Financial Bootcamp equips participants with knowledge, skills for the real world

|     Danial Norjidi     |

AUTORITI Monetari Brunei Darussalam (AMBD), in colla-boration with Employees Trust Fund (TAP), Brunei Association of Banks (BAB), Brunei Insurance and Takaful Association (BITA), Brunei Darussalam Capital Markets Association (BCMA), and Financial Planning Association of Brunei Darussalam (FPAB), held the first Financial Bootcamp from June 26-28 at the Ministry of Finance and Economy building to mark National Savings Day 2019.

Acting Deputy Managing Director of Regulatory and Supervision at AMBD Hajah Rashidah binti Haji Sabtu officiated the event.

According to a press release, the Financial Bootcamp is a three-day programme designed to encourage students in universities and higher educa-tion to innovate the creation of financial products relevant to the financial industry in Brunei Darussalam, while taking advantage of technological advancements.

As an introduction, participants received insights from AMBD on the Digital Payment Roadmap, a strategic initiative developed by AMBD to drive digital transformation in the payment industry in Brunei Darussalam, and the importance of cybersecurity while levering on technology.

The participants also received guidance from experts on financial planning and different types of financial products, including banking products and services, as well as insurance and investment vehicles.

A participant receives his certificate
Participants during the first day of the Financial Bootcamp. – PHOTOS: AMBD

With the guidance of mentors from various financial institutions, the participants went through multiple rounds of business-pitching to present their ideas and innovation in a concise manner within the allocated time, giving them a taste of pitching in the world of finance.

The topics pitched included the development and application of financial products, and addressing the challenges and issues of current financial products in Brunei Darussalam.

After the pitching session, certificates were presented to the participants by Acting Assistant Managing Director of Corporate Services Hajah Sufinah binti Haji Sahat.

The overall aim of the Financial Bootcamp is to equip the participants with the relevant financial knowledge and skills before entering the workforce, while also fostering engagement between financial institutions and consumers on product development to ensure that the financial industry in Brunei Darussalam will be better equipped to meet the needs of the public.

The winners of the Financial Bootcamp will be announced during the Financial Fun Fair in August, while cash prizes will be deposited into their savings accounts to instil good saving habits and cultivate a healthy financial lifestyle.

In addition, the final concept of the financial products may be considered for use by financial institutions.