He said this in response to queries about a digital payment hub to allow seamless and instant transactions especially for payments coming into Brunei by LegCo members Mohimin Johari @ Jahari and Khairunnisa Ash’ari.
The minister said the project is jointly implemented by Darussalam Assets Sdn Bhd and local banks to facilitate digital payment transactions.
“The vision is to provide instant payment infrastructure for the commercial and socio-economic benefit of the country,” the minister said.
The project is managed by Digital Economy Council and funded by Digital Payment Roadmap 2019-2022 under the Brunei Darussalam Central Bank (BDCB).
Dr Awang Mohd Amin Liew said the project will enable safe, instant and cost-effective account-to-account transfers to accept credit and debit card payments as well as through QR codes.
The minister said 80 percent of Brunei residents own bank accounts with 125 percent mobile phone penetration making a big potential in smartphone transactions.
He said the digital payment hub will ensure faster transactions and easier cash flow management for businesses because it is instantaneous, secure, auditable and low-cost. It has the possibility of reducing cash dealings that accounts for 90 percent of government transactions.
“With this infrastructure it will save millions of dollars in cost of handling cash,” said Dr Awang Mohd Amin Liew.
The minister said the digital payment hub will encourage innovation in financial services and connectivity to international payment platforms such as PayPal, subject to local and international regulations.
According to thestar.com.my
(https://www.thestar.com.my/aseanplus/aseanplus-news/2022/03/03/brunei-working-on-digital-payment-gateway)
