BANKING & FINANCE
Achieving Life Aspirations with Perbadanan TAIB
Perbadanan Tabung Amanah Islam Brunei’s (TAIB) launch in 1991 marked a new beginning for the country as the first financial institution to conduct all its activities in accordance with Islamic faith. Perbadanan TAIB primarily provides reliable and ethical financial services, with stringent banking standards and regulatory compliance across its range of financial offerings.
Over the years, Perbadanan TAIB has expanded its core mission to improve the financial well-being of Brunei Darussalam’s population while adhering to Syariah principles. Today Perbadanan TAIB has three subsidiary companies: Insurans Islam TAIB Holdings Sdn Bhd (IITHSB), Darussalam Holdings Sdn Bhd (DHSB) and TAIB Filling Station Sdn Bhd, with offerings that go beyond financial services.
Transforming The Payment Landscape
Perbadanan TAIB has made innovative strides through TAIB Virtual Experience (TAIBVX) mobile banking platform. In recognition of its excellence, Perbadanan TAIB received the Payment Initiative of the Year Award at the Asian Banking and Finance, Corporate and Investment Banking Awards 2024.
Notable features of TAIBVX include the introduction of transformative digital payment solutions, such as the External Payment Interface (EPI) and Scan-to-Pay (STP). These innovations have significantly reshaped the digital transaction landscape for both individuals and businesses, enhancing convenience, security and accessibility.
The EPI service has established Perbadanan TAIB as the first financial institution in Brunei to provide a seamless account-to-account payment gateway, offering customers a faster, more efficient way to manage their transactions with minimal effort. This breakthrough enables merchants to integrate TAIBVX into their e-commerce platforms via an Application Programming Interface (API), improving the user experience and making online payments simpler and more secure. Partners such as MyDST and InsuransTAIB demonstrate the extensive reach and collaborative strength of this initiative, bringing even more convenience to customers through a wide range of services.
With TAIBVX, customers can make local and international fund transfers, purchase top-ups, fulfill zakat payment obligations and execute real-time payments for outstanding credit card balances — all from their device of choice in the palm of their hand, providing a hassle-free solution for managing financial needs on the go.
Beyond payment capabilities, TAIBVX app also offers real-time account opening for TAIB Deposit Certificate (TDC). Customers can also easily manage their credit cards within the app including PIN resets, card locking/ unlocking and activation, giving them complete control over their financial tools wherever they are.
Steady Growth
Perbadanan TAIB continued making progress in 2024 by prioritising customer convenience, with the launch and enhancement of several key products and services in addition to the above- mentioned enhancement on TAIBVX.
One of the key developments is the enhancement of its credit card offerings with the introduction of SimplePay, a programme that enables customers to convert retail purchases into manageable monthly instalment plans. Additionally, Perbadanan TAIB has introduced a seamless cashback loyalty programme for credit card holders, automatically crediting cashback to customers’ accounts at the end of each statement cycle. This allows customers to enjoy savings on every retail purchase they make, enhancing both the value and the customer experience.
To further elevate its offerings, Perbadanan TAIB has launched the World Mastercard which comes with complimentary lounge access for primary and supplementary cardholders, providing an added benefit for frequent travellers.
Perbadanan TAIB has also doubled the number of participating merchants in its TAIB Merchant Delights programme, offering customers instant savings at selected local and international merchants when using their Perbadanan TAIB cards, further enhancing their spending power and experience.
In addition to its product and service innovations, Perbadanan TAIB alongside its subsidiaries IITHSB and DHSB has actively engaged in various corporate social responsibility (CSR) activities throughout 2024. Perbadanan TAIB and its subsidiaries have supported underprivileged families through the ‘CSR Barakah Bainal Anam’ donation drive, contributed to DANA, and organised a blood donation drive.
Perbadanan TAIB is also a proud supporter of Brunei’s Super League Sepak Takraw Championship (LSST), promoting the centuries-old sport and encouraging younger generations to engage with a key aspect of Brunei’s cultural heritage.
Driving the Digital Transformation
By integrating TAIBVX with RTP, Perbadanan TAIB has adopted a more inclusive approach to meeting customer needs’ aim to promote cost-effective, cashless transactions, reduce cash usage, and drive nationwide adoption of digital payments, contributing significantly to the country’s economic and technological progress. Perbadanan TAIB’s proactive involvement underscores its dedication to leveraging technology for customer benefit and economic progress.
Aside from digital payment services via TAIBVX, Perbadanan TAIB is poised to play a key role in shaping Brunei Darussalam’s national real-time payment ecosystem. Perbadanan TAIB is actively involved as a key stakeholder in the National Digital Payments Network (NDPX) to enable 24/7 real time payments within Brunei’s financial institutions, with a wallet connected to the NDPX network.
Furthermore, Perbadanan TAIB will also participate in collaboration with other payment system operators, fintechs and wallet providers that will be connected to NDPX thereby unifying Brunei Darussalam’s digital payment landscape through a standardised national QR code and centralised addressing scheme, enabling a seamless real-time payment experience and interoperability.
Perbadanan TAIB remains committed to driving innovation, fostering partnerships, and realising the vision of a cashless society in Brunei Darussalam, ensuring enhanced financial inclusion, convenience and security for all. Through ongoing collaboration and forward- thinking strategies, Perbadanan TAIB is not only shaping the future of digital payments but also reinforcing its position as a catalyst for positive change in the financial services landscape.
Keeping The Momentum, 33 Years of Journey
Since its establishment in 1991, Perbadanan TAIB’s strategies across business and support functions are now more aligned than ever. The successful implementation of various infrastructure and human capital upgrades, designed to drive long-term growth, has enabled Perbadanan TAIB to offer more customer- centric products and services.
While continuing to advance its technological development in the digital space, Perbadanan TAIB has also expanded its range of products and services. As a result, Perbadanan TAIB has become increasingly accessible and visible to customers, a trend reflected in the growth of its retail and corporate customer base. This suggests that Perbadanan TAIB remains a trusted financial partner, with both long-standing and new customers benefiting from its offerings.
Perbadanan TAIB remain steadfast in its commitment to becoming the country’s most preferred savings institution, helping Bruneians achieve their life aspirations. Perbadanan TAIB is also dedicated to exploring new economic opportunities to enhance the economic landscape and foster the prosperity of its stakeholders.
