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The Autoriti Monetari Brunei Darussalam (AMBD)
is a statutory body that acts as the central bank
of Brunei Darussalam. It was formed under the
Autoriti Monetari Brunei Darussalam Order 2010
and commenced operations in January 2011.
AMBD undertakes several core functions including
the formulation and implementation of monetary
policies, regulation and supervision of financial
institutions and currency management.
To address the pandemic’s impacts on the
economy, AMBD has been in active engagement
with key stakeholders including the Ministry of
Finance and Economy (MoFE) and the Brunei
Association of Banks (BAB).
Several interim measures were introduced to
alleviate the financial distress faced by local
businesses and individuals. They included an
agreement between AMBD and BAB to waive
online local interbank transfer fees and charges to
all bank customers from April 1 to October 1, 2020.
This was further extended to March 31, 2021.
In an effort to develop the country’s financial
services sector, AMBD launched the Digital
Payment Roadmap for Brunei Darussalam 2019-
2025 on January 21, 2019.
The document underlines key strategies to
develop digital payment services in the country
and transform Brunei into a “Digital Payment
Nation”. These strategies are in line with the
Financial Sector Blueprint 2016-2025 (FSBP),
which serves as a guide to the development of
Brunei’s financial services industry.
One of the roadmap’s key initiatives is to
develop a National Payment Hub that promotes
interoperability and easy access to consumers
and businesses in Brunei. Three key areas
have been identified by AMBD to achieve this
development.
The first key area requires the evolvement of
existing payment regulations to maintain stability
in the financial sector and promote collaboration
among market players. This will also allow
financial institutions and payment service
providers to improve their financial services in
the country.
Secondly, the roadmap aims to involve a greater
adoption of digital payment solutions to promote
market interoperability and encourage fair market
competition. New and innovative technology can
lower barriers to adoption and will offer secure
and cost-effective payment mechanisms for
acceptance of digital payments by merchants.
The last key area involves enhancing public
awareness and education with regards to digital
payments. The financial industry must work
together to empower consumers with digital
financial literacy, while enhancing cybersecurity
to build trust and protect the consumers.
With these key strategies, AMBD aims to drive
the digital transformation of the payments
industry, in line with the country’s aspiration
towards a dynamic and diversified economy.