FDB, TLTB collaborate to strengthen processes through digitalization

The Fiji Development Bank (FDB) has inked a partnership with the iTaukei Land Trust Board (TLTB) to enhance its customer service delivery, particularly in terms of obtaining clearance to mortgage and consent to transfer of Native Leases.

The Memorandum of Understanding (MoU) signed by the two organizations today, is a step forward in implementing an effective framework to share information and data concerning mortgages and other dealings over those leases of iTaukei land issued by TLTB.

An online platform will be established to share information between the two organizations, including but not limited to searching leases, breach status and updating mortgage clearance details.

FDB CEO, Mr. Saud Minam said this arrangement will eliminate the process of customers visiting TLTB to obtain the necessary approvals before being able to submit their loan applications at the Bank.

“When customers want to use these lands for security purposes, they need certain clearance, approvals and consent from TLTB. The Bank will now be a one-stop shop for those who want to use Native Leases as security for loans borrowed from FDB,” said Mr. Minam.

“The online platform will ease doing business and digitization of such business processes creates higher efficiency and transparency.”

“The digital process will speed up the whole process of obtaining consent for transfers and clearance for mortgages required from TLTB.”

“Timely approvals will help FDB disburse loans to its customers more quickly, contributing towards the growth of the economy,” he added.

TLTB CEO, Mr. Tevita Kuruvakadua said their main objective is for the provision of ease of doing business in the implementation of important statutory requirements through available digital platforms which are less costly and effective to both agencies.

“Our common understanding in the use of an integrated digital platform is well aligned to the Government’s development plans where Private Public Partnership (PPP) plays a key role in enabling a better future for all Fijians,” he said.

“While TLTB facilitates accessibility of itaukei lands through issuing of leases and licenses, FDB provides accessibility to capital for tenants enabling developments on itaukei lands, which adds value on iTaukei land and promotes sustainable economic development, security and growth,” he added.

As such, TLTB is pleased that after months of deliberations the two parties have finalized this strengthened partnership by way of an MoU, and look forward to a continued good relationship and the implementation in the interest of the most vulnerable in our society including our women and youths in small and micro business enterprising.