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Borneo Bulletin Yearbook 2023
Financial Services
Instead of paying by cash, making
payments online is becoming the
choice for many consumers around
the world due to its convenience. In
Brunei, more businesses are accepting
cashless payments beyond debit and
credit cards such as Progresif Pay,
QuickPay and Pocket.
Brunei’s first ever mobile wallet
Progresif Pay was introduced in 2018,
followed by BruPay. In the same year,
Bank Islam Brunei Darussalam (BIBD)
launched its QuickPay service which
enables consumers to make payments
simply by scanning a QR code.
Meanwhile, Pocket is the first cashless
payment mobile app in Brunei capable
of linking multiple bank cards, allowing
users seamless payment to Pocket
merchants.
In 2021, DSTPay was launched as a
mobile wallet app in collaboration
between Baiduri Bank, DST and
UnionPay. DSTPay is both Baiduri and
UnionPay’s first QR code payment
solution in Brunei. The app also marks
UnionPay International’s (UPI) first
mobile wallet in Southeast Asia that
features a tripartite collaboration of a
bank, telco and international payment
network.
As one of the largest financial
institutions in the country, BIBD has
always been committed to supporting
the development of local start-ups.
The bank’s SME360 platform is a
comprehensive banking solution that
complements the needs of businesses.
It provides access to a dedicated
relationship
management
team,
financial solutions as well as digital
payments, in support of the nation’s
drive towards becoming a Smart
Nation powered by a digital economy.
BIBD Mastercard Payment Gateway
Services are also offered to micro,
small andmediumenterprises (MSMEs)
wishing to receive digital payments,
which is particularly useful for start-
ups who hope to scale up and offer
their services beyond the local market
where the bank offers this at little to
no cost, along with existing digital
payment solutions such as QuickPay
and physical credit card terminals.
In
addition
to
BIBD,
Baiduri
MerchantSuite (by Linkly) is an
affordable, secure platform specially
designed to allow businesses to accept
payments online without having to
build an expensive e-commerce
website. With the ability to process
Among other projects, these act
as toolkits for the GLCs for the
steady improvement of systems and
processes as Darussalam Assets
continues to ensure adoption of best
practices across the group, and to
increase the group’s capacity and
capabilities.
With the borders open again,
Darussalam Assets continues to advise
its GLCs with strategies to move
forward and beyond. Darussalam
Assets will continue serving its role as
the strategic owner of Brunei’s GLCs as
part of its contribution towards Brunei
Vision 2035.
Darussalam Assets will continue
striving to champion economic
development,
effect
economic
diversification and generate gainful
employment opportunities within the
Darussalam Assets Group, business
community and the private sector as
a whole.
Darussalam Assets will also continue to
work alongside relevant government
agencies to improve the sector
strategies of industries in which its
companies operate in, with a view to
enhance service efficiency, accelerate
innovation by leveraging on Brunei’s
journey towards becoming a Smart
Nation, and to turn its companies into
world-class corporations.
Darussalam Assets continues to invest
in opportunities that are consistent
with long-term structural trends,
hoping to catapult local industry
players to international standards.