The resilience of Brunei Darussalam’s financial sector in addressing emerging risks is vital to support the nation’s evolving economy, Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid said.
As part of its broader mandate, the Brunei Darussalam Central Bank (BDCB) remains steadfast in its commitment to strengthening the resilience of the financial sector while upholding public confidence with the implementation of a balanced regulatory and supervisory framework aligned with international standards and best practices, he said in his keynote address at the opening ceremony of the 27th ASEAN Insurance Regulators’ Meeting (AIRM) and the 50th ASEAN Insurance Council (AIC) Meeting hosted by Brunei Darussalam yesterday.
Dato Seri Paduka Haji Khairuddin, who is also chairman of BDCB’s Board of Directors said, “The framework effectively addresses the complexities of our financial system which encompasses both conventional and Islamic institutions as well as foreign banks and insurers, many of which originate from the region.”
Given the size of Brunei’s market, he stressed that “the importance of inter-agency cooperation and stakeholder engagements cannot be overstated as it ensures a unified approach in addressing emerging issues”.
He added, “Guided by the Financial Sector Blueprint, the central bank has been actively engaging key stakeholders and the industry through various initiatives including digital transformation and cybersecurity.
“BDCB, through initiatives such as the FinTech Regulatory Sandbox, is also encouraging new entrants to participate in this space. We are looking forward to the launch of the retail payment hub, led by the National Digital Payments Network which will unlock new opportunities aligned with the country’s digital economy initiatives.” – James Kon
