Autoriti Monetari Brunei Darussalam (AMBD) today launched its Digital Payment Roadmap which is an outline of its strategies to transform Brunei into a “Digital Payment Nation” by 2025.
The seven-year plan was set to address three key strategic areas which include to balance regulation with innovation, adopt an open digital payment and spread its awareness to the public.
AMBD’s Managing Director Yusof Hj Abdul Rahman said that businesses have benefited from an increase in operational efficiency and productivity via the introduction of digital payment systems.
He said it has enabled them to redeploy their sources previously used for handling cash and cheques.
“In 2017, the usage of online and mobile payments has grown to over 100 percent from the previous year; the usage of both debit and credit cards have also increased at more than 30 percent with $2 million spend over the same period,” he said.
“While the migration to digital payment requires considerable investment and effort, the use of digital payment provides consumers with greater convenience and security while also allowing long-term cost-savings to providers,”
“In the long run, the same payment infrastructure will serve as the conduit for cross-border integration with other ASEAN markets, so that anyone in ASEAN can make secure payments throughout the region quickly, conveniently and at low cost,” he added.
Yusof however reminded that the adoption of digital payment onto Brunei will only accelerate once the necessary market infrastructure is introduced.
“Trust is a key success factor in building the digital payment ecosystem,” he said.
“This requires public education and communication as well as strengthened collaboration between the regulators, government, payment service providers (who may be banks or non-banks), telecommunication companies, retailers, businesses and consumers,” he added.
In heading towards such direction, the managing director said AMBD as a regulator will continue to protect consumer’s interest, while at same time underpin and encourage innovation among relevant stakeholders.
The launching ceremony held at the Design and Technology Building in Anggerek Desa began with a recitation of Surah Al-Fatihah, followed remarks from AMBD’s Head of AMBD’s Head of Payment and Settlement Systems Lim Shaw Fhen and the managing director.
The event then continued with a video presentation on the Digital Payment Roadmap before being concluded with a networking session.
Attending the event were officials from various government agencies, financial institutions, telecommunication companies, Fintech Firms and other relevant stakeholders.
The Bruneian | BANDAR SERI BEGAWAN