Answer to Oral Question PL100

QUESTION

Yang Berhormat Awang Abdul Aziz bin Haji Hamdan

YANG BERHORMAT AWANG ABDUL AZIZ BIN HAJI HAMDAN requests MENTERI DI JABATAN PERDANA MENTERI DAN MENTERI KEWANGAN DAN EKONOMI II to state the efforts being carried out to ensure that coordination between ministries, financial institutions and regulators is implemented to ensure that the cashless system is safe, efficient and easily accessible to the public?

ANSWER

Yang Berhormat Menteri di Jabatan Perdana Menteri dan Menteri Kewangan dan Ekonomi II

The regulation of the payment system in Negara Brunei Darussalam, including the development of the cashless system, is driven by Brunei Darussalam Central Bank (BDCB), which has the mandate to ensure that the payment system in Negara Brunei Darussalam operates safely, efficiently, and in an orderly manner. In implementing the cashless system agenda, coordination is carried out in an integrated manner through close cooperation between BDCB, financial institutions, and National Digital Payments Network Sdn Bhd (ndpx), as the national digital payments hub.

Among the initiatives that have been implemented in supporting the development of the cashless system are the implementation of an (instant payment system) carried out in phases, namely the instant fund transfer service which was launched in March 2025, and secondly payments through QR code or tarusQR which was successfully launched in February 2026. This system ensures that fund transfers between banks and payment system operators can be carried out in real-time, safely, and in accordance with the prescribed regulatory standards. Since the launch of tarus in 2025, more than 20,000 transactions have been recorded, with a total value reaching BND2.4 million.

In addition, BDCB also issued a Notice on QR Code Standards in March 2025 requiring payment system operators to fully implement the national standard QR code by January 2027. The implementation of this QR code is based on national standards aligned with international standards, to ensure interoperability, security and uniformity in the use of QR codes in this country. This measure ensures that users and merchants no longer need various separate codes or terminals, thereby reducing operating costs and increasing transaction efficiency.

From the regulatory framework perspective, BDCB introduced the FinTech Regulatory Sandbox in 2017 to support innovation in a controlled manner, and issued a Notice on Requirements for Payment Systems which mandates approval for the operation of payment systems since 2020. At the same time, BDCB is drafting new comprehensive legislation to govern the payments industry in a more thorough and structured manner.

To strengthen the infrastructure, the Real Time Gross Settlement (RTGS) system was also upgraded in 2024 to support real-time payment settlement and reduce settlement risk between banks.

All of these initiatives are implemented in line with the Digital Payment Roadmap 2019-2025 towards realising the aspiration of a "Digital Payment Nation", in line with the development vision of the national financial sector and Wawasan 2035.

To ensure effective coordination between ministries, financial institutions and regulators, BDCB was also recently granted approval to establish the Digital Payment Committee, which aims to strengthen strategic cooperation and policy coordination among various stakeholders in the digital payment ecosystem. Its membership comprises the Ministry of Transport and Infocommunications (MTIC), the Ministry of Finance and Economy (MOFE) and Government agencies such as Cyber Security Brunei; statutory bodies such as the Authority for Infocommunications Technology Industry (AITI) and BDCB; as well as banking institutions, payment service providers and representatives from business and trade associations.

Through this platform, discussions and coordination can be carried out in an integrated manner, particularly in the aspects of security standards, regulatory requirements, cyber risk management, system interoperability as well as expanding access to digital payments for the public and enterprises.

In this regard, to ensure that the cashless payment system remains safe, efficient and easily accessible, this Committee will play an important role in formulating the next Digital Payment Roadmap for the 2026–2030 period so that the strategies formulated remain relevant and responsive to current technological developments and the risk landscape.

In addition, allow me also to share the digital payment initiatives implemented in Government agencies. The Ministry of Finance and Economy through the Treasury Department has already provided the e-Payment Gateway (EPG) system and One Common Billing System (OCBS), in 2014 and 2021 respectively, to facilitate the handling of Government revenue collection in a more systematic, safe and orderly manner. At present, 47 Government agencies are already using OCBS.

In the effort to encourage cashless payment for government services, several methods have been provided, including through an online portal using credit or debit cards, which can be accessed at any time either through mobile phones or laptop devices. Second, through online banking applications such as BIBD NEXGEN and Baiduri Digital; and third, through card terminals provided at Department counters.