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Kingdom joins ASEAN securities plan
Tue, 16 March 2021
The newly-renamed Securities and Exchange Regulator of Cambodia (SERC) and its nine capital-market-regulator counterparts in ASEAN on March 15 signed a new five-year Action Plan 2021-2025 for the development of the sector.
The plan was signed during the 34th ASEAN Capital Markets Forum (ACMF) hosted via video link by Bruneian central bank Monetary Authority of Brunei Darussalam, which also regulates capital markets in the small country on the island of Borneo, ACMF said in a press release.
“The action plan builds on ACMF Action Plan 2016-2020, and was developed with feedback from capital market participants and other stakeholders to ensure [its inclusivity and relevance], particularly amid the new normal.
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Fintech Sector in Brunei Is Growing Steadily as Demand for Remittance Services and Better Credit Solutions Rises: Report
December 23, 2020 @ 11:38 pm By Omar Faridi
Brunei’s Fintech sector continues to grow steadily due to the rising demand for digital financial services and its government’s push to encourage its residents to use modern payment methods.
Brunei has the second-highest (after Singapore) human development index or HDI (which measures the overall quality of life of a nation’s citizens by taking into consideration factors like the quality of healthcare and education services offered) among Southeast Asian countries. Brunei is still, however, classified as a developing country. But the IMF has ranked Brunei 5th in the world in terms of GDP per capita at purchasing power parity.
Though still in its early stages, Brunei Darussalam’s fintech ecosystem is developing quickly on the back of rising demand for low-cost fintech products, increasing number of entrepreneurs and startups, and supportive government initiatives, according to a new report by the Monetary Authority of Brunei Darussalam (AMBD).
In a report titled The State of Fintech in Brunei Darussalam: Year 2020, the central bank provides an overview of the state of fintech in the Southeast Asian country, outlining the major fintech developments that have occurred over the past couple of years.
In particular, the paper cites the numerous market drivers that are setting a favorable environment for fintech to thrive. These include rising demand from banks for fintech services in customer acquisition as well as loan dispersion, as well as the relatively low level of loans being granted, which indicates potential unmet consumer demand for credit.