Brunei’s Islamic Finance Sector to Benefit from the Development of the Country’s Fintech Ecosystem

The State of FinTech in Brunei Darussalam Report (Year 2020) white paper issued in early December 2020 shines light on initiatives taken by the Government of Brunei Darussalam (Brunei) to capitalise on the global trends in FinTech and nurture the country’s own FinTech industry.

According to the report, the Autoriti Monetari Brunei Darussalam (AMBD) has set a target of raising Brunei’s Financial Services sector’s contribution to gross domestic product (GDP) to 8.0% by 2035, from 5.4% reported in 2019. Crucial to achieving this objective is the development of Brunei’s FinTech ecosystem via six key facets, from a regulatory as well as structural standpoint: