Baiduri Bank received the prestigious ‘Best Retail Bank in Brunei 2024’ award by The Asian Banker, a leading provider of strategic intelligence in the financial services industry.
Baiduri Bank Chief Executive Officer (CEO) Ti Eng Hui and Deputy CEO of Consumer Banking Manuel Bulens attended the awards ceremony held in Hong Kong, as part of The Asian Banker Summit 2024.
The award – the second consecutive year the bank received it – underscores the bank’s outstanding retail performance largely attributed to its technological advancements and customer-centric initiatives.
This award comes at a particularly momentous time as Baiduri Bank celebrates its 30th anniversary this year. Reflecting on three decades of excellence, co-creation, and innovation, the bank’s recent achievements are a testament to its commitment to leveraging technology to enhance customer experience and drive financial success.
“The bank’s success is largely attributed to its pioneering artificial intelligence (AI)-led approach to credit risk management, becoming the first in Brunei to implement such a strategy. Partnering with Singapore-based FinTech company finbots.ai, Baiduri Bank has enhanced its credit risk management, especially in retail and small, medium enterprises (SME) lending, through the innovative AI-powered credit modelling tool, creditX.
“The collaboration highlights Baiduri Bank’s commitment to effectively leveraging technology to improve efficiency and customer experience,” Baiduri Bank said in a statement.
Among the bank’s digital innovations include its partnership with Temenos for cloud-based core banking services, making it the first bank in the Sultanate to operate its core platform in the cloud under a Software-as-a-Service model.
Several notable technological initiatives include the launch of Baiduri Qpay, a digital wallet enabling UnionPay Debit Cardholders to make seamless payments both locally and abroad, the introduction of the eMarketplace initiative, Maribali, provides a secure and convenient online platform for local micro, small and medium enterprises (MSMEs) to showcase and sell their products and services.
Baiduri Bank also maintained its issuer credit rating of A-/A-2 with a Stable Outlook from Standard and Poor’s Global Rating in July last year, highlighting the bank’s stability and reliability. The Asian Banker lauded Baiduri Bank for leveraging technology to enhance its retail service offerings that saw a significant revenue growth of 13 per cent, with an increase in customer base and robust performance in retail lending.
Speaking on the award, the bank’s CEO said, “This prestigious recognition for the second consecutive year is a testament to our unwavering commitment to innovation and excellence. Our ongoing investment in advanced technologies and customer-focused solutions drives us to continually improve and evolve. Celebrating our 30th anniversary this year, we are more committed than ever to enhancing our services to meet the changing needs of our customers and support their financial success.”
