| Danial Norjidi |
THE Digital Payment Roadmap for Brunei Darussalam 2019-2025 developed by Autoriti Monetari Brunei Darussalam (AMBD) sets out key strategies towards a ‘Digital Payment Nation’.
The Digital Payment Roadmap was launched in an event that took place on January 22 at the Design & Technology Building in Anggerek Desa.
During the launch, it was revealed that online and mobile payments usage grew by more than 100 per cent in 2017 compared to the previous year. Over the same period, the usage of both debit and credit cards also increased, rising over 30 per cent with BND2 billion being spent.
Speaking as the chief guest at the launch event, Managing Director of AMBD Yusof bin Haji Abdul Rahman said that AMBD recognises the great potential for further development in this area, and has taken the opportunity to develop the roadmap to facilitate, enable and drive Brunei’s payments economy as part of a drive to turn the country into a Digital Payment Nation by 2025.
AMBD announced the development of the Digital Payment Roadmap in December 2018, where it was shared that the Digital Payment Roadmap is in line with the strategies presented in the Financial Sector Blueprint 2016-2025 (FSBP) and the aspiration of Vision 2035 towards a dynamic and diversified economy.
A press release highlighted that the digital transformation strategies contained in the roadmap focus on three key strategic areas: balancing regulation and innovation; adoption of open digital payment; and public awareness and education.
The first key area requires the evolvement of existing payment regulations to maintain stability in the financial sector, promote collaboration among market players as well as allow existing financial institutions and prospective payment service providers to develop innovative financial solutions in the country.
It was shared that the second key area involves greater adoption of digital payment solutions to promote market interoperability and encourage fair market competition. New and innovative technology can lower barriers to adoption and will offer secure and cost-effective payment mechanisms for acceptance of digital payments by merchants.
The third key area involves a collective effort between AMBD and the industry in enhancing public awareness and education geared towards building digital trust and market confidence towards the acceptance of digital payments.
The press release also noted that AMBD expects a paradigm shift where there will be more integrated collaboration between AMBD and relevant stakeholders in developing platforms for digital payments that are safe, efficient and resilient. It was added that this will enable the growth of financial technology and the emergence of new financial products and services.