I recently presented at the Olive Digital Innovation Conference (DigiCon) 2023, which was organized by Bank Islam Brunei Darussalam (BIBD) and held at the International Convention Centre in Berakas. The event highlighted BIBD’s Group’s steadfast commitment to innovation in the financial sector and demonstrated inclusion and the opportunities presented by transformational technologies.
The DigiCon 2023 is an integral component of the BIBD Group’s digital transformation strategy. It lays the groundwork for a period when community people and business leaders may evaluate and understand the shifting context of Bank 4.0 and Industrial Revolution 4.0.
Here are some highlights of my keynote presentation:
● Brunei’s commitment to full digital transformation by 2025 is consistent with global trends, and the bank is in good company with many other digital banks globally.
● Despite Brunei’s impressive deposit and loan market share of more than 60%, I caution the audience about the disruptive nature of the digital transformation journey.
● BIBD dominates Brunei’s banking sector, but there is a need to assess the implications of adopting digital technologies.
● Digital Islamic banks have formed, drawing on established markets like as Malaysia, Indonesia, and the Gulf region.
● Traditional banks have a competitive advantage over emergent digital companies due to licensing, regulatory benefits, and established ties.
● My message to the audience is to realise the importance of recognising and managing the implications of the banking industry’s digital revolution.
