Sunday, February 25, 2024
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DigiCon 2023 sets the stage for the future

The Olive Digital Innovation Conference (DigiCon) 2023, hosted by Bank Islam Brunei Darussalam (BIBD) held in conjunction with its 30th anniversary yesterday held at International Convention Centre in Berakas, exemplified inclusivity and showcased the opportunities that arise from transformative technologies, underlining BIBD’s Group’s unwavering commitment to innovation in the financial sector.

The DigiCon 2023 is a crucial part of BIBD Group’s digital transformation journey and sets the stage for a future where industry leaders and the community can explore and understand the evolving landscape of the Industrial Revolution 4.0 (IR4.0) and Bank 4.0. With over 900 attendees, the conference provided a platform for in-depth discussions, focusing on the bank 4.0’s digital progress, particularly in the areas of cybersecurity and data protection.

The event also marked the official launch of the Project Olive Journal, which delves into digital banking and its compatibility with Islamic finance principles, written by Chairman of BIBD Shariah Advisory Body Associate Professor Dr Abdul Nasir bin Haji Abdul Rani and Deputy Managing Director, Head of Retail Banking and Chief Information Officer of BIBD Irwan  bin Lamit.

At the event, 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, as the Chairman of the BIBD Group delivered a keynote speech outlining the pivotal transformation in the BIBD Group’s history. A second keynote speech, ‘The Great Transition’ was delivered by The Asian Banker Chairman Emmanuel Daniel discussing on the evolution of the banking industry, with a particular focus on personalisation.

The conference featured four main forums, each addressing critical aspects of the digital transformation. Forum 1, titled Bank 4.0, explored how traditional banks are redefining themselves in the era of IR4.0, and examined the challenges and opportunities in creating personalised customer experiences. Forum 2, ‘Zero Trust Approach and Fraud Prevention’, was dedicated to addressing cybersecurity challenges in the banking industry, particularly focusing on financial fraud prevention and enhanced security measures.

Forum 3 focusing on ‘Personal Data Protection in the Digital Age’, delved into how banks and financial institutions ensure compliance with the emerging Personal Data Protection Order (PDPO). Meanwhile, Forum 4, ‘Advancing Local and Cross-Border Payments’, examined how local banks can embrace advancements in digital payment technologies to make both local and international transactions faster, cheaper, safer, and more convenient. The forum discussed the latest innovations in payment systems and their impact on local and cross-border financial transactions.

DigiCon 2023 hosted 15 exhibitors from various industries, showcasing digital products. – Rokiah Mahmud

ABOVE & BELOW: The Asian Banker Chairman Emmanuel Daniel during the keynote speech; and exhibits during the Olive Digital Innovation Conference 2023. PHOTO: RAFI ROSLI