Author: Ti Eng Hui, CEO, Baiduri Bank
February 18, 2021
From a humble store lot workplace in 1994 to changing into the most important typical financial institution in Brunei and a frontrunner in Brunei’s banking industry, Baiduri Bank has grown in strides over its 25 years of operation in Brunei Darussalam and its achievements have been recognised by quite a few worldwide publications.
“Our successes and place within the economic system will be attributed to our dedication to native initiatives, pursuits and shoppers, our responsiveness to react to modifications and the foresight to anticipate modifications within the world and regional economic system, in addition to our world outlook,” Ti Eng Hui, CEO of Baiduri Bank, instructed World Finance.
Baiduri Bank’s core companies comprise retail banking, company and institutional banking, whereas its wholly owned subsidiaries Baiduri Finance and Baiduri Capital specialize in shopper financing and funding options respectively. Today, expertise performs a pivotal position within the successes of economies and companies, and in enhancing monetary accessibility for most people, banks must undertake extra technological options to cater to clients’ evolving wants and necessities.
With expertise now enjoying a extra pronounced position in how companies and people conduct their banking, Baiduri Bank has developed a number of user-friendly cellular functions consistent with the digital banking motion. The financial institution’s newest tech providing, Baiduri b.Digital Personal, is a digital banking and way of life platform. With a plethora of recent options that put emphasis on enhanced buyer expertise and engagement, the Baiduri b.Digital Personal cellular app units out to be the go-to resolution concentrating on the younger, tech-savvy technology who demand cellular providers as their default manner of banking. Additionally, Baiduri Bank additionally has a devoted web banking platform for companies, referred to as Business i-Banking, which supplies a contemporary, handy and safe channel for companies to handle their banking wants effectively.
Meanwhile the Bank’s subsidiary, Baiduri Finance, additionally provides a standalone cellular app, the Baiduri Finance Mobile App, a software catering primarily to rent buy funds, amongst others. Understanding and having the ability to cater to the distinctive wants of the Bruneian clients is essential to the success of any new choices, and with car financing being a necessity for a lot of, the Baiduri Finance Mobile App supplies a neater and sooner different to assembly their rent buy wants.
Among their different digital improvements is the introduction of Brunei’s first on-line securities buying and selling platform. “Through our subsidiary, Baiduri Capital, we offer the chance for our clients to put money into main inventory markets together with Singapore, Hong Kong (together with the Shanghai-Hong Kong Stock Connect), Malaysia and the US,” Ti defined. “Our safe on-line buying and selling portal permits clients to acquire quotes, place orders and assessment their account standing and steadiness at their comfort.”
This resolution, in addition to others, is a part of our plan to create a future-ready, dynamic and extremely expert workforce
Baiduri Bank continues to be the primary and solely financial institution in Brunei to supply an e-payment resolution by means of MerchantSuite, a web-based platform facilitating the issuance of invoices and card funds with out requiring a devoted, and infrequently pricey, e-commerce web site. MerchantSuite allows native small and medium enterprises to increase their market attain by permitting consumers to pay on-line with any Visa, Mastercard or American Express playing cards. Baiduri Bank can also be partnering with DST, one among Brunei’s largest telecommunications suppliers, to launch an e-wallet.
This partnership permits Baiduri Bank, the nation’s largest card issuer with the most important service provider base, and DST to share sources and create the most important digital settlement ecosystem in Brunei with connectivity to regional and worldwide settlement platforms. While expertise has been the driving drive behind virtually all modern-day improvements throughout the banking sector and past, an important side that must not ever be taken frivolously is knowledge safety. Baiduri Bank is the primary and solely financial institution in Brunei to be PCI-DSS licensed, reflecting the financial institution’s steadfast dedication to uphold the worldwide knowledge safety normal for processing, transmitting and storing cardholder knowledge. Baiduri Bank is licensed to the newest industry normal, PCI-DSS Version 3.2.1.
Building for the longer term
In line with the nation’s agenda to construct a extremely expert workforce, Baiduri Bank has invested closely in human capital improvement. “We have an settlement with world famend Moody’s Analytics for the availability of a structured e-learning resolution for our workers beneath numerous divisions of the financial institution. This is a primary of its variety for a Brunei financial institution,” Ti instructed World Finance.
“This resolution, in addition to others, is a part of our plan to create a future-ready, dynamic and extremely expert workforce consistent with one of many targets of Wawasan 2035, the nation’s long-term improvement plan for an economic system that’s dynamic and sustainable,” Ti continued. Other initiatives embody the implementation of SAP Success Factors, a world-leading supplier of human capital administration methods masking core human useful resource processes and expertise administration, in addition to the launch of the Baiduri Management Associate Programme, a year-long improvement programme aiming to supply profitable candidates with a strong basis in banking by means of job rotations beneath the steering of skilled managers.
In help of the nation’s financial agenda to diversify past the oil and gasoline sector, Baiduri Bank continues to play an energetic position in numerous native enterprise improvement programmes. The financial institution has launched the Baiduri SME Empowerment Series in partnership with Darussalam Enterprise (DARe), a statutory physique with the intention to nurture and help native enterprises within the early and center levels of the enterprise life cycle. Ti stated, “This initiative is aimed toward implementing a sequence of abilities coaching workshops designed to enhance present coaching programmes supplied by DARe, thereby offering a extra complete, well-rounded coaching curriculum to native entrepreneurs, empowering them to realize larger success of their enterprise ventures.”
Baiduri Bank additionally provides a variety of options for native SMEs to optimise their money move and finance their progress. Some of the financing options embody working capital financing, instalment loans, property loans in addition to commerce financing choices equivalent to indent financing and accounts receivable financing. Through these financing options, native SMEs have entry to brief and medium-term capital to fund their operations or develop their enterprise. Other merchandise designed to serve SMEs embody enterprise bank cards, payroll processing and different day-to-day banking providers equivalent to fund transfers and invoice funds.
Active help measures
Speaking on the financial institution’s response to the COVID-19 pandemic, “We activated our Business Continuity Plan (BCP) for a pandemic on March 12, 2020 after the World Health Organisation declared COVID-19 a world pandemic. But previous to the activation of BCP, Baiduri Bank had already begun taking precautionary steps as early as January 2020, when Singapore introduced its first confirmed case,” Ti stated. The financial institution activated cut up operations with alternate groups working in separate bodily places away from the first web site. The financial institution additionally carried out skilled sanitisation of all branches together with its subsidiaries. Mandatory temperature screening, social distancing measures, in addition to fabricating acrylic shields at teller counters to type a protecting barrier, have been swiftly applied throughout all branches.
The financial institution additionally offered private care kits for all workers as a part of its efforts to make sure their well being, security and well-being. In help of efforts led by the Ministry of Finance and Economy and the Autoriti Monetari Brunei Darussalam (AMBD) to help financially impacted people and companies throughout the COVID-19 outbreak, Baiduri Bank has launched a number of help measures to assist mitigate the affect. For eligible people who’re financially affected by the pandemic, the financial institution launched a deferment of principal settlement for private and mortgage/property loans, an choice to convert bank card balances to time period loans and deferment of rent buy principal funds by means of Baiduri Finance.
The financial institution’s help measures for company shoppers embody a deferment of mortgage principal repayments for firms in all enterprise sectors. Additionally, companies beneath eligible classes together with tourism, hospitality, air transport and meals and drinks have been additionally given waivers of charges and expenses for commerce and settlement transactions. These measures have been primarily meant to assist alleviate the short-term money move issues for native companies that have been adversely impacted by the COVID-19 outbreak. In addition, the financial institution additionally applied a payment waiver for on-line fund transfers between native banks to encourage its clients to utilise digital channels equivalent to on-line or cellular banking or through the ATMs, consistent with protected distancing measures.
Baiduri Bank launched its refreshed model in September 2020, following an intensive year-long strategy of planning, analysis and evaluation in partnership with a global workforce of name consultants. It is a fruits of a journey to learn the way the Baiduri model was seen by its enterprise companions and workers and definition of a more true illustration of who the financial institution is and what it stands for.
Ti continued to clarify to World Finance: “Our neighborhood, and the world round us, is altering and we too should change with it. As we put together ourselves for the following part of progress, we need to take the chance to have a more in-depth have a look at our core capabilities within the context of the altering world, and ask ourselves how we will redefine our imaginative and prescient to remain related, and to higher talk the strengths and values that make Baiduri distinctive. We additionally need to rally our folks behind a shared objective, so they’re impressed to do their finest to create significant affect within the communities we serve.”
Well positioned for alternatives
Baiduri Bank’s world outlook coupled with deep native insights, robust dedication to the home market and fast adoption of recent applied sciences have contributed to its success because the main typical financial institution in Brunei. On the digital settlement entrance, the financial institution absolutely helps the first goal of AMBD’s Digital Payment Roadmap to create a digital settlement ecosystem by 2025. With plans to proceed improvement and enhancement of its digital settlement capabilities and e-banking providers, the financial institution is on target to be a number one participant within the digital banking realm in Brunei.
With a robust credit standing of BBB+/A-2 from Standard and Poor’s, coupled with excessive liquidity, Baiduri Bank is good positioned to seize alternatives out there and drive sustainable progress because the main and most popular monetary associate of Bruneian companies and shoppers.