BANDAR SERI BEGAWAN: Over the past decade, the country’s total financial system assets have expanded at an average annual rate of 2.3 per cent, reaching BND25.9 billion (US$20.27 billion) last year.
More importantly, this growth has translated into greater support for the real economy, with banks’ financing to businesses standing at BND6.2 billion as of the first half of this year, double the level recorded in 2016.
The financial sector’s growing role in supporting businesses, investment, and overall economic diversification in Brunei was highlighted by Coordinating Minister for Economic Policies and Minister of Economy, Trade and Industry Datuk Seri Setia Dr Abdul Manaf Metussin in his capacity as Chairman of the Brunei Darussalam Central Bank (BDCB) Board of Directors, during his keynote address as the guest of honour at the launching ceremony of the Financial Sector Blueprint 2026–2035.
With strong capitalisation, ample liquidity and improving asset quality, he noted that the financial sector remains well positioned to support the economy towards achieving Brunei Vision 2035.
“Today, the sector contributes approximately 6.0 per cent of gross domestic product (GDP), compared with an average of 5.6 per cent over a decade ago.”
He also emphasised, “We cannot afford complacency. As we continue our economic diversification journey, we must strengthen private sector growth, deepen our capital markets, improve access to financing for businesses, and accelerate digital adoption.
“These priorities point to one clear conclusion: while Brunei Darussalam’s financial sector is entering this new decade from a position of strength, the next phase of development will require greater focus, deeper innovation, and stronger collaboration.”
On the Financial Sector Blueprint 2026–2035, he explained, “This Blueprint will guide the development of our financial sector over the next decade and support our broader aspirations under Brunei Vision 2035 and the Economic Blueprint.”
Building on the achievements of the first blueprint, he elaborated, “This new roadmap envisions a resilient, inclusive, and innovative financial sector that safeguards stability while supporting economic growth and social well-being. At its core, the Blueprint is anchored in our mandate as a Central Bank to maintain monetary and financial stability; this will always remain our guiding compass. The Blueprint is further guided by three strategic thrusts.”
The minister outlined the three strategic thrusts: “First, fostering a progressive and innovative financial sector. We will continue to promote digitalisation, strengthen financial literacy and enhance consumer protection to ensure financial services are more accessible, efficient and inclusive for our society."
"Second, advancing sustainability through finance. We will support the integration of Environmental, Social and Governance (ESG) principles across the financial sector, while seizing new opportunities for sustainable financing including renewable energy and other sustainability-related projects. These efforts will not only bolster today’s economic growth but contribute to a more sustainable economy for generations to come.”
Third, he said, “Modernising our financial infrastructure. We will continue to enhance the country’s digital payment systems, improving interoperability and reinforcing cybersecurity to ensure our financial system remains secure, efficient and future-ready to meet the needs of our people and businesses.”
The success of the Financial Sector Blueprint 2026–2035, he pointed out, “ultimately depends on shared efforts among government agencies, regulators, financial institutions, businesses, investors, educational institutions and the wider community.” - Borneo Bulletin/ANN
