Standard Chartered’s international network and presence is a key strength and differentiator for its Bruneian customers.
The bank has been serving Brunei for 60 years now and is the only bank to have a presence in all Asean countries, providing a bridge for companies looking to expand their businesses out into the region.
The depth of Standard Chartered’s network means it boasts an impressive client portfolio made up of the majority of global subsidiaries in Brunei. On the cor- porate and institutional banking front, their strength lie in transactional banking, while they also have a competitive line of credit card offerings and wealth management products.
In recent years the bank has played a key role in facilitating several large-scale foreign direct investment (FDI) projects and will continue to encourage further economic activity in the country, using the stability, infrastructural development, location, high standards of education and digital connectivity of Brunei as a selling point.
Using its network, Standard Chartered proudly pro- motes the Brunei brand abroad and facilitates the on-boarding of offshore clients looking to setup in the country, equating to potential growth. A strong balance sheet means they can also work with local institutions to offer financing while continuing to play a lead advisory role with their government stakeholders.
In line with Brunei Vision 2035, one of the bank’s key strategies is developing financial literacy and invest- ment knowledge to help drive the diversification aspirations and digitalisation agenda. They were the first bank in Brunei to introduce biometric login fea- ture on their mobile banking app to make customers’ banking experience more seamlessly convenient.
In terms of Islamic banking, Standard Chartered’s subsidiary, Saadiq, is one of the largest in the region and the bank is exploring a selection of products, including Islamic wealth management, with the hopes of introducing them to their client base in the near future.
Standard Chartered are also advocates of the impending establishment of a stock exchange in Brunei, with a spokesperson stating that it ticks some of the boxes as an indicator of financial devel- opment for the country, and also opens up options for companies, local and foreign, to seek out capital growth and financing options.
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