| Lyna Mohamad |
IT IS important for the banks to work closely together with the government and DARE (Darussalam Enterprise), to enable better understanding on how to both encourage lenders and to provide targeted, but accessible, financing to promising micro, small and medium enterprises (MSMEs), said Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister’s Office.
“This would also lead to a more open dialogue in exploring alternate forms of financing for MSMEs and how to achieve a better allocation of risk and compensation between the government and the bank. This knowledge transfer should not only be seen as a complimentary by-product of the working relationship, but also a cornerstone to its success, he noted while officiating the launch of Baiduri Bank’s Merchant Suite, its latest easy to use payment gateway for SMEs.
“We now live in a ‘connected’ world. With the uprising of the digital revolution, the business of MSMEs has grown to be more complex, and therefore will require more assistance and support in various components of their business. With internet and technology, MSMEs are now able to conduct their business in a faster manner, reach out to a wider market, trade across borders.”
This, added the minister, allows them the opportunity to work with international partners-all without the need to travel physically. In short, the entire global marketplace is now within a MSMEs reach.
There is no longer just the global economy, but we now live in parallel with the digital economy.
Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister’s Office delivering his speech. – AZROL AZMI
The minister further pointed out that “an economy which is developing quickly and seeing more and more businesses everywhere, including Brunei Darussalam, going online and embracing this digital and technological change — known as the “Fourth Industrial Revolution” — one of the key agendas at the World Economic Forum in Davos, Switzerland this year. This was also one of the main agendas of the US-Asean Summit held earlier this year where US and Asean leaders, including His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam, particularly emphasised the development of MSMEs and the digital economy as both sectors together serve as the economic backbone of Asean.
“As a business, no matter the scale, it is key that you are provided with the right support to ensure that your business continues to grow and sustain. I am very happy to see how our local banks are keeping up with the evolution of our local businesses and the needs of MSMEs today.
“It shows that our banks are agile, up-to-date, and more importantly, are eager to play their part in supporting His Majesty’s Government’s efforts and goals in creating and realising a more pro-business environment and improving the ease of doing business in Brunei Darussalam,” said the minister.
“As you may already know, ease of doing business is very important if we want to sincerely help MSMEs to start and grow – from micro to small, small to medium-and from medium to large.
“The Government of His Majesty under the stewardship of His Royal Highness Prince Haji Al-Muhtadee Billah, the Crown Prince and Senior Minister at the Prime Minister’s Office as Chairman of PENGGERAK, has pushed government agencies to ensure that the processes, procedures and regulations in Brunei are following international practices.
“We have seen positive development based on direct feedback from the MSMEs. Yet, there is still a lot to do to equip MSMEs with the right skills and vision and this is where DARE plays a crucial role. This signifies a comprehensive partnership to drive economic growth between private sector, government agencies and relevant stakeholders.”
The minister highlighted that through the ease of doing business initiative to facilitate credit for MSMEs, the Government His Majesty through Autoriti Monetari Brunei Darussalam (AMBD) is also introducing and setting up the Collateral Registry System, which will be ready by December this year.
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