Baiduri Bank was recognised as the ‘Best Bank in Brunei 2023’ by United Kingdom-based financial publication Euromoney, making it the second consecutive year the bank gained the accolade.
Baiduri Bank Chief Executive Officer (CEO) Ti Eng Hui attended the awards ceremony at The Conrad Hong Kong, as part of the Euromoney Awards for Excellence 2023.
The bank’s Head of Group Treasury and Institutional Banking Awangku Nor Muhammad Nizam bin Pengiran Haji Tengah and the bank’s Head of Group Strategic Marketing and Communications Ng Yick Wei were also present.
Euromoney stated that, “Baiduri Bank remains the standout bank in Brunei. This is not just down to its solid financial growth but also because of its commitment to digitalisation, which has enhanced its capabilities in everything from data analytics to customer service.”
In 2022, net profits at Baiduri Bank grew 12.1 per cent year-on-year to BND65.6 million, while return on equity rose to 12.77 per cent.
The bank began its digital transformation journey in 2020 but accelerated its efforts in 2022.
In September 2022, the bank launched Baiduri b.Digital Business, an all-new digital banking service for businesses, followed by feature enhancements to its personal banking platform.
The bank also rolled out Qpay, the latest in its digital offering, allowing its UnionPay Debit Cardholders to scan and pay at participating outlets quickly.
Euromoney also commended Baiduri Bank for strategically building its internal capabilities as part of its digital transformation journey.
“Crucially, CEO Ti Eng Hui has been unafraid to launch disruptions from within. In November (2022), the bank signed an agreement with Temenos to run its core banking service on a software-as-a-service (SaaS) platform in the cloud – the first bank in Brunei to do so,” added Euromoney.
Baiduri Bank also worked with Accel-backed finbots.ai, a Singapore headquartered business-to-business SaaS financial technology firm, to modernise its credit risk management using artificial intelligence (AI). The bank has been actively deploying other emerging technologies under its Fintech and DevOps units, including Robotic Process Automation (RPA) and new microservices, to help automate existing workflows and increase operational efficiency.
Ti said, “It is an honour for us to once again be named Brunei’s Best Bank by Euromoney in 2023. This recognition is a testament to the success of the strategy we set, and the dedication of our team in delivering sustainable results despite challenging market conditions.”