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BANKING & FINANCE
AMBD aims to encourage home ownership,
particularly for borrowers with a net monthly
income of BND1,750 and above, and to have
wider options in making home purchases. AMBD
also aims to stimulate the domestic property
market through increased bank lending, which
can contribute to economic growth, in line
towards realising Brunei Vision 2035.
As the regulator and supervisor of the financial
sector, AMBD continues to monitor the
effectiveness of its regulations to ensure that
they are in line with the current economic and
market environment.
Financial Sector Blueprint
In line with Brunei Vision 2035, AMBD
published the Brunei Darussalam Financial
Sector Blueprint (FSBP) 2016 – 2025. The FSBP
guides the development of Brunei’s financial
sector. AMBD will work with ministries and
stakeholders to reach the objectives of Brunei
Vision 2035.
The Brunei Association of Banks (BAB) praised
the FSBP published by AMBD. On behalf of
BAB members, Managing Director of BIBD and
Chairman of BAB Mubashar H Khokhar said, “It
is indeed reassuring to witness a complete and
thorough reflection of the vision for the financial
sector of Brunei as engendered by The Financial
Sector Blueprint. The BAB holds this initiative
in great respect and is fully aligned to and
supportive of its policy framework, initiatives
and recommendations. This indeed provides
a complete framework for the progress of the
financial sector, and BAB and its members are
committed to seeking guidance from it for the
future.”
Digital Payment Roadmap
Usage of online and mobile payments is growing
rapidly in Brunei. Between 2016 and 2017, there
was a 135 per cent increase in mobile application
banking. A similar figure was recorded for
Internet banking, while card usage recorded a 33
per cent increase.
In December 2018, AMBD announced they had
developed the Digital Payment Roadmap for
Brunei 2019-2025. This development is part of
AMBD’s initiatives to grow the digital payment
industry in Brunei.
The roadmap sets out key strategies towards
a ‘Digital Payment Nation,’ in line with the
Financial Sector Blueprint 2016-2025 and Brunei
Vision 2035’s aspiration towards a dynamic and
diversified economy.