The Employees Trust Fund (TAP) received the Most Improved Pension Fund (ASEAN) award at ‘The 2nd ASEAN Forum: The Future of Finance’, held at The Empire Brunei yesterday.
Asia Asset Management founder and publisher Tan Lee Hock handed over the award to Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the opening ceremony.
Tan, in his welcoming remarks said, “We are seeing how the world of finance is coping with the issues and challenges of today.”
He emphasised on the issue of climate change and COP29 by highlighting that the United Nations (UN) conference on climate change will take place in November, this year, in Baku, Azerbaijan, where the world is looking at how much progress can be made towards enhancing climate financing and commitments.
“The current arrangements are for developed countries to provide up to USD100 billion to developing countries to support sustainable transitions but this is evidently not enough,” he said.
In the area of pension reform, he said, “We are seeing new initiatives being launched and these moves are aimed at addressing the need to improve coverage and benefits for an ageing population.”
Tan said he is pleased to see the progress of the new National Retirement Scheme (SPK) system introduced in the Sultanate last year with enhanced features and benefits to provide a better and improved level of retirement income.
The event continued with a keynote address by Dato Seri Setia Dr Awang Haji Mohd Amin Liew.
The forum was organised by Asia Asset Management (AAM), in collaboration with the Brunei Institute of Leadership and Islamic Finance (BILIF) with support from Brunei Darussalam Central Bank (BDCB) and Brunei Capital Market Association (BCMA).
It was held in conjunction with the 16th Annual Brunei Darussalam Roundtable, attended by local and international industry practitioners, as well as the public. The forum, themed ‘The Future of Finance’, explored key themes that shape the financial landscape and will have far-reaching implications for businesses and the society.
Amid the accelerating Industrial Revolution 4.0, the adoption of new technologies, including the increasing influence of artificial intelligence (AI), alongside evolving global trade dynamics and intensifying climate challenges, are new forces now underway that will have a bearing on the world of finance.
Discussions also centred on Islamic finance, a vital component of the financial sector, with a focus on its issues, challenges and progress within the ASEAN region.
The event included presentations and panel discussion. The forum concluded with closing remarks by BILIF Acting Chief Executive Officer Haji Afero Eswandy bin Haji Mohamad, who emphasised the significance of the ongoing discussions on the key themes can foster collaboration and innovation.
He expressed optimism that the ongoing engagement will enable participants to drive transformation and achieve a lasting impact. – James Kon
