Bank Islam Brunei Darussalam (BIBD) is committed to transforming its business model into a digital-first bank 4.0, with an ambitious timeline starting from 2025. By the end of the decade, BIBD’s aims to have a majority of its customer relationships, including new onboarding, cards, savings accounts, financing, securities, and other financial services, conducted digitally in a unified applications ecosystem.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, Chairman of BIBD Group, highlighted the bank’s commitment towards full digital transformation yesterday at the launch of BIBD At-Tamwil Berhad‘s Olive mobile app, the first of its kind offering digital signature and digital contract.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “This digital transformation will enable us to provide our customers with greater convenience, security, and accessibility to our financial services, promote inclusivity, while ensuring that we remain at the forefront of an evolving banking industry that’s rapidly turning digital.”
He added, “We will continue to enhance our system to modernise and adopt the highest global standards for safety, security, and availability by 2025. These advancements will help BIBD to expand and synchronise its operations outside Brunei.”
The name ‘Olive’ was chosen to symbolise tranquillity, trust, and reliability.
The minister said, “The current Olive application will be enhanced further to allow BIBD customers a range of benefits which we will gradually release throughout the different phases of Project Olive, such as providing contextual recommendations and financial planning to customers across entities within BIBD Group. Olive will be able to offer personalised recommendations that meet customers’ unique needs and preferences.
“This will not only help BIBD customers make more informed financial decisions but also foster a deeper relationship and engage customers in meaningful ways.”
The current version of the Olive app is already able to offer real-time financing approvals and process financing applications quickly and accurately, providing BIBD At-Tamwil customers with instant feedback on their eligibility for financing, saving customers’ time and enhancing their experience.
BIBD At-Tamwil Berhad Chairman as well as BIBD Managing Director and Chief Executive Officer Junaidi bin Haji Masri said, “Our digital transformation journey has been aligned with Pillar III of the Brunei Darussalam Central Bank’s (BDCB) Financial Sector Blueprint 2016 – 2025, focusing on strengthening information technology infrastructure and cybersecurity resilience, including the objective of building an e-payment economy. “BIBD is committed to supporting the national objective of transitioning to a digital age, as laid out in the Digital Economy Masterplan 2025 developed by the Brunei Digital Economy Council.”
With the launch of the Olive mobile app, BIBD At-Tamwil Berhad is the first financial institution in Brunei to use electronic ‘Know Your Customer’ (eKYC) non-face-to-face customer onboarding technology, allowing customers to open an account, apply for financing or transact digitally without having to be physically present at the counters. – James Kon
