Proposal Did Not Move Ahead
We were disappointed that the proposal to the board of the Credit & Data Bureau Ltd., to host and operate PNG’s trust framework, did not move ahead.
We wish to sincerely thank the board, Chairman Mike Hallinan, and General Manager Bruce Mackinlay, for their time to meet, discuss, consider the options. We recognise that taking on a new business, as the proposal was, needs to align with the interests of all shareholders in the business and it just didn’t work out this time.
Of course, the “show must go on” as they say, and this show represents a new and fundamental operation in the PNG economy. YuTru will move to execute its next viable option, (we call it option C) to form a new dedicated company to be owned by licensed financial institutions to develop, select, and refine digital identification standards and an eKYC framework for PNG’s private sector.