by CIO Asia Staff

Brunei to become ‘digital payment nation’ by 2025

Dec 27, 2018
Financial Services IndustryTechnology Industry

The u2018Digital Payment Roadmap for Brunei Darussalam 2019-2025' will contribute to the growth of the fintech industry and the emergence of new financial products and services in the country

The Sultan Omar Ali Saifudding Mosque in Bandar Seri Begawan, capital of Brunei in Southeast Asia.
Credit: IgorP1976 / Getty Images

Autoriti Monetari Brunei Darussalam (AMBD), Brunei’s central bank, announced recently through a press release the development of a ‘digital payment roadmap’ aimed at driving digital transformation in the country’s finance sector.

Under the title ‘Digital Payment Roadmap for Brunei Darussalam 2019-2025’, the document lays out key strategies towards a ‘Digital Payment Nation’ in line with the strategies presented in the Financial Sector Blueprint 2016-2025 (FSBP) and Wawasan 2035’s (Vision 2035) aspirations towards a dynamic and diversified economy.

According to AMBD, the digital transformation strategies contained in the roadmap will focus on three key strategic areas, namely balancing regulation and innovation, adoption of an open digital payment, and public awareness and education.

“With the rise of the Fourth Industrial Revolution, the public has become more tech-savvy and technology has become embedded within society,” stated the press release.

AMBD expects a paradigm shift where there will be more integrated collaboration between the central bank and relevant stakeholders in developing platforms for digital payments that are safe, efficient and resilient.

The central authority declared that it will continue to strengthen and manage the industry’s technology risk and cybersecurity matters by providing regulatory guidance to financial institutions and conducting on-site and off-site assessments to monitor and supervise technology risk and cybersecurity in financial institutions.

Since its establishment in 2011, AMBD has made significant advances to lay the foundations for a modern payment infrastructure in Brunei.

Some of the authority’s key objectives are the reduction of cheques and cash payments while promoting electronic alternatives.

“The publication of the roadmap will guide all relevant stakeholders in the payment industry to rise to the challenge of becoming a digital economy and cater to the needs of the next generation,” AMBD added.