With technology, banks can expand their services. Other than online payments, bank clients can open accounts as well as apply loan online. With digitalisation, banks are able to reach more people especially small and medium enterprises (SMEs) and entrepreneurs and offer services as well as guide new businesses on financial awareness and proper book keeping.
This was said by representative of Brunei Association of Banks and Baiduri Bank Head of Corporate Banking Department Leonard Lee during the panel discussion ‘The Future of Brunei Industries’ as part of Economy Week of the Brunei Mid-Year Conference and Exhibition 2022 (Brunei MYCE 2022) yesterday.
Other panellists were Brunei Darussalam Central Bank (BDCB) Assistant Executive Director (FinTech) Haji Mohd Khairul Zaki bin Haji Mohidin, EVYD Technology Head of Public Health Surveillance Programme Dr Mohammad Fathi bin Dato Paduka Haji Alikhan and Brunei Fertilizer Industries Sdn Bhd (BFI) Head of Support Services Nur Raihan binti Dato Paduka Haji Mohd Rosli.
The panellists agreed that with the current advancement in technology, the future of Brunei’s industries looks positive.
Haji Mohd Khairul Zaki said digitalisation has led to the development of the Financial Technology (FinTech) Regulatory Sandbox – a platform which gives the opportunity for qualified FinTech companies to test and experiment their products and innovation in a flexible regulatory environment for a limited period within set boundaries.
Access to the sandbox has allowed more FinTech companies to develop their products and further reach their goals.
Nur Raihan shared that technology has played a major impact in developing Brunei’s own fertiliser industry from development to operations. She said with modern technology, more individuals are able to enter and be involved in the industry, especially women in a traditionally male-dominated field.
Dr Mohammad Fathi shared that the BruHealth app is proof of the advancement of data collection and its effectiveness. He said with the Sultanate entering the Endemic Phase, the app will evolve to become a wellness app accessible to everyone.