Brunei publishes roadmap to become digital payment nation by 2025

Source: Xinhua| 2018-12-21 23:24:47|Editor: yan
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BANDAR SERI BEGAWAN, Dec. 21 (Xinhua) -- Autoriti Monetari Brunei Darussalam (AMBD), Brunei's central bank, has developed the "Digital Payment Roadmap for Brunei Darussalam 2019-2025" as part of its strategic initiatives to drive digital transformation in the country's payments industry.

The Roadmap, which sets out key strategies towards a Digital Payment Nation, is in line with the strategies presented in the Financial Sector Blueprint 2016-2025 (FSBP) and Vision Brunei 2035's aspiration towards a dynamic and diversified economy, an AMBD statement stated on Friday.

According to AMBD, the digital transformation strategies contained in the roadmap will focus on three key strategic areas, namely balancing regulation and innovation; adoption of open digital payment; and public awareness and education.

AMBD expects a paradigm shift where there will be more integrated collaboration between AMBD and relevant stakeholders in developing platforms for digital payments that are safe, efficient and resilient.

"This will enable the growth of financial technology and the emergence of new financial products and services," a senior manager of Baiduri Bank, which is the second biggest local bank by total assets in Brunei, told Xinhua.

With the rise of the Fourth Industrial Revolution, the public has become more tech-savvy and technology has become embedded within society, AMBD said.

"The publication of the roadmap will guide all relevant stakeholders in the payment industry to rise to the challenge of becoming a digital economy and cater to the needs of the next generation," AMBD added.