The Fiji Development Bank (FDB) and HFC Bank have signed a Memorandum of Understanding (MOU) aimed at making banking and loans easier and accessible for customers.
HFC Bank chief executive officer Rakesh Ram said the partnership was a natural extension of their commitment to financial accessibility and national development.
He said partnerships of this nature were not just opportunities but responsibilities.
“As Fiji’s only homegrown bank, we carry an obligation to work together with local institutions to foster economic growth, increase value for our people, and ensure that essential financial services reach every corner of our country,” Mr Ram said.
“Collaborating with FDB allows us to combine HFC Bank’s branch network and digital infrastructure with FDB’s development mandate.
“Together, we can uplift more communities, support more families and businesses, and create pathways that make financial empowerment a reality for all Fijians.”
FDB chief executive officer Filimone Waqabaca said the MOU was a promise.
“A promise that when we combine our strengths, we create solutions far greater than what we can achieve alone,” Mr Waqabaca said.
“Today marks an important milestone not only for our two institutions, but for the many Fijians whose lives and businesses will benefit from this partnership.”
Under the agreement, the two banks will collaborate through several new initiatives, including:
· Transactional account opening: Authorised FDB clients can open HFC Bank transactional accounts,
· Same-day loan repayments: FDB clients holding HFC Bank accounts will enjoy same-day direct loan repayment transfers,
· Access to treasury foreign exchange rates: Clients will have access to concessional HFC Bank Treasury Rates for foreign exchange transactions, and
· ATM installations at FDB locations.
The MOU also includes staff cross-training and exchange programs, enabling both institutions to develop a more knowledgeable and resilient workforce in support of Fiji’s evolving financial landscape.
