The future of Brunei’s financial sector relies on sustainability, driven by an ecosystem that is ready to ride on the evolution of the digital economy.
These were some of the key takes during a discussion on ‘Developing the Financial Sector’ led by Autoriti Monetari Brunei Darussalam (AMBD) Acting Assistant Managing Director (Monetary Operations) Mardini bin Haji Eddie at the AMBD 10th Anniversary Seminar at The Rizqun International Hotel in Gadong yesterday.
During the discussion, past initiatives made by the central bank to the boost and develop the financial sector were highlighted, including Brunei’s ranking in the top 15 for Islamic Finance Development since 2016; issuance of Brunei Government Sukuk Al-Ijarah and the AMBD I-Bills; launch of Islamic window for capital market sector; launch of Financial Technology (FinTech) Regulatory Sandbox; the release of white paper on state of FinTech; signing of memorandum of understandings (MoUs) on financial intelligence, banking, capital market and fintech and also the continuous collaboration for green finance.
Mardini also highlighted efforts made by AMBD in ensuring a sustainable and dynamic financial sector in Brunei, including enabling the evolution of the digital economy while promoting digital payments; shaping Brunei’s FinTech ecosystem to meet the vision of becoming an Islamic FinTech hub; facilitating the continuing development of capital markets and promoting sustainable finance in line with Maqasid Al-Syariah.
In the discussion, the role of sustainable finance, which is a financial service that integrates environmental, social and governance (ESG) criteria into business or investment decisions for benefits of clients and society at large was also deliberated.
It was highlighted that by employing the strategy, it will help drive sustainable economic development, deliver long-term value for shareholders, society and the environment, mobilise resources needed for investments in climate mitigation and adaptation and help combat environmental and social challenges.
The discussion also highlighted Digital Payment Roadmap for Brunei Darussalam 2019-2025 launched by AMBD as part of its strategic initiatives to drive digital transformation in the country’s payments industry.
The roadmap, which sets out key strategies towards a Digital Payment Nation, is in line with the strategies presented in the Financial Sector Blueprint 2016-2025 and Brunei Vision 2035’s aspiration towards a dynamic and diversified economy. In the roadmap, AMBD expects a paradigm shift where there will be more integrated collaboration between AMBD and relevant stakeholders in developing platforms for digital payments that are safe, efficient and resilient.