| Aziz Idris |
WITH the Asean Economic Community (AEC) fast becoming a reality, Brunei banks are planning to initiate more steps, leveraging its region-wide network to foster closer global financial cooperation and promote Brunei as a preferred investment destination.
The Brunei Association of Banks (BAB) will be spearheading this move to strengthen global alliances in its bid to give a fresh impetus to the Sultanate’s economy.
The BAB sent a delegation yesterday consisting of the CEOs and senior representatives from all its member banks to Bangkok to participate in joint sessions with their counterparts from the Thai Bankers’ Association as well as the Bank of Thailand, the central bank.
The visit was initiated as part of the wider BAB strategic intent to enhance Brunei’s financial sector and promote economic growth and investments in the Sultanate.
During the sessions, the BAB delegation will be presenting the various investment opportunities in Brunei to explore.
Rino Donosepoetro, Chairman of the Brunei Association of Banks (BAB) and Chief Executive Officer of Standard Chartered Bank, in a group photo with the BAB delegation prior to their departure to Bangkok, Thailand yesterday
As part of the agenda, the BAB team will also be joining in a bilateral workshop with the Bank of Thailand on the topics – ‘Banking Initiatives Towards the Asean Integration’ and the ‘Roles and Preparation of the Central Bank and the Commercial Banks on Regional Payments/Settlements’.
“With the Asean Economic Community framework being set in place, this would give all Asean economies opportunities to grow beyond their borders. This is expected to spur more cross-border movement of services and investment,” Rino Donosepoetro, Chairman of the BAB and Chief Executive Officer of Standard Chartered Bank said.
“The BAB and its members will have to be able to anticipate, prepare and encourage these cross-border activities to benefit Brunei’s economy as Asean as a region will experience an expansion of financial services and products. This visit to Bangkok will be the start in fostering cooperation with and gaining better insights of all the members of the Asean Bankers Association,” he added.
Meanwhile, Andrew Young, Deputy General Manager, Operations Management Division, and Diversification and Strategic Development from Baiduri Bank Berhad said, “Further developing bilateral relations with our Asean counterparts is a good first step and can facilitate cross border economic activities.
We are optimistic that the result of the visit will help spur economic progress in Brunei in the future.”
Haji Minorhadi bin Haji Mirhassan, Head of Institutional Banking Division, Bank Islam Brunei Darussalam (BIBD) Berhad commented, “With half of the population in the Asean region being Muslims, Islamic financing has a significant potential and the Asean Economic Community would present opportunities which we should be able to tap into. Further collaboration among Asean financial institutions could not only foster intra-Asean trade and investment but also strengthen the regional proposition to attract investments from the international market.”
Other BAB members taking part in the visit are Ng Moon Kwee, Vice-Chairman of the BAB and Country Head of RHB Bank Berhad; Abdul Razak Abdul Malek, BAB Honorary Secretary and Treasurer and General Manager of United Overseas Bank Limited; Todd Wilcox, Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited; Lim Yu Kwang, Country Head and General Manager of Malayan Banking Berhad, and Edmund Teo, Head of Client Relationships, State Street (Brunei) Sdn Bhd.
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