Fiji has taken a major step towards improving access to finance for local businesses, with ThirdRoc selected to develop the country’s first Peer-to-Peer (P2P) lending platform.
This initiative is led by the Ministry of Commerce and Business Development, the Reserve Bank of Fiji (RBF) and the Asian Development Bank’s Pacific Private Sector Development Initiative (PSDI).
ThirdRoc, is a fintech company with operations in Fiji and Australia, that will now work through the Fiji Innovation Hub and a specialised accelerator program to develop the platform, with plans to deliver a launch-ready design by the third quarter of this year.
The Ministry of Commerce and Business Development said the new platform was expected to help the micro, small, and medium enterprises (MSMEs) to access funding more easily by connecting businesses directly with lenders through a secure digital platform, and help reduce challenges faced by businesses when trying to secure finance through traditional channels.
Minister for Finance, Commerce and Business Development and co-chair of the Access to Business Funding Implementation Taskforce Esrom Immanuel said this showed that Fiji was open for innovation and the Government’s reform agenda was gaining real traction.
“We were impressed by the strong field of proposals, particularly the depth of technical capability we have here in Fiji and look forward to working with the selected partner, ThirdRoc, to expand financing opportunities for MSMEs,” Mr Immanuel was quoted saying in a Government statement.
Supporting the decision, Taskforce co-chair and RBF Governor Ariff Ali said Fiji was leading the Pacific in opening up new, innovative pathways to finance for businesses and the central bank was committed to ensuring those pathways were developed with strong investor protections and sound risk management.
Mr Ali said ThirdRoc’s proven technology, deep experience, and clear commitment to working within Fiji’s regulatory framework gave confidence in their ability to deliver a platform that met those standards.
PSDI’s Financing Growth specialist Jeremy Cleaver said they were proud to have supported the Government and the RBF through the development of the Access to Business Funding Act and the work to bring its implementation.
He said P2P lending had the potential to genuinely expand access to finance for MSMEs in the country, including those that had been underserved by the traditional channels.
ThirdRoc director Shiv Maharaj said: “Since establishing their presence in Fiji, they have worked closely with partners to improve access to finance for MSMEs and entrepreneurs, while giving lenders and investors greater visibility and confidence in how credit is assessed and monitored.”
Mr Maharaj said they were working through the RBF process with local institutions to ensure the model was structured safely and built for Fiji’s long-term needs.
