The "Digital Payment Roadmap for Brunei Darussalam 2019-2025" is part of the strategic initiatives to drive digital transformation in the payments industry in Brunei Darussalam. The Roadmap, developed by the Autoriti Monetari Brunei Darussalam (AMBD), sets out key strategies towards a Digital Payment Nation, in line with the strategies presented in the Financial Sector Blueprint 2016-2025 (FSBP) and Wawasan Brunei 2035's aspiration towards a dynamic and diversified economy.
The digital transformation will focus on three key strategic areas of balancing regulation and innovation; adoption of open digital payment; and public awareness and education.
Balancing regulation and innovation requires the evolvement of existing payment regulations to maintain stability in the financial sector, promote collaboration among market players as well as allow existing financial institutions and prospective payment service providers to develop innovative financial solutions in the country.
While the adoption of open digital payment involves greater adoption of digital payment solutions to promote market interoperability and encourage fair market competition. New and innovative technology can lower barriers to adoption and will offer secure and cost-effective payment mechanisms for acceptance of digital payments by merchants.
Finally, the third key area involves a collective effort between AMBD and the industry in enhancing public awareness and education geared towards building digital trust and market confidence towards the acceptance of digital payments.
Source: Radio Television Brunei