Bank Islam Brunei Darussalam, BIBD, recently launched its BIBD MSME Account, specifically designed to accommodate the needs of micro, small and medium enterprises (MSME) in the country. The account requires a minimum average balance of only 50 dollars, much lower than the usual requirement of a minimum of 1 thousand dollars imposed by most banks for corporate accounts.

Yang Berhormat Dato Seri Paduka Dr Awang Haji Mohd Amin Liew bin Abdullah, Second Minister of Finance and Chairman of BIBD saw this as a positive step in the development of the economy and stated that BIBD's dedication to ensure the continued invigoration of the Brunei economy - especially the growth of local MSMEs - is part of the contribution to support the realisation of Wawasan Brunei 20-35 goals. Yang Berhormat added that concerted efforts of everyone including regulators and industry enablers will lead to the growth and development of MSMEs thereby creating increased employment and expanding their business opportunities.

BIBD MSME account holders will have access to a range of facilities and corporate banking services that include financing, digital banking, and being automatically listed in BIBD's list of payees on BIBD's digital banking application for ease of transactions between customers and the MSMEs. The BIBD MSME Account will also allow for MSMEs to have access, through BIBD initiatives such as BIBD SME 360, to knowledge in sound financial discipline in business management and personal financial management.

Source: Radio Television Brunei