Bank of Papua New Guinea, Japan’s METI, and Soramitsu Complete CBDC Proof of Concept in Port Moresby

The Bank of Papua New Guinea, in collaboration with Soramitsu and Japan’s Ministry of Economy, Trade and Industry (METI), marked the successful completion of the Digital Kina Proof of Concept (PoC) for the country’s Central Bank Digital Currency (CBDC), with a ceremony held at the Papua New Guinea Hilton Hotel in Port Moresby.

The event brought together leaders and representatives from Papua New Guinea and Japan, including Elizabeth Genia, Governor of the Bank of Papua New Guinea; Hisanobu Mochizuki, Japanese Ambassador to Papua New Guinea; officials from the Japanese Cabinet Secretariat; and the Japanese fintech corporation Soramitsu. The agenda included opening remarks, technical presentations on the Digital Kina system, and discussions about its potential impact on financial inclusion in Papua New Guinea.

“The rationale for the Proof-of-Concept study stems from the rapid advancements in digital financial technologies globally, which have opened up opportunities to enhance payment systems and improve financial inclusion. Many Central Banks around the world are exploring digital currencies to meet the evolving needs of the communities we serve”, said Governor Elizabeth Genia during her remarks at the ceremony.

Event highlights:

• George Awap, Assistant Governor of the Bank of Papua New Guinea, introduced the project and its significance to financial development.
• Hisanobu Mochizuki, Japanese Ambassador to Papua New Guinea; Nobuhisa Nishigata, Counsellor of the Cabinet Secretariat of Japan; and Hideaki Matsuoka, Chief Representative of the Papua New Guinea Office of the Japan International Corporation Agency, shared their perspectives on the collaboration as representatives of the Japanese government.
• Dr. Makoto Takemiya, Group CEO of Soramitsu, and Takayuki Himeno, Mitsubishi Research Institute, presented the technological framework of the Digital Kina system, followed by a Q&A session with attendees.
• George Awap, Hideaki Matsuoka, Nobuhisa Nishigata, Elizabeth Genia, Hisanobu Mochizuki, Makoto Takemiya, Takayuki Himeno, and Taketoshi Mori pose for a commemorative photo after the ceremony.

The Digital Kina PoC leverages Soramitsu’s cutting-edge technology, which is used in the SORA v3 Hub Chain, a global platform powered by the open-source Hyperledger Iroha 2 blockchain. This breakthrough initiative demonstrates how blockchain can address Papua New Guinea’s most urgent financial challenges, including limited banking access, security vulnerabilities, and underdeveloped financial infrastructure.

“Soramitsu is dedicated to modernizing and advancing Papua New Guinea’s financial system while fostering the development of a digital economy. With the support of the Japanese government, we aim to leverage cutting-edge blockchain technology, proven in various countries, to make a meaningful contribution to this mission,” said Kazumasa Miyazawa, President of Soramitsu Japan.

The PoC required a secure, round-the-clock payment infrastructure that supports instant settlement and cross-border transactions. Using SORA v3 Hub Chain, the Bank of Papua New Guinea and local businesses in Port Moresby conducted real-time payments and individual remittances via a user-friendly mobile app. The platform’s enhanced security features—such as the ability to recover funds in cases of theft or loss—were also tested successfully in partnership with the Bank of Papua New Guinea.

“The Digital Kina PoC with the Bank of Papua New Guinea represents the latest technology we have been working on for the last five years,” said Dr. Makoto Takemiya, Group CEO of Soramitsu. “We are excited to see how this project can bring modern financial solutions for the people of Papua New Guinea that will improve their lives and empower them with greater control over their money.”

Moving forward, the Bank of Papua New Guinea will expand testing with a broader user base to refine the system and gather additional feedback. This will pave the way for a broader rollout in the near future. This next phase will optimize the platform’s speed, security, and regulatory compliance features, bringing Papua New Guinea closer to a more inclusive and resilient financial future.

“Today’s ceremony is a testament to what can be achieved when innovative ideas meet practical execution. The Digital Kina CBDC Proof of Concept is a glimpse into how we can reshape financial interactions in Papua New Guinea. By addressing long-standing challenges, we’re setting the stage for a system that reflects the resilience of our people,” said George Awap, Assistant Governor of the Bank of Papua New Guinea.