Since Islamic banking was first introduced in the country back in the early 1990s, it has played a significant role in the Sultanate’s banking industry.
The Brunei Darussalam Financial Sector Blueprint 2016-2025 (FSBP) published by Autoriti Monetari Brunei Darussalam (AMBD) in 2016 identifies core areas where the financial services sector can act as an enabler for growth in the country, one of which is expanding Brunei Darussalam’s Islamic finance capabilities.
The FSBP shares that a key focus of financial sector development is the strengthening of Brunei as an international Islamic financial hub. According to the blueprint, Brunei has affirmed the growing prominence of a more diverse foreign presence and the higher level of foreign participation in the domestic Islamic financial markets, particularly in the Sukuk and Takaful market.
Furthermore, initiatives will be put in place to accelerate the internationalisation of Islamic Finance, establishing a more significant role for the financial system in the intermediation of international financial flows. This will involve the introduction of more innovative Syariah-compliant financial products and services that will meet the more diverse global demands for Syariah-compliant financial solutions.
The global Islamic finance industry is poised to play a pivotal role in the wider global economy. With Syariah-compliant financial assets in excess of USD2.4 trillion, the industry is forecast to grow to USD3.8 trillion by 2023. In respect to this, Bank Islam Brunei Darussalam (BIBD) gathered with industry experts on November 11, 2019 to explore Islamic finance capabilities. The forum aimed to illustrate BIBD’s capability in providing Islamic finance solutions, and invited speakers also shared asset classes that showcased the resilience, sustainability and inclusiveness of Islamic finance.
The event brought together renowned local and regional Islamic finance industry players from the United States, United Kingdom, Dubai, Malaysia and Singapore to share their deep knowledge and experience.
Themed ‘Islamic Finance: Perception vs Reality’, the forum was divided into several sessions which saw BIBD leaders, senior executives and professionals demonstrating their profound knowledge and expertise as they participated in the highly engaging discussion.
BIBD Managing Director and Chief Executive Officer (CEO) Mubashar Khokhar said that the dialogue was designed for sharing knowledge. Global leaders were invited to share their views and experience on the topics pertaining to the development and challenges faced by the Islamic finance industry and its practitioners.
The forum addressed the various misconceptions on Islamic finance, giving the audience a clear image of the capability and potential of Islamic finance.
Khokhar also reiterated the ethical norms of Syariah-compliant financial system and linked them with universally accepted ethical norms of the general financial system.
Other topics discussed included the evolution of Islamic finance and its progression over the years including the numerous innovations introduced in Islamic finance when competing with the global financial service industry.
Speakers also touched on the topic of Sustainable Development Goals (SDGs) and looked into how Islamic finance has been supporting the objectives of SDGs as well as the sustainability of Islamic finance. The forum further looked into how Brunei Vision 2035 is closely aligned with United Nations SDGs and where Islamic finance can create greater impact through inclusive and responsible financing.
According to the ICD Thompson Reuters Islamic Finance Development Report 2018, Brunei was ranked among the top 10 countries out of 131 in Islamic Finance performance. The Sultanate’s score in the Islamic Finance Development Indicator (IFDI) increased from 47 to 50, placing Brunei at the ninth position and second in the ASEAN region after Malaysia.
Malaysia, Bahrain and the United Arab Emirates remained the top three Islamic finance markets in overall development. Iraq, Suriname, Nigeria and Ethiopia were indicated as the emerging Islamic finance markets with the most improvements in their financial and supporting ecosystems.
The IFDI provides ranking and profiles for different Islamic finance markets around the world on the basis of instrumental factors in five broad areas of development as the main indicators.
The areas of development include Quantitative Development (Islamic Banking, Takaful, Other Islamic Financial Institutions, Sukuk and Islamic Funds) and Knowledge (Education and Research).
Also included are Governance (Regulations, Syariah Governance and Corporate Governance); Corporate Social Responsibility (CSR Activities and CSR Funds Disbursal); and Awareness (Seminar, News and Conferences).
Under the Awareness indicator, Brunei attained the top 10 rank in the Seminars and Conferences Sub-Indicator. The country rose from sixth to third place for Seminars, while ranking second for Conferences. In addition, Brunei ranked among the top five countries for Islamic Finance Events.
The report also indicated Brunei as one of the countries that has a strong regulatory landscape with governance being assessed through regulations, corporate governance and Syariah governance.
Growth for total assets was also recorded in the country’s financial sector. In the banking sector, Islamic banking assets increased from BND10.9 billion in 2016 to BND11.2 billion in 2017, accounting for 64 per cent of the total market share of assets.
Takaful asset size rose from BND466.8 million to BND491.8 million in 2017. Additionally, capital market asset size increased from BND52.2 million from 2016 to BND102.5 million in 2017. Brunei continues to further move towards achieving Islamic Finance excellence by creating a progressive Islamic Finance ecosystem on par with international best practice and in line with the local market needs.
The Islamic banking segments have strengthened their position within the country’s financial services industry, seeing more recognition being awarded to local banks in efforts of their contribution.
Baiduri Bank began its digital journey in 2002 when it became the first bank in the country to launch an Internet banking platform. Over the years, the bank invested in technological advancements to bring new products and services to its customers and meet their evolving needs.
Today, most customers use their mobile phones and tablets to do their banking. As omnichannel takes hold in financial services, the digital experience is becoming a crucial aspect of Baiduri Bank’s business strategy.
Baiduri Bank recently unveiled a new digital banking and lifestyle platform, Baiduri b.Digital Personal, available in mobile app and web versions. Key features include the use of soft token, touch ID, fingerprint and facial recognition. The mobile app version carries features such as password generation for transactions; retirement and loan calculator; the latest promotions and offers; and the purchase and redemption of e-coupons.
The bank’s finance arm, Baiduri Finance, offers a mobile app that allows customers to pay their monthly Hire Purchase instalments online. The app also includes motor insurance renewals, hire purchase calculator as well as a used vehicle tender section and a guide to submitting a tender.
Baiduri Bank is the first and only bank in Brunei Darussalam to offer MerchantSuite, an online platform for merchants that facilitates card payments through social media without needing a website, a major barrier for sole proprietors and micro enterprises due to the cost. Local businesses are accessible to audiences beyond Brunei, allowing
quick, efficient and safe payment transactions.
Among other digital innovations under Baiduri Bank Group is Brunei’s first online securities trading platform offered by Baiduri Capital. Customers can obtain quotes, place orders and review their account status and balance at their convenience through the online trading portal. Customers also have the opportunity to invest in major stock markets globally, said General Manager of Baiduri Capital Peng Eng Soon.
The bank recently partnered with Datastream Digital Sdn Bhd (DST) to develop a soon to be released e-wallet which will enable payments for goods and services both locally and internationally via mobile phones. The partnership will create the largest digital payment ecosystem in Brunei with connectivity to regional and international payment platforms.
Elaborating on the bank’s digital banking initiatives, Baiduri Bank CEO Ti Eng Hui said the bank has always been in the forefront of innovation to give a high level of customer experience.
“We believe that technology is an enabler not a destination. Through technology, we hope to deepen our relationship and engagement with our customers. Baiduri’s new digital banking initiatives aligns well with the country’s Smart Nation initiative and AMBD’s Digital Payment Roadmap 2019-2025 for moving Brunei towards a ‘digital payment nation’,” said the CEO.
Baiduri Bank is the first and only bank in Brunei to attain PCI-DSS certification, a global card payment security standard it first obtained in 2014. The bank is certified to PCI-DSS v3.2.1, the latest version released by the Payment Card Industry Security Standards Council. Prioritising customer confidentiality and data protection, having the certification is one of the ways that the bank can ensure the highest level of data protection for its customers, said the CEO.
In early 2020, Baiduri Bank Group, in partnership with Moody’s Analytics, rolled out a structured e-learning solution for its personnel in Retail Banking, Corporate Banking, Wealth Management and Trade Finance Services. The bank’s Corporate Banking personnel will undergo a 60-hour course that will culminate in an exam that assesses their knowledge and practical application. Upon completion, they will be awarded Moody’s Certificate in Commercial Credit (CICC), the highest certified level of competence in credit analysis and loan decision making for bankers.
In December 2019, Baiduri Bank welcomed two Bruneians into its Management Associate Programme who will undergo a 12-month development programme to build a solid foundation for a banking career, coached by highly experienced senior managers.
Baiduri Bank Group has also invested in a new comprehensive cloud-based human resources solution for recruiting, learning, performance management, compensation, employee onboarding, and succession and development.
All these initiatives are part of Baiduri Bank Group’s plan to continue investing in its human capital to create a dynamic workforce and build potential leaders for the future. This is in line with one of the country’s main goals of Vision 2035, to be recognised for the accomplishments of its educated and highly skilled people. It also aligns with the AMBD Financial Sector Blueprint 2016-2025 of developing human capital, addressing skill-gaps and educating locals toward the financial sector, critical to Brunei’s economic diversification.
As the leading conventional bank in the country with 25 years of operations under its belt, the Baiduri Bank Group’s primary focus has always been on the Brunei market. Starting out as a commercial bank in 1994 catering to corporate and high net worth clients, Baiduri Bank’s core business now includes Retail Banking, Corporate Banking, Consumer Financing, and Securities Trading. With its global outlook and local commitment, the bank offers access to global and local markets through its products and services, said the CEO.
The Baiduri Bank Group has been recognised by numerous international publications for its achievements and successes. In 2019, Baiduri was awarded the Bank of The Year for Brunei by The Banker (UK), the Best Bank in Brunei by Global Finance (US), the Best Banking Group for Brunei by World Finance (UK) as well as the Domestic Retail Bank for Brunei by Asian Banking and Finance (Singapore). Standard & Poor’s reaffirmed the bank’s credit rating of BBB+/A-2 with stable outlook.
In this age of digital and cashless economy, Bank Islam Brunei Darussalam (BIBD) as the nation’s largest bank has always been at the forefront in digital innovation, being one of the pioneering banks to envision the future of the banking ecosystem and branchless banking initiatives.
Branchless banking, a concept which seemed far-fetched in the Sultanate back then, has now become a standard and crucial component in financial products and services offerings.
Defined as the delivery of financial solutions outside conventional bank branches, this concept allows customers to complete all their banking needs without ever having to go to the bank, and this is made possible through technologies such as online, over the phone, through point-of-sale systems, and ATMs, among others.
With Brunei Darussalam’s high Internet and mobile penetration, where 93 per cent of the population has Internet access and 83 per cent connecting to the Internet through their phones, BIBD believes that there are still plenty of opportunities that remain untapped.
BIBD’s branchless banking initiative takes on a whole-of-nation approach, allowing for the implementation of BIBD’s state-of-the-art digital technologies in industries beyond the banking sector, to enable the expansion of a larger digital audience.
This amplification of a wider customer experience provides opportunities for all mobile users to avail of the technology which will promote mass adoption of a robust digital ecosystem in Brunei and enables increased de-cashing of the economy through secure, innovative and documented digital payments.
BIBD has always been on the frontier of digital payment initiatives. Back in 2012, the bank introduced the first iteration of their mobile banking app and saw close to 17,000 downloads in the first six months. Offering the ability to instantly transfer funds and make payments, the app recorded over 30,000 transactions per month. In 2013, BIBD introduced a first of its kind mobile payment service called eTunai, enabling customers to make payments directly through the app, either from their accounts or by using accumulated BIBD’s reward points known as Hadiah Points, simply by scanning a QR code placed on merchant counters. This service has evolved over the years to be BIBD QuickPay.
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.
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).
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.”
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.
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.”
Bank of China was established in Hong Kong in 1917. The financial giant’s global operations are managed by Bank of China (Hong Kong) Limited (BOCHK), a subsidiary of Bank of China Group. With a history spanning over 100 years, BOCHK is one of the largest commercial banking groups operating in Hong Kong with branches and representative offices spread around the world.
Further expanding its influence in Southeast Asia, BOCHK opened its first branch in Brunei Darussalam in December 2016. The bank offers comprehensive banking services to individuals and corporations, including corporate banking, personal banking, RMB services, cash management and trade finance, among many others.
Following China’s investments into Brunei, the establishment of a BOCHK branch in Brunei signifies the country’s strong bilateral relations with China, especially in trade and finance. It also illustrated BOCHK’s efforts to expand into the ASEAN market, a key region in China’s One Belt, One Road (OBOR) initiative. BOCHK’s role is to enable and encourage investments from Chinese companies to enhance local infrastructure, thus cementing Brunei’s status as a key figure in the OBOR initiative.
According to General Manager Wang Xiao in an interview on July 6, 2019, BOCHK has made significant progress in the local market since its establishment. On the subject of Hengyi’s oil refinery and petrochemical plant, he said the Hengyi Group provides an opportunity for the bank to cooperate upon commencement of the plant’s operations.
Digital innovation is at the forefront of Perbadanan TAIB’s progress, working towards modernising its services experience through the strengthening of its digital capabilities. As of today, Perbadanan TAIB has grown and expanded to nine branches all over Brunei Darussalam and undergone digital transformations that centre on customer conveniences.
Perbadanan TAIB has successfully opened its first Self Service Centre located at Rimba Point in 2017. This is to enhance customer service by migrating transactions to self-service and digital channels, including cheques drop box, online banking kiosk, Automated Teller Machine (ATM) and Multi-Functional Machine (MFM). Customers will have access to information and can perform routine tasks without requiring the assistance of a customer service representative.
The Centre also provides Customer Service Relationship (CSR) counters with representatives ready to assist customers on advisory and financing needs. The counters operate on extended business hours until 9pm for customers’ convenience.
Apart from ATMs & MFMs, Perbadanan TAIB also introduced its digital banking services in 2016. Perbadanan TAIB offers two services to customers – TAIB Mobile Banking and TAIB Internet Banking.
Customers will be able to perform their banking transactions on their devices securely and conveniently. With these services, customers have access to a predictive banking feature that analyses account information, providing mobile app users or Internet banking users with tailored account insights and personalised financial guidance.
The feature includes graphs of account overview, a summary of recent transactions and a spend analyser where customer can keep track of their spending.
Perbadanan TAIB also offers e-statement services where customers are able to check their bank statement online and conveniently access their statements anytime and anywhere.
Perbadanan TAIB’s website will undergo revamping onboarding public in convenience and making the website simpler, faster and better. Furthermore, there will be more digital and online services that have been planned in the pipeline to simplify and enhance the customer banking experience.
Standard Chartered Bank (SCB) is present in over 60 countries across Asia, Africa, Middle East, Europe and beyond, employing more than 86,000 people. The bank is among the top 100 companies listed on the London Stock Exchange.
In addition to being present in all 10 ASEAN markets, SCB is listed on two of Asia’s largest stock exchanges. SCB is the largest international bank operating in Brunei Darussalam with over six decades of experience.
With over 95 per cent local workforce, SCB’s deep local knowledge complements its international network, making SCB agile in adapting to market trends and movement.
In March 2019, the bank welcomed a change in leadership when Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim took over as the Chief Executive Officer (CEO).
“Being a local CEO in an international bank speaks volumes about how diverse and unique our organisation is,” he said. “I believe that no other organisation in Brunei has a more open culture than we do while demonstrating the bank’s commitment to developing local talent and showcasing the diversity and uniqueness of its people.”
Supporting individuals and businesses SCB places a particular focus on supporting customers who trade, operate or invest across its footprint. With a large footprint of global network, SCB provides the gateway to global trade, investment and financial solutions.
What sets SCB apart from others is the bank’s diversity of its workforce, culture and networks, said the CEO. Leveraging on these factors enables the bank to provide the best customer experience ranging from individuals looking for easy, fast and convenient banking services to multi-national corporations with highly complex financing needs. SCB has assisted a number of multi-national companies with foreign direct investment interests in Brunei with their banking needs.
The bank’s network presence in Asia and beyond is a crucial component in helping its clients realise growth opportunities within and outside Brunei. Local businesses can spread their wings further out through the bank’s network in the region. In addition to enjoying seamless global banking, clients are assisted by the bank’s experienced relationship managers to navigate market trends.
In its effort to promote financial literacy among the public, SCB conducts financial literacy initiatives across varying levels for the community and their clients. The bank has a weekly general finance tips and advice column in the national newspaper Borneo Bulletin.
SCB also shares educational tips on investments through social media channels. In addition to holding financial planning roadshows and seminars, the bank collaborates with various organisations to deliver financial education in schools.
In February 2019, the bank signed an agreement with Darussalam Enterprise (DARe) to extend its Financial Education for Entrepreneurs programme to micro, small and medium enterprises (MSMEs) in the country. The programme spans five fundamental modules on finance management and will be administered through DARe’s Industry Business Academy.
Digital innovation continues to be an important journey for the bank. SCB was recently awarded Best Consumer Digital Bank 2019 for the sixth time by Global Finance.
Another significant achievement by SCB is the launch of its enhanced business banking proposition, aimed to help MSMEs drive the local economy. Two new products were presented at the launch, namely the USD Multi-Tiered Interest Rate Account and the Smart Business Account.
The USD Multi-Tiered Interest Rate Account is a current account that offers attractive interest rates and is ideal for companies that trade primarily in the US dollar. The interest rate allows business owners to earn bonus interest on idle fund without compromising on business liquidity. As the account grows, so does the interest rate.
Meanwhile, the Smart Business Account allows businesses with a current account to subscribe for a Smart Business Account, which will reward businesses with up to 50 per cent rebate on their outward telegraphic transfers. Smart Business Account holders will have access to the Straight2Bank business platform, which enables businesses to authorise payments and view balances in real time, to name a few.
SCB’s subsidiary, Standard Chartered Securities, recently introduced six new unit trust funds to the local market in partnership with Invesco. The latest range of funds from Invesco is the first to be available in the country, with Standard Chartered Securities as the sole distributor. Clients will benefit from having more choices of unit trust funds and be able to diversify their investment portfolio.
On the corporate social responsibly front, the bank collaborated with the Society for Community Outreach and Training (SCOT) and launched Futuremakers in November 2019. SCB awarded a total of BND15,000 to two startup companies as a grant for their business ideas aimed at solving issues around poverty faced by youth.
“We will be seeing infrastructure investments come to fruition this year (2020). With the operationalisation of the refinery, there will be further employment opportunities and with the Temburong Bridge coming to completion, we can expect to see increased momentum in trade flows,” said Pengiran Aki.
ASEAN also continues to offer immense growth opportunities and is a key focus for the region, he said. SCB will continue to seek ways on how to support its clients tap into opportunities not only within the region but also the corridor markets.
In remaining competitive, the bank’s agility to adapt to digital trends will continue to be a strategic component for growth across all industries, said the CEO. The bank looks forward to the next 60 years and beyond as it remains committed in driving commerce, talent development and prosperity in the country, leveraging its unique diversity and its brand promise of being ‘here for good’.
Ranked among the top five banks in Southeast Asia, Malaysia’s largest financial institution Maybank has total assets of more than USD150 billion. It has an international network of over 2,200 branches and offices in 20 countries, employing 46,000 employees who serve over 22 million customers.
In November 1960, Maybank commenced operations in Brunei Darussalam as its first overseas unit. Maybank Brunei offers full retail and commercial banking products and services in the country such as corporate financing, development financing as well as property financing.
Maybank Brunei has continued to thrive and sustain its success in the face of a challenging economic climate. The bank won Best Small and Medium Enterprise (SME) Bank Brunei in 2017, awarded by Capital Finance International, UK.
It was the second time Maybank had received the award, with the first being in 2015. In 2017, Maybank Brunei was awarded the Fastest Growing Foreign Bank in Brunei by the Global Banking and Finance Review, UK for the third consecutive year.
In November 2018, Maybank announced it had successfully completed the transfer of its Community Financial Services (CFS) business in Singapore from Maybank’s Singapore Branch to Maybank Singapore Limited, a Singapore-incorporated subsidiary.
Founded in 1935, United Overseas Bank (UOB) has charted steady growth over the years to establish itself as a leading bank in Asia with more than 500 offices across Asia Pacific, Western Europe and North America. Its asset management arm, UOB Asset Management, is one of Singapore’s most awarded fund managers with a growing regional presence.
UOB is rated among the world’s top banks, with a rating of Aa1 from Moody’s and AA from Standard & Poor’s respectively. The bank provides a wide range of financial services including personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, insurance and stockbroking services.
In 1974, UOB started its operations in Brunei under Overseas Union Bank. The bank opened its second branch in Brunei 10 years later
in Kuala Belait. UOB acquired the Overseas Union Bank in January 2002 and took over the operations of the two Brunei branches. On October 1, 2005, the bank relocated its branch office in Bandar Seri Begawan.
In 2015, UOB divested its retail banking business. Since then, their focus as a bank is in wholesale banking, onboarding and providing banking services and facilities such as current accounts, time deposits, remittance services, overdraft, trade finance, term loans, working capital and project financing facilities, loan syndication and transaction banking.
As a subsidiary of RHB Banking group, RHB Bank Berhad is Malaysia’s oldest and first local bank with the incorporation of the Kwong Yik (Selangor) Banking Corporation (Kwong Yik Bank) in July 1913.
Following the Group Corporate Restructuring Plan, RHB Bank Berhad is now the ultimate holding company of the RHB Banking Group effective June 2016. It has been listed on the Main Market of Bursa Malaysia Securities Berhad on June 28, 2016, in place of RHB Capital Berhad, the former ultimate holding company of RHB Banking Group.
In an increasingly competitive business environment, RHB Bank Berhad maintains as one of the leading financial services providers
not only in Malaysia but also in the Asian region.
The bank has received numerous awards and accolades over the years. With its remarkable service towards small and medium enterprises (SMEs), RHB Bank Berhad won the prestigious Excellence in SME Banking award in Asia in 2019. RHB Bank Berhad provides commercial and merchant banking services with more than 300 branches located across Southeast Asia including Singapore, Thailand, Cambodia, Laos, Myanmar, Vietnam and Brunei.
RHB Bank Berhad’s branch in Brunei has been in operation since 1965 and was initially known as United Malayan Banking Corporation Berhad. In December 1996, the bank was renamed Sime Bank Berhad after the change in ownership under the Sime Darby Group of Malaysia. Following the banking consolidation exercise in Malaysia, the branch was renamed RHB Bank Brunei Berhad in May 1999 offering financial products such as housing loans as well as working capital or financing for registered businesses in Brunei such as overdraft, trade facilities and business loans.
It is presently located at Yayasan Sultan Haji Hassanal Bolkiah, Bandar Seri Begawan.
In an effort to get closer to the community, RHB Bank Berhad Brunei has been conducting RHB Touch Hearts and the group had raised more than RM1.2 million over the past years, which has benefitted more than 20,000 across the areas RHB Group is operating in.
Moving forward, RHB Berhad Brunei strives to expand its business and continues to provide the best services to its customers, guided by its corporate vision and values.
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