STANDARD Chartered Bank (SCB) and DARe (Darussalam Enterprise) signed a Memorandum of Understanding (MoU) yesterday at the SCB’s Head Office in the capital.
CEO-designate of SCB Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim and CEO of DARe Javed Ahmad signed the MoU.
Under this MoU, SCB will extend its Financial Education for Entrepreneurs Programme to micro, small and medium enterprises (MSMEs) in Brunei Darussalam with DARe.
Pengiran Aki Ismasufian in his opening remarks said, “The lack of financial education is a key barrier to financial inclusion especially among vulnerable populations such as youth, women and micro and small businesses. Financial education is aligned with the bank’s core business. The bank can bring more than financial resources to the community; it can leverage its people and expertise which will multiply its potential impact.
“We seek to foster greater financial understanding and opportunity in the markets where we operate and to demonstrate our ‘human’ values. We recognise that the security, prosperity and stability of our financial systems, communities and economies depend on well -educated, financially capable young people and entrepreneurs.”
The CEO of DARe shared that, “Lack of financial knowledge is one of the weaknesses we have identified missing with our MSMEs, whether they are about to start or are already running the business, the component of being knowledgeable about how to price your products or even how to do cash-flows and accounting are important to know beforehand and not after you have run the business for years on end.”
He added, “After much study and visits conducted by the DARe team, we have seen a lack of this knowledge and with the curriculum that will be shared by SCB, we hope the businesses we train under DARe’s Industry Business Academy will be able to increase their financial knowledge.”
Through the MoU, SCB will formally share its global curriculum Financial Education for Entrepreneurs programme and materials with DARe.
With the training received through SCB, DARe aims to increase the knowledge of not just local businesses but also DARe staff who will be conducting trainings to businesses on the modules mentioned.