The financial sector comprises of conventional and islamic financial institutions which offers products and services ranging from banking to pawn broking. Domestic financial institutions are licensed to offer products and services to residents, while international financial institutions are licensed to offer products and services to non-residents only. Central Bank Brunei Currency Board Local Banks Baiduri Bank Berhad (Commercial Bank) Bank Islam Brunei Darussalam Berhad (BIBD) Perbadanan Tabung Amanah Islam Brunei (TAIB) Foreign Banks Citibank N.A HSBC Maybank RHB Bank UOB Bank Standard Chartered Bank Financial Institutions Baiduri Finance Berhad (Local) IBB Kredit Berhad (Local) HSBC Finance Berhad (Foreign) Defunct banks in Brunei The Islamic Development Bank of Brunei Berhad (IDBB) The Islamic Bank of Brunei Berhad (IBB)

There are nine banks that are providing full banking services in the country. Eight are commercial banks and one is a development bank. Two of these are locally incorporated. International banks such as Citibank NA, Hong Kong and Shanghai Banking Corporation and Standard Chartered Bank have been operating branches in the state for decades. The financial sector also includes a number of locally incorporated and international finance and insurance companies.

Among the banks are Baiduri Bank Berhad, Development Bank of Brunei Bhd., Islamic Bank of Brunei, Malayan Banking Berhad, Overseas Union Bank Ltd and United Malayan Banking Corporation Berhad. Interest rates are set by the Association of Banks. Currently, there are five finance companies namely Baiduri Finance Berhad, IRB Finance Berhad, Mortgage and Finance Berhad, Standard Chartered Finance (Brunei) Berhad and Tabung Amanah Islam Brunei. The authorities have been preparing to implement a comprehensive financial regulatory system via the proposed new Banking Act.

Exchange Controls

There is no foreign exchange control. Banks permit non-resident account to be maintained and there is no restriction on borrowing by non-residents.
 

BANKING IN BRUNEI
Brunei Darussalam is well served by several commercial banks with branches throughout the country. The first banking was opened more than fifty years ago when the Government set up the Post Office Savings Bank (POSB) in 1935.

Brunei Darussalam operates a Currency Board system and has no Central Bank. The Government under the Banking Acts and Finance Companies Act regulates the banking industry. The Ministry of Finance through the Financial Institutions Division closely regulates all banking activities to ensure a stable and fiscally sound business environment. The Brunei Currency Board is responsible for issuing and managing the currency.

The Brunei Dollar is at par with the Singapore Dollar and are both freely traded in the respective countries. There are currently no exchange controls in Brunei. Money changer facilities are also available.

The banks continue to support local businessmen in their endeavor and thus help in the development of Brunei Darussalam.

There are 9 banks (3 incorporated in Brunei) with branches throughout the country.


List of Banks:

Baiduri Bank Berhad
Citibank

Development Bank of Brunei Berhad
Islamic Bank of Brunei Berhad (IBB)Berhad

Hongkong Bank
Malayan Banking Berhad

Overseas Union Bank (OUB)
Standard Chartered Bank

Sime Bank Berhad

 

Brunei HSBC The Group, one of the world's largest banking and financial services organisations, had its beginnings in Asia more than 130 years ago.HSBC's international network comprises around 9,500 offices in 85 countries and territories in Europe the AsiaPacific region the Americas the Middle East and Africa

 

Economy of Brunei
This small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for nearly half of its GDP. Substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes rice and housing.

Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it became a more prominent player by serving as chairman for the 2000 Asia-Pacific Economic Cooperation (APEC) forum. Stated plans for the future include upgrading the labour force, reducing unemployment, strengthening the banking and tourism sectors, and, in general, further widening the economic base.

The national airline, Royal Brunei, is trying to make Brunei a hub for international travel between Europe and Australia/New Zealand, and also has services to major Asian destinations. Brunei is increasingly importing from other countries.

 

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