 
Author: Ti Eng Hui, CEO, Baiduri Bank
As Baiduri Bank celebrates 30 years serving our customers in Brunei, we reflect on some of the ‘firsts’ we have achieved during this time. There are several worth noting. We were the first bank in Brunei to offer internet banking in 2001, followed by mobile banking services in 2007. We were first to offer in-store and in-mall banking seven days a week, and the first to launch internationally accepted Visa Electron debit cards, Mastercard Electronic CashCards, and Visa payWave in the country. Additionally, we were the first and only bank to provide money remittance services through Western Union and to introduce multi-currency ATM dispensing in euros and US, Singapore and Brunei dollars. We were the first to receive PCI-DSS certification for card payment systems and processes, and to offer online securities trading through our subsidiary, Baiduri Capital.
Building a solid foundation
We are incredibly proud of our achievements since Baiduri Bank was established in 1994, including weathering the storm of the global pandemic and proving our resilience to external shocks. Soon after launch, the business positioned itself as a key player in Brunei’s financial sector. Initially focusing on corporate and private banking clients, Baiduri Bank soon expanded into retail banking to meet the needs of its fast-growing customer base. By the end of the 1990s, Baiduri Bank had opened several branches and a finance arm, becoming a leader in automobile finance in Brunei.
More recent milestones include our relocation in 2020 to new headquarters, designed with environmental sustainability in mind. The building attained the Green Mark Certified Award from the Building and Construction Authority of Singapore in recognition of its innovative green features. Later that same year, we undertook a brand refresh to better communicate Baiduri Bank’s strengths and values, ensuring that we stay ahead in a changing world.
Investing in digital transformation
We aim to keep setting trends as our business evolves to remain fit for the future. One key theme we continue to embrace is digital transformation. As early innovators in online and mobile banking, in 2022 we took our own digital capabilities a step further. We partnered with Temenos to replace our legacy systems with a new cloud-based core banking system designed to improve operational efficiency. This collaboration made Baiduri Bank the first bank in Brunei to operate its core banking platform in the cloud under the SaaS model.
We are especially mindful of cybersecurity threats and the need to guard data carefully
Last year we added a new digital wallet, Baiduri Qpay, to our suite of digital payment services. We also introduced a first-of-its-kind e-Marketplace initiative, Maribali, in collaboration with a local SME. Maribali offers a platform for local businesses to market and sell their products and services online with secure and convenient payment options. We are also currently developing API-based microservices which allow us to smoothly integrate legacy and cloud applications, improving service delivery and personalisation.
Improving the customer experience
We have made all these investments in digital transformation with the customer in mind. Our aim has always been to provide personalised and efficient banking. Digital banking platforms and mobile apps improve the customer experience, while automation and AI streamline operations, reduce costs and increase accuracy. We use robotic process automation to make our operational processes more efficient and reduce the time spent on routine tasks. Our AI chatbot Emmi was an industry first, and has helped us create higher-quality customer interaction and better engagement. For instance, we saw a 169 percent increase in live chats through our platform between 2022 and 2023.
Of course, with all opportunities may come risks, and we are especially mindful of cybersecurity threats and the need to guard data carefully. We have included robust cybersecurity and testing into our digital solutions right from the start to protect customer data and build trust in our digital services.
We also recognise that not all our customers will have the same level of access to or comfort with digital tools. Technological disparities can widen the gap between different user groups. We want to promote both financial and technological inclusivity so our customers can enjoy all the benefits of banking’s digital revolution.
Supporting a greener future
Another key theme we focus on is sustainability and green finance. There is growing regulatory support for sustainable finance in the ASEAN region, and we note that global regulators have, quite rightly, been increasingly focused on protecting consumers from ‘greenwashing.’ Banks offering green finance products can attract customers and investors who are taking a growing interest in sustainability, but implementing green finance solutions can be costly and resource-intensive. The reputational risks associated with greenwashing could be high, so we believe the banking sector should ensure its green finance initiatives are genuine and impactful.
In Brunei, the oil and gas sectors have long been a cornerstone of the economy. As sustainable investing gains momentum, we recognise the need for a dual strategy: supporting the energy transition within the oil and gas sector and promoting economic diversification in line with Wawasan Brunei 2035. We urge businesses to explore new growth areas and identify how they can both contribute to and benefit from the evolving ecosystem that supports the leading sectors of the future.
Baiduri Bank is committed to a more sustainable future. We have a comprehensive range of corporate social responsibility (CSR) initiatives focusing on environmental sustainability and empowering micro, small, and medium-sized enterprises (MSMEs). Our efforts include promoting environmental awareness and supporting local businesses with platforms like the Maribali e-Marketplace and the Baiduri Enterprise Hub, a co-working space for MSMEs and budding entrepreneurs. We also support the adoption of green technology through our EV charging stations, established in partnership with QAF Auto and Porsche.
Additionally, we engage in community projects such as the Mengalinga volunteerism app and environmental conservation efforts like the ‘Zero to Hero’ workshops.
Nurturing our human capital
In addition to environmental sustainability, we also think about sustainability in the context of our greatest asset – human capital. Our people are the key to our success, and we understand the importance of supporting their growth and development. To build a more resilient workforce and a more sustainable business, we need to be both agile and adaptable. Business dynamics have shifted worldwide, especially post-pandemic, and talent management has changed with it. It has never been more important to foster a culture of continuous learning and development and recognise the individual contributions of our colleagues.
Baiduri Bank envisions a future marked by continued innovation, sustainability, and strategic growth
Since the start of 2022, we have been working hard to upskill our people across our organisation through several initiatives and programmes aimed at nurturing leadership capabilities. For example, our Leadership Academy and Emerging Leaders Mentoring Programme are designed to identify high-potential employees and provide them with the necessary skills and training to succeed in senior leadership roles. Participants in these programmes receive comprehensive development opportunities, both technical and professional, through mentorship and diverse learning experiences.
We have also significantly increased our investment in training hours. This includes a variety of technical learning and certification programmes, as well as leadership courses, employee wellness initiatives, and ad-hoc workshops and e-learning courses.
Investing strategically in our employees has boosted engagement levels above Asia Pacific and global benchmarks. Our focus on internal talent development has also improved retention and employee satisfaction. By equipping our team members with essential skills and supporting continuous improvement, we build a more efficient business and deliver better service to our customers. This, in turn, boosts business performance and gives us a stronger competitive position in the financial services market.
Our vision for the next 30 years
What will the next 30 years hold for our business? Looking forward, Baiduri Bank envisions a future marked by continued innovation, sustainability, and strategic growth. Our primary focus is on enhancing and fortifying our domestic presence, while preparing for potential expansion to diversify our market base. We will leverage regional economic opportunities as they arise.
Our digital transformation journey is set to continue, as we upgrade our digital banking services and make the most of the exciting developments we are seeing in AI. As always, our priority is customer-centric innovation. We have plans to further improve our personalised banking solutions and continue to support local MSMEs. We are also committed to sustainability and supporting community initiatives through our CSR activities that are aligned with global sustainability goals.
Baiduri Bank boasts an impressive financial record over the last five years, particularly during turbulent times for the global economy. We attribute our success to the strong foundations we have built, and the legacy of excellence we have cultivated over the past 30 years. We are excited to see what the next 30 years will hold, and what new ‘firsts’ we will achieve.