Bank Islam Brunei Darussalam (BIBD) held a SME360 sharing session highlighting the importance for businesses to be proactive and innovative as well as make use of digitalisation to ensure the survival and growth of their businesses.
The session, themed ‘Enabling Businesses Digitally’ highlighted utilising the potentials of digitalisation to sustain and grow micro, small and medium enterprises (MSMEs).
Held on the sidelines of the Local Product Expo 2022 at BRIDEX Hall in Jerudong on December 4, the session also aimed at sharing the business journeys and success stories of four local SMEs who built their businesses under the guidance of BIBD SME360.
As part of BIBD’s commitment to being a Partner in Progress in the nation’s economic and social development, the bank aligns its efforts with Brunei Vision 2035 and the United Nations (UN) Sustainable Development Goals 2030, which the nation has been supporting since 2015.
Go Mamam CEO Hadi Wahab, Al-Huffaz founder Loqman Hamdan, of Fiziq Healthcare Services General Manager Hafiz Talip and IAM Food Farm Director Ellin Chong participated in the session.
The speakers shared their challenges during the height of the pandemic including issues such as supply chain disruptions, unstable cash flow which jeopardised the company’s stability, manpower retention and logistics problems.
Hadi said restaurant demands plumetted when the COVID-19 outbreak started which forced small companies to innovate and find effective ways to stay afloat.
This is where digitalisation played a big role in helping online food delivery services introduce platforms via website or mobile application to cater to demands in takeout orders keeping their operations steady during the pandemic.
Meanwhile, Loqman said the Al-Quran education centre was set up before the pandemic and briefly faced the daunting task of keeping the business alive as people began practicing social distancing and minimised physical interations. This necessitated schools and education centres to transition to online teaching and highlighted the potential of digital in helping create strong and sustainable business models.
Ellin expressed her optimism that Agritech farming will be highly digitised in the future and that the public will be conversant of its use, therefore financiers such as banks have the opportunity to support local farmers for expansion.
Hafiz underscored the importance of working with the right banker and efficient business support system such as the BIBD SME360 that is stable, proactive and is committed to facilitating the growth of local MSMEs.
“BIBD also shares business tips and ideas as well as provide guidance on how to expand our business. Another factor we highly take into considerations when working with the BIBD SME360 is the ‘Bruneian at Heart’ feeling which shows their genuineness and belief in our capability to grow from a small business to a larger establishment,” he said.
Established in 2016, and as part of BIBD’s commitment to propel SME development by addressing some common challenges, SME360 focusses on providing holistic and comprehensive assistance to small businesses through an experienced and dedicated relationship management team that acts as a trusted partner in their growth – improving access to finance and resources, providing relevant advice and guidance in digitising business.
Through the SME 360, BIBD offers to deliver comprehensive solutions that make banking more efficient, cost-effective and readily accessible to SME clients as well as creating long-term support and sustainable change through education, community and development of local entrepreneurs.
Products such as BIBD BizNet, the MSME Current Account and BIBD QuickyPay have helped fill gaps and improve the operations of MSMEs, in line with the bank’s objectives to serve MSMEs’ needs.
