Investing in local talent and advanced technology is critical for Fiji’s future in the digital and financial technology sector.
This was highlighted by Software Factory and Sole Fintech founder Semi Tukana.
Speaking during a dinner event that was held to celebrate the awarding of the Fijian NXG Scholarship to Penioni Narube, Tukana says the company is investing heavily in education and innovation to prepare for the future of technology and artificial intelligence.
He says although Software Factory and Sole Fintech are small companies with only a handful of staff, they are focused on long-term growth and staying competitive in the rapidly changing technology industry.
He highlighted that Software Factory has operated for 25 years and developed a financial transaction engine for the Fiji Development Bank in 1998 that is still running today.
Tukana says the company later expanded its systems across the Pacific and successfully replaced a major SAP system at the iTaukei Land Trust Board, proving local software developers can deliver large-scale technology solutions.
He also revealed that the company expanded into Papua New Guinea through CloudApp Laboratories PNG Limited, which was established in 2016 and continues to grow its regional operations.
However, Tukana acknowledged that building a local technology company has not been easy.
He says one of the biggest challenges faced by local software developers is the perception that overseas systems are always better, despite local companies having the skills and experience to compete internationally.
Insert: Semi Tukana on challenges they faced
He stressed that many organisations continue to award multi-million-dollar projects to overseas companies instead of trusting local developers.
Tukana added that access to capital has been another major challenge, he says both Software Factory and Sole Fintech were built without taking bank loans, and relied entirely on internally generated funds to grow over the years.
According to Tukana, Sole Fintech was created as an extension of the company’s success and is now focused on improving financial access for people in rural and underserved communities.
He revealed that around 360,000 indigenous Fijians remain without bank accounts, and Sole Fintech is working to provide digital financial services to people who are often excluded from mainstream banking.
He also highlighted the rapid growth of artificial intelligence, saying AI has changed the technology landscape and created new opportunities for young people entering the industry.
Tukana is encouraging young Fijians to pursue careers in technology and innovation despite the many challenges involved in running a business.
