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BANKING & FINANCE
BIBD NEXGEN
This pioneering mobile payment platform was
further expanded when BIBD NEXGEN was
launched in 2018. Boasting infinity of possibility
for a digital banking revolution, the BIBD
NEXGEN platform fully supports Brunei’s smart
nation initiatives and the Authoriti Monetari
Brunei Darussalam’s (AMBD) digital roadmap
to encourage and utilise a digital payment
ecosystem to embrace a digital transformation
that provides benefits to both users and payment
service providers.
Towards this goal, BIBD has introduced a
range of game-changing innovations for Brunei,
including BIBD NEXGEN Wave for Near-Field
Communications (NFC) contactless payments,
BIBD QuickPay for QR code payments, BIBD
vCard or Virtual Mastercard, its Mastercard
Contactless and Visa payWave – which makes
up its suite of BIBD NEXGEN solutions.
Aligned with Brunei Vision 2035, BIBD NEXGEN
showcases the bank’s intent to transform
conventional banking to the fintech age, creating
that branchless banking proposition.
Partnering to create Brunei’s first telco
mobile wallet
Powered by the BIBD NEXGEN platform,
Progresif Pay was introduced in May 2018 as
the result of a collaboration between BIBD and
local telco, Progresif. It enables consumers
and businesses in Brunei to carry out cashless
transactions with their smartphones similar to
popular e-wallet apps like China’s AliPay and
Malaysia’s MPay. The digital wallet comes with
a co-branded Virtual Mastercard and can also be
used to pay bills, transfer money to friends and
family members and for online purchases, all
without the need of a bank account. The mobile
application was updated in November 2019 and
received major improvements and additions of
features including QuickPay, eCredits and ‘Tap
and Go’ (BIBD Wave).
Seeking more alliance to drive
branchless banking aspiration forward
Progresif Pay is one example of a successful
alliance between a local bank and a telco
provider that promotes BIBD’s branchless
banking initiative, and BIBD is keen to expand
and explore similar partnerships within and
beyond Brunei as the bank shifts up a gear to
further drive its branchless banking ambition.
BIBD’s Chief Operations Officer Dr Gyorgy Ladics
said, “The cooperation between BIBD and
Progresif brings a unique value proposition to
the customers in Brunei and a great example for
creating digital customer proposition using the
strength and values of both companies.”
Cashless Campus Initiative
Leveraging on the BIBD NEXGEN platform,
BIBD has been able to build upon its branchless
banking initiatives and partner with local
tertiary education institutions to roll out mobile
payment solutions on campus grounds. Students
from Universiti Brunei Darussalam (UBD) and
Universiti Teknologi Brunei (UTB) can now use
both Progresif Pay as well as the BIBD NEXGEN
Wallet app to make cashless payments for a
variety of transactions. Dr Ladics said, “We
made sure to include features such as BIBD
QuickPay, eCredits and BIBD Wave, as these
are the features that will help create a cashless
campus. BIBD QuickPay is a key enabler that
allows students to pay cashless while eCredits
will help them to buy things online. This is a
simple solution designed for day to day needs
and provides users with easy access to financial
services through a digital app. All you need is a
local sim card.” Furthermore, he said that the
app comes with top security features which
includes biometric, OTPs and PINS, testament to
the bank’s top priority in security and safety of
customers and Bruneians.
Promoting financial inclusion and
inculcating a digital payment culture
As the largest bank in a country which serves a
large number of the young population, BIBD will
continue to innovate their products and services
to ensure financial inclusion at an early stage,
as a pathway to support the nation’s aspiration
towards a Smart Nation.
As Brunei Vision 2035 entails the development
and creation of highly skilled human assets, BIBD
remains committed to inculcating the culture of
digital payments among Bruneians.
BIBD Managing Director and CEO, Mubashar
Khokhar said, “Whilst we have placed efforts
into encouraging the adoption of a digital
Bruneian economy via our own technologies that
has resulted in more than 150,000 BIBD NEXGEN
Banking users, we remain cognizant of the need
to go further and evolve if we were to create
more impact for a truly digital economy.”
He added, “BIBD remains committed to
collaborating with the relevant government
agencies in being Brunei’s economic Partner
in Progress. BIBD’s key aim is to partner
with industries beyond the financial sector,
and to empower these sectors with banking
and payment capabilities for better financial
inclusion, which is in full support of Brunei’s
Smart Nation initiative and the goals of Brunei
Vision 2035.”