South Pacific Stock Exchange (SPX) in Fiji and Papua New Guinea Stock Exchange (PNGX) are two key financial hubs in the Pacific region. Both serve smaller island nations but punch above their weight in shaping regional capital markets.
SPX is Fiji’s only licensed exchange, regulated by the Reserve Bank of Fiji. It operates out of Suva and supports capital raising and secondary market trading. It lists around 20 companies, including local and regional players. In 2024, the exchange saw a 4.63% gain on its Total Return Index, with record dividend payouts of FJD 76 million. SPX is focused on modernizing through technology, planning digital account opening and a mobile app to boost accessibility.
PNGX operates in Port Moresby, Papua New Guinea’s capital. Incorporated in 1998, it follows regulatory practices aligned with the Australian Stock Exchange (ASX). PNGX has 13 listed companies with a market capitalization around USD 20 billion when including dual-listed entities. The local market cap—excluding foreign listings—is approximately USD 1.9 billion. PNGX has two active stockbrokers and uses an electronic trading system open on business days. It focuses on transparency and market integrity.
Both exchanges are pursuing regional integration. In early 2025, SPX and PNGX signed a Memorandum of Understanding to share technology and work together on a joint trading platform. This platform would unify trading, clearing, settlement, and registration for both markets. They aim to boost efficiency, accessibility, and the global appeal of Pacific capital markets. The integrated market would allow for dual listings and cross-border share trading, breaking down barriers for investors and companies.
Their collaboration goes deeper. Pacific Capital Markets Development, an Australian company, is a common strategic investor in both SPX and PNGX. They focus on expanding financial education, capital market training, and creating investment opportunities across Pacific island nations.
SPX emphasizes growing retail investors, including the Pacific diaspora globally. They simplify procedures for foreign investors to increase participation. PNGX aligns with this by offering new market indices, supporting local businesses, and opening the market to competition through recent legislative reforms.
This partnership reflects a shared vision: create a robust, inclusive market that drives Pacific economic growth. Both retain their own brand and local operations but link forces to leverage technology and regional synergies. This forward-thinking approach positions them as pioneers among smaller island nations, often overlooked in global finance.
In short, SPX and PNGX build a network linking island economies, making Pacific capital markets more dynamic, accessible, and competitive. This model opens doors for companies to raise funds efficiently and for investors to access diverse opportunities. Their story is about cooperation, modernization, and economic empowerment in a region where geography often means isolation.
For Pacific island nations, a combined SPX-PNGX market means new hope for sustainable growth. It’s a prime example of how smaller players can innovate and collaborate for big impact.
