DST, Brunei’s largest telecommunications provider, and Baiduri Bank, Brunei’s largest conventional bank, were set to launch an e-wallet nationwide following thesigning of Memorandum of Understanding (MoU) yesterday.
Acting Chief Executive Officer (CEO) of DST Radin Sufri bin Radin Basiuni and CEO of Baiduri Bank Ti Eng Hui signed the MoU at the DST Headquarters in Tungku Link.
The partnership will allow Baiduri Bank, the country’s largest issuer of payment cards with the largest merchant base in Brunei and DST, a telecommunications provider with the country’s largest mobile subscriber’s base, to share resources and create the largest digital payment ecosystem in Brunei with connectivity to regional and international payment platforms.
This means that DST mobile phone users will be able to pay for goods and services using the digital payment feature on their phones locally and internationally.
Subject to approval from the authorities, the e-wallet is set for launch in the second quarter of next year. It uses near-field communication (NFC) technology that will allow users to pay at card terminals by ‘tapping’ their phones as well as through scanning a QR Code.
Once launched, it will be available to all new and existing DST subscribers and accepted nationwide at over 2,000 Baiduri Bank merchant outlets.
The e-wallet can also be linked to a regional payment platform so that customers can use the e-wallet overseas.
Radin Sufri said, “We hope this will become a game changer for both DST and Baiduri Bank in enabling our generation to achieve Smart Nation. We want our customers to be able to enjoy the ease and familiarity of using their mobile wallets within both DST’s and Baiduri Bank’s wide reach of merchants. We look into enhancing the payment experience for our customers collectively and see a tremendous opportunity to drive the adoption of mobile payments to support Brunei Vision 2035 push towards a dynamic and sustain- able economy.
“This also matched DST’s larger road map to evolve from a telecommunications company into a provider of integrated and mobile services. DST decided to take the role in mobile payment with tremendous support from Baiduri Bank. Using our phones to “shop and go” without having to reach for a physical wallet, customers are on the verge of a seamless era. Our goal is to create an intelligent ecosystem for mobile payment and commerce alongside our partners, customers and users.”
Ti said, “We are pleased that DST has chosen Baiduri Bank to work on this very important project. Through synergies from two successful Bruneian companies, more opportunities are created for greater commercial efficiency and improved consumer experience, thus contributing to the enhancement of the payment eco-system in this country.”
The collaboration further strengthens the relationship between Brunei’s leading mobile operator and Brunei’s best retail bank in identifying potential payment solutions that will benefit both consumers and merchants, offering greater freedom and flexibility.
Deputy CEO of Baiduri Bank Pengiran Azaleen bin Pengiran Dato Haji Mustapha and the management teams of both DST and Baiduri Bank were present to witness the MoU signing.