Wednesday, June 26, 2024
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Brunei Town

Supporting the nation through innovation

Adib Noor

The Universiti Teknologi Brunei (UTB) Project Showcase 2022 launched yesterday, themed ‘Transformation through Project Experimentation’, put a spotlight on the innovative final projects of its students.

One such project was a study – and possible implementation – of financial technology (FinTech) in Brunei Darussalam by a final year student from UTB School of Business, Applied Economics and Finance programme, Renee Goh Suk Cheng.

“Today I’m showcasing my study, which was aimed at determining whether the FinTech development had contributed to China’s economic growth from 2011 to 2020, and to see the possibility of its implementation in the Sultanate,” she said.

FinTech is the use of computer programmes and other technology to enable financial services, such as the sending and receiving of payments, Goh explained.

She added that according to the study and references, there is a correlation between the rate of growth of FinTech and broadband Internet subscribers (PRBSI) with growth in gross domestic product (GDP).

ABOVE & BELOW: Students Renee Goh Suk Cheng and Muhammad Aziz Safwan bin Zalidin show off their projects. PHOTOS: ADIB NOOR

“FinTech is gaining prominence globally and statistical evidence highlights FinTech’s contribution to the economy,” she said.

She also said, “Most FinTech activities are taking place in the United States, United Kingdom and China. With China as the largest market in the digital payment sector, digital payment services have grown to become the largest segment and driving force of the FinTech industry.”

Finance aside, UTB students also attempted to find ways to innovate the country’s existing sectors, specifically agriculture.

Student undertaking electrical and electronic engineering programme at UTB Muhammad Aziz Safwan bin Zalidin showed off his ‘Smart Farming: Growing System’ project.

The student’s final year project introduces innovations to farming by utilising easily accessible automatic growing systems with the use of hydroponics.

“The system significantly reduces the need for manpower and land,” he said.

The engineering student’s working model also showed that his system could work on a larger scale.

“Everything can be accessible on a connected computer, which can monitor the pH levels and other variables needed for a successful growth, while alerting farmers when changes are required,” said Muhammad Aziz Safwan.