund administrators can leverage the solution to deliver value-added services and improve member and employer engagement. By driving down transactional costs and enabling fund administrators to grow their business, Acurity delivers a true competitive advantage to clients.”
About Kina Securities
Kina was established in 1985 as a funds administrator and stockbroker based in Port Moresby, PNG. Kina established its funds administration division in 1988. Today Kina is a diversified financial services provider in Papua New Guinea, offering customers end-to-end financial solutions, from savings accounts to small business loans, investments to mortgages, stockbroking and financial advice, investment management and fund administration.
Kina has grown in parallel with PNG’s emerging economy, evolving and maturing in tandem with the market; operating through two business divisions: Kina Bank and Kina Wealth.
The fourth largest bank in PNG, with more than 17,000 clients, six branches and an expanding electronic banking network
The largest funds administration business in PNG with K11 billion (A$4.32 billion) in funds under administration representing more than 700,000 members.
The largest funds management business in PNG with K5.5 billion (A$2.23 billion) in funds under management
www.kina.com.pg / @KinaGroupPNG
Cathryn van der Walt
+61 (0)402 327 633
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