The financial landscape in the region is undergoing transformative changes, driven by technological advancements, evolving regulatory frameworks, and increasing global interconnectedness. These shifts are not an isolated phenomenon; they are interconnected gears in the complex machinery of the financial ecosystem.
This was said by 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 at the ASEAN Forum: The Future of Finance (incorporating 15th Annual Brunei Darussalam Roundtable) at Indera Kayangan Ballroom, The Empire Brunei yesterday.
His keynote address was read by Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid.
Dato Seri Setia Dr Awang Haji Mohd Amin Liew added, “Brunei, despite being small, has great potential for economic diversification and prosperity. The Sultanate has long been known for its commitment to Syariah and Islamic principles, and this extends to our financial sector as well.
“While we embrace Syariah-compliant finance and banking, we also recognise the importance of not limiting ourselves exclusively to it. Our goal is clear – to create a financial ecosystem that caters to a diverse range of customers, both institutional and retail.”
Themed ‘The Future of Finance’, this year’s ASEAN forum covered topics including environmental, social, and governance (ESG), digital currencies and assets, artificial intelligence, pensions and financial technology (FinTech).
Dato Seri Setia Dr Awang Haji Mohd Amin Liew said, “Our region faces a demographic shift with an ageing population. This makes the roadmap for pensions and investments not just a financial issue but a social imperative.”
The minister added, “As we move towards a more digital economy, the concept of digital currencies, issued by central banks is gaining attention.
“These have the potential to reshape financial transactions, offering benefits like speed, transparency, and security.
“They also bring up important considerations, such as data privacy and financial stability.
“It is wise to establish a regulatory framework that balances innovation with security.
“We must also not ignore the rising tide of cybercrime. Strengthening our cybersecurity measures is not an option but a necessity.” – Azlan Othman
