Counsellor Economic Growth, Governance and Scholarships Australian High Commission, Mr Andrew Shepherd,

Chief Operating Officer, Fintech Pacific, Ms Joana Kabakoro-Smith,

Chief Executive Officer, Ygap, Mr Mark Harwood,

Head of Global Transactions Solutions, Westpac, Ms Yvonne Breckterfield,

Vice President Public Policy, Mastercard Australasia, Ms Tanya Stroianoff,

Country Manager Pacific Islands, Mastercard, Mr Craig Kirkland,

Industry Captains,

Invited Guests,

Members of the Media,

 

Bula Vinaka and a very good morning to you all.

 

It is a great pleasure to be here today to officially launch “Dua Pay” – a new App designed to meet the needs of ​​ small businesses in Fiji, particularly women-led businesses.

 

Ladies and Gentlemen,

 

I believe every woman should have financial independence, because money in the hands of a woman changes everything for her family and community – and at the outset I want to thank the Australian Government’s Department of Foreign Affairs and Trade, Fintech Pacific, Ygap, Westpac Fiji and Mastercard for building the tomorrow we want for women-led MSMEs in Fiji.

 

In Fiji, small businesses form the backbone of our economy, and your Government remains committed to supporting these businesses, especially those led by women, because we recognise the unique set of challenges shouldered by women entrepreneurs. These are the same women who possess immense potential to drive innovation and foster economic growth.

In fact, it is pleasing to see the collaboration of different agencies led by the private sector and donor partners in this regard – and as a strong believer of trusting our private sector to unlock innovative solutions, today is a perfect example of just that.

 

Ladies and Gentlemen,

When we have an integrated approach that is functional, we effortlessly reap the benefits in a very short time. That is why we are working on mapping and strengthening the network for MSMEs in Fiji.

 

I have just returned from New York, where I shared Fiji’s vision and commitment to empower gender equality at the SDG Action Weekend 2023 – an event which gathered senior representatives and high-level speakers from across Asia and the Pacific, showcasing innovations and collaborations of different stakeholders in scaling up gender-lens financing for all SDGs. And today’s launch supports the vision and commitment I shared during the side event.

 

Ladies and Gentlemen,

 

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in any economy, and integrating them into the formal economy through mediums such as “Dua Pay” gives confidence to their contribution to our GDP, ensuring they are better accounted for when accurately assessing economic growth.

 

When MSMEs have a formal presence, they are able to establish a credit history, making it easier to secure loans to invest and expand their businesses – so I thank the Project Partners of “Dua Pay” for giving confidence to our women-led MSMEs in this space.

 

Overall today is the start for women-led MSMEs to maintain a level playing field in the market, be a part of the formal economy and adhere to quality and standards compliance.

 

To the MSME representatives present here today, your Government is here to support you in your endeavour and help you make informed decisions. Please remember that the doors to our Ministry are always open to you and your suggestions about economic policies and strategies that will foster a sustainable MSME business network for you.

 

Ladies and Gentlemen,

 

Accepting and adapting to the digital age is essential for individuals, businesses, and societies as a whole – it’s not just about using technology, but about using it wisely and responsibly to increase efficiency, connectivity, and opportunities for growth and innovation.

 

I am told, the “Dua Pay” App can simply be downloaded from the Google Play Store enabling smart phones to accept Mastercard and Visa tap and go payments. Most importantly, the “Dua Pay” App goes beyond just functionality. It embodies the spirit of empowerment, inclusion and collaboration. Overall, by strengthening women-led businesses, we uplift communities, foster gender equality, and drive sustainable economic growth.

 

Collectively, contactless payments have become increasingly important as it offers convenience to customers and helps streamline the payment process – if anything, this is a real game changer for MSMEs in enhancing the overall customer experience – so I encourage you as business owners to stay adaptable and responsive to the ever-evolving payment trend to remain competitive in the market.

As we indulge more in the digital space, we also see an emergence of cyber criminals and scammers who try to gain unauthorised access to financial information, posing a threat to financial security.

Always have a presence of mind and be extra vigilant while conducting financial transactions online, be on the lookout for any red flags and notify your financial institution immediately should you identify any anomalies. By adopting a proactive stance and fostering a culture of cyber-awareness, we can collectively mitigate the risk of financial data breaches and thwart the ambitions of these scammers.

Ladies and Gentlemen,

 

Whilst sharing my Vision Statement in New York last week, I spoke about the importance of financial and gender inclusion as two important aspects of creating a more equitable and inclusive society. They both aim to ensure that all individuals, regardless of their gender or financial status, have equal access to economic opportunities, financial services, and resources.

 

To a greater part, it takes all of us gathered here today to work together to create an inclusive financial ecosystem which can lead to improved economic stability and social development – and the Project Partners for “Dua Pay” are an epitome of what partnership can truly achieve.

 

Coming back to today’s event, as a group of individuals and champions for the MSME network we will continue to establish and promote strategies to support sustainable economic growth for MSMEs in Fiji.

 

Whether it is in the area of access to finance, capacity building, introducing green technologies, market access, creating sustainable supply chains or education and awareness we remain at your disposal to be a part of this multi-faceted approach.

 

In closing, I thank the Australian Government, DFAT, Fintech Pacific, Ygap, Westpac Fiji and Mastercard for contributing to the long-term success and resilience of women-led MSMEs in Fiji.

 

Please use this time to network and let’s continue to have great conversations in taking the MSME network to greater heights through the launch of “Dua Pay”.

Vinaka Vakalevu and Thank you.