Thailand
Brunei: Bank promotes MSME accounts, electronic payments
BANK Islam Brunei Darussalam (BIBD) took part in a two-day entrepreneurship event to promote BIBD’s micro, small and medium enterprise (MSME) account to startups and entrepreneurs as well as encourage the use of the bank’s digital banking technologies, .
The bank’s participation at the Entrepreneurship Day held at Universiti Islam Sultan Sharif Ali (UNISSA) in the capital beginning Monday, signified its commitment to facilitate newer businesses and startups to gain access to its wide range of facilities.
A sharing session was held on April 8 during which BIBD Senior Manager of Corporate Banking Pengiran Sanusi bin Pengiran Haji Ismail briefed UNISSA students and potential start-ups on BIBD MSME account.
Meanwhile, BIBD Head of Merchant Services Law Siew Vui delivered a briefing on BIBD QuickPay.
The Head of Government Relations and Special Projects (GRSP) Haji Mohammad Yusri bin Haji Wahsalfelah was invited to be a panel speaker in a forum titled Memupuk Jati Diri Usahawan Beriltizam.
BIBD MSME’s minimum account opening and balance of BND50 provides an attractive offering against a traditional corporate banking account, which requires an opening and minimum balance of BND1,000.
The account also allows small businesses to obtain similar services available to corporate account holders, including digital banking and being listed as a biller on BIBD’s online banking application.
More importantly, it also designed to ease businesses in maintaining and managing their business costs and finances through a business account that will also facilitate towards their business transactional needs.
BIBD was also at the event to increase mass adoption of its mobile banking initiatives – BIBD QuickPay and Progresif Pay powered by BIBD NEXGEN- among entrepreneurs and the public in general.
Its latest electronic payment system, BIBD QuickPay is gaining traction from customers and small businesses and the bank is keen to reach out to more potential users in the near future.
The launch of QuickPay in August 2018, sees the bank catching up with global trend for mobile payment and is also aimed at promoting the use of a simple and cost effective banking solution in Brunei’s retail sector.
With the success of the recent MSME Festival organised by DARe (Darussalam Enterprise), BIBD has more merchants eager to sign up for the QuickPay services and customers are finding it more convenient to use the services as opposed to paying with cash.
BIBD’s participation at UNISSA Entrepreneurship Day also saw the promotion of Progresif Pay, a payment solutions powered by BIBD NEXGEN in partnership with local telco firm Progresif Cellular Sdn Bhd.
The development of Progresif Pay creates an alliance between Brunei’s best digital bank and Brunei’s most innovative mobile operator at the forefront of branchless banking and mobile commerce by improving access and creating opportunities for greater commercial efficiency, diversification and growth of Brunei’s digital economy.
This development is in line with the vision of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam for Brunei Vision 2035 which calls for a more dynamic and sustainable economy.
Progresif Pay greatly increases convenience for business and consumers to make transactions, pay bills, shop online and send money abroad securely and in real time, from the comfort of their mobile devices.
UNISSA Entrepreneurship Day which ended yesterday was participated by MSMEs startup from public and private higher educations including Universiti Brunei Darussalam (UBD), Universiti Teknologi Brunei (UTB), Religious Teachers University College of Seri Begawan (KUPU SB), Institute of Brunei Technical Education (IBTE), Politeknik Brunei, Laksamana College of Business, Cosmopolitan College of Commerce and Technology, Kemuda Institute, Kolej International Graduate Studies, sixth form centres and secondary schools.
Also participating were eight entrepreneurs under BIBD SEED, a business empowerment programme developed by BIBD in 2018 to assist single mothers. Under the programme, BIBD will provide single mothers with the technical knowledge to manage businesses including accounting and bookkeeping skills, as well as the basics on how to set up a company.
The programme is a collaboration with the Ministry of Religious Affairs and theMinistry of Culture, Youth and Sports.
Source: https://borneobulletin.com.bn/bank-promotes-msme-accounts-electronic-payments/