Remarks delivered by the Secretary General of the Pacific Islands Forum, Baron Divavesi Waqa at the Pacific Fast Payments Workshop.
3 December 2025, Nadi, Fiji.
Mr Ariff Ali, Governor of the Reserve Bank of Fiji
Stephen Ndegwa, World Bank Division Director for the North and South Pacific
Natsuki Tsuda, Director for Asia-Pacific Regional Cooperation Division, Ministry of Finance of Japan
Members of the Diplomatic Corp
Senior Officials
Ladies and Gentlemen
I am honoured to welcome all of you to this important Workshop on Fast Payment Systems, and to acknowledge and thank the Reserve Bank of Fiji and the World Bank for partnering with the Pacific Islands Forum Secretariat as co-hosts.
Please accept my sincere apologies for not being able to join you in person. The Pacific Islands Forum Officials Committee, the governing body of the Pacific Islands Forum Secretariat, is meeting today and tomorrow to consider the Budget and Work Programme of the Secretariat for 2026. Whilst I would have liked to join you to discuss the CBR and Fast Payment Systems, it is important that I remain in Suva, and I hope you will understand.
This Workshop comes at a crucial time as our region continues to navigate the evolving financial landscape to seek solutions that enhance resilience, promote financial inclusion, and support seamless cross-border transactions.
Your meeting is part of a series of workshops on Fast Payment Systems that have been hosted by the World Bank and several national central banks and regional organisations in Europe, Central Asia, Latin America, the Middle East, and Africa. Importantly, your meeting is an important step in advancing our Blue Pacific region’s broader agenda for financial integration and economic cooperation. Modern, interoperable payment systems are essential to achieving the aspirations of the Pacific Roadmap for Economic Development to sustainably develop our resources and economies, including through stronger connectivity, reduced transaction costs, and deeper participation in regional and global markets.
By building the foundations for faster, safer, and more transparent payments, we are directly supporting efforts to enhance cross-border financial flows, strengthen correspondent banking relationships, and enable more inclusive economic opportunities for our Pacific people and businesses.
The Pacific has made significant progress through the Pacific Strengthening Correspondent Banking Relationships Project, implemented by the Forum Secretariat in close collaboration with the World Bank and other partners, including Australia, New Zealand, the US Treasury, the ADB, and the IMF. I warmly welcome the support provided by the UK, Japan, the EU, and the Alliance for Financial Inclusion.
This unique Project unites eight Forum Island Countries – represented here today by participating senior officials - that have collectively pooled their IDA allocations to respond to the urgent challenge of declining correspondent banking relationships. There is expectation that in 2026, Papua New Guinea will join the project as the nineth member.
Through this innovative collaboration, the Project will explore the development of a Pacific Payments Mechanism, to aggregate transaction flows across the region. By doing so, it aims to improve economies of scale, reduce transaction costs, and enhance the efficiency, security, and accessibility of cross-border payment systems for businesses, governments, and individuals, across the Pacific.
Globally, Fast Payment Systems have transformed economies by enabling secure, real-time transactions. For the Pacific, where remittances and trade are lifelines, adopting these systems are critical to remaining connected, and to unlocking new opportunities for our Pacific countries, our Pacific businesses, and our Pacific people, in particular those in remote areas. Importantly, these systems provide key features that directly address many of the compliance concerns that have contributed to the withdrawal of CBRs in the Pacific.
By complementing the CBR Project with efforts to design and deploy modern payment systems, the Pacific is laying the foundations for more secure cross-border transactions, stronger financial integrity, and closer regional financial integration.
Fast Payment Systems have rapidly evolved over the past decade, transforming the way economies move money by enabling secure, real-time transactions across a range of platforms and devices. Countries are modernising their payment infrastructure to support digital commerce, improve financial inclusion, and enhance cross-border connectivity. As these global systems become more integrated and interoperable, it is essential that our Blue Pacific region keeps pace with these developments.
The recent establishment of Visa’s regional hub in Suva is, in this regard, a timely development that strengthens digital payment infrastructure and aligns with our efforts to accelerate regional digital transformation.
Throughout this week, technical specialists from across the Pacific and beyond will share insights on digital and fast payment systems, emerging trends, and solutions tailored to the unique needs of our region. You, our Senior Forum Officials, will commence this important work and consideration in the development of a vital and successful Pacific Payments Mechanism.
I would like to express my sincere appreciation to the World Bank for their continued technical expertise and strong support in this work. These have instrumental in helping participating Forum Islands countries navigate complex compliance requirements, strengthen our financial systems, and design solutions that are fit for purpose for our region.
Although I cannot join you in person, I wish this workshop every success and look forward to updates on the productive discussions and collaborative outcomes that are sure to emerge from our shared efforts.
Tubwa, I thank you.
[ENDS]
