Teachers Savings and Loans Society (TISA) launched it’s own Data Centre at it’s head quarters at its head quarters in the TISA Haus in Port Moresby.
Speaking during the launch TISA Group CEO Mr. Michael Koisen said the “The two tier-facility would provide a resilient, robust and efficient center for hosting critical systems to run it’s operations. The data center will ensure our members (clients to contribute savings to TISA) and customer information are stored safely and securely. It will guarantee our members consistent access to TISA’s services without disruption.
“The opening of the data center means TISA, is meeting the industry standard and compliance requirements set by the Bank of Papua New Guinea “
TISA was established in 1972, TISA last year (2022) it celebrated it’s 50 years of operations and has applied to the Bank of PNG to operate as commercial bank. Whenever, Bank of PNG gives the license for Commercial Bank, TISA will become the 4th commercial bank to operate in Papua New Guinea. Also, it will be 2nd Nationally owned bank apart from Bank of South Pacific. Currently, there four commercial banks in PNG, Kina Bank, Bank South Pacific, and Westpac.
TISA initially started as savings and loan society for teachers across the country but now it has contributors from other government departments and organizations as well. TISA has also, branched out as TISA Finance to lend various kinds of loans to the general public.
With the recent announcement of the Bank of Papua New Guinea to cease private sector bank checks come 31st December of this year (2023), bulk of the transactions will be done electrically by the private sector. Such, the banking sector will likely see in an increase in the volume of transactions in their systems come 2024 and onward. Data Centers will play critical role in country’s financial systems in supporting the economy.
This development is a good news for the TISA Members, clients and for the country as well.
For more information
Check out the following websites for TISA Membership Services and Community Finance