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Baiduri Bank

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Coordinates: 4°54′20″N 114°55′47″E / 4.9056878°N 114.9297504°E / 4.9056878; 114.9297504
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4°54′20″N 114°55′47″E / 4.9056878°N 114.9297504°E / 4.9056878; 114.9297504

Baiduri Bank
Company typePrivate
IndustryBanking
Founded1994; 30 years ago (1994)
HeadquartersLevel G, Baiduri Bank Headquarters, 1 Jalan Gadong, Bandar Seri Begawan, Brunei BA1511
Area served
Brunei
Key people
Products
Services
Owner
  • Baiduri Holdings
  • Darussalam Assets
Subsidiaries
  • Baiduri Finance
  • Baiduri Capital
RatingS&P: BBB+/A–2
Websitewww.baiduri.com.bn

Baiduri Bank is a part of the Baiduri Bank Group, which is among Brunei's biggest suppliers of financial services and goods.[1][2] It has since become of Brunei's biggest suppliers of financial services and products, Baiduri Bank caters to a range of clientele, including retail, MSMEs, corporate, and institutional customers.[3] The principal stakeholder of Baiduri Holdings, the entity that owns 60% of Baiduri Bank, is Pengiran Anak Hajah Zariah, the princess consort to Prince Mohamed Bolkiah.[4]

Overview

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Baiduri has 11 branches, two branches for its finance division, and 33 ATMs. Additionally, the bank provides two versions of its online banking service—one for personal and one for commercial usage. A mobile app version of Baiduri b.Digital Personal is also accessible. Darussalam Assets and Baiduri Holdings are the Bank's shareholders.[5]

Since its founding in 1996, Baiduri Finance—a wholly-owned subsidiary of Baiduri Bank—has grown to become the nation's top auto lender. Another wholly-owned subsidiary, Baiduri Capital, began operations in June 2015 and provides online trading platform services for equities trading. Access to the NASDAQ, NYSE, HKEx, BURSA Malaysia, China A-shares, and other foreign stock exchanges is now possible.[5]

History

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The bank started operating on 13 January 1993, and it adheres to Islamic banking standards.[6] As a part of the largest group of financial service and product providers in Brunei Darussalam, Baiduri Bank was founded in 1994. Baiduri Bank was founded as a commercial bank that served corporate clients; now, its main lines of business include consumer lending, corporate banking, and retail banking.[7] Initially, the royal family and Royal Brunei Airlines (RBA) are the main owners of the privately held Baiduri Bank.[8]

The fully owned subsidiary of Baiduri Bank, Baiduri Finance, has also obtained ISO9001:2015 certification, which is a mark of a quality management system.[5] As the nation's first debit card issuer since 2001, Baiduri Bank recently bought the UnionPay card brand after seeing a chance to grow its debit card portfolio with the launch of a Prestige MasterCard debit card. In addition to becoming the first bank in Brunei to provide PIN-based security, Baiduri introduced the UnionPay debit card in 2010.[9]

Baiduri established its Business Hub in 2015, which connects to small- and non-borrowing accounts to supplement the corporate banking division. Additionally, under the BSP Credit Facility Program, Baiduri and Brunei Shell Petroleum (BSP) have joined to provide funding to regional companies.[10] In Brunei, it has established itself as the top traditional bank. HSBC Brunei's retail and commercial banking portfolio was recently acquired by Baiduri Bank, which has outstanding credit ratings from Standard and Poor's (BBB+/A–2).[10]

The change started in 2020, but in 2022 it gained more momentum. The bank have a deal with Temenos on 1 November 2022, to operate our primary financial services on a cloud-based software as a service (SaaS) platform. Our brand-new digital banking solution for enterprises, Baiduri b.Digital Business, was introduced in September 2022.[11][12]

Baiduri changed its personal banking app after relaunching its digital banking service for companies in September 2023 with a number of new features. Additionally, it introduced Baiduri Qpay, a digital wallet that has become popular among users. In 2023, Baiduri's net earnings increased 12.1% year over year to Br$65.6 million ($49 million), with a 12.77% increase in return on equity.[13][14] As of 2024, Baiduri Finance is the only financing provider in Brunei that have obtained this well acknowledged accreditation. Additionally, only Baiduri Bank has the most recent version 3.2.1 of PCI-DSS certification in Brunei.[5]

Senior leadership

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The Corporate Governance Guidelines published by the Brunei Darussalam Central Bank (BDCB) serve as a guide for the principles of good corporate governance that the Baiduri Bank Group adheres to in the management and governance of Baiduri Bank Berhad. Six directors, including the chairman, make up the bank's board of directors, or the board.[15]

List of former CEOs

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Shareholders

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A deal has been made by the French bank BNP Paribas to purchase a 15% stake in Baiduri Bank Berhad, a new commercial bank that will be established in Brunei.[19] As of 2018, the French multinational and financial services firm BNP Paribas, Baiduri Holdings, and Darussalam Assets are among the owners of Baiduri Bank. Additionally, Baiduri Bank and Brunei Shell Petroleum (BSP) have teamed up to provide local companies with finance under the BSP Credit Facility Program.[7]

Awards

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Baiduri has earned the following awards:[5]

  • Best Banking Group for Brunei by World Finance (2009–2023)[20]
  • Company of the Decade for Brunei by World Finance (2011)[21]
  • Best Bank in Asia-Pacific by Global Finance (2020; 2022)[22]
  • Domestic Retail Bank of the Year Brunei by Asian Banking & Finance (2020–2023)[23]
  • Best in Corporate Governance & CSR by International Investor (2021)[24]
  • Best Mobile Banking App for Brunei by World Finance (2021)[25]
  • Marketing and Brand Initiative of the Year for Brunei by Asian Banking & Finance (2021)[26]
  • Finance Company of the Year by Asian Banking & Finance (2022)[27]
  • Best Retail Bank in Brunei by The Asian Banker (2023)[11]
  • Best Bank in Brunei by Euromoney (2022–2023)[14]
  • Best Bank in Brunei by Global Finance (2023)[28]
  • Brunei Employee Engagement of the Year – Banking by Asian Business Review (2024)[29]

References

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  1. ^ "Baiduri Bank Group - Brunei". Library of Congress, Washington, D.C. 20540 USA. Retrieved 2024-05-07.
  2. ^ "Baiduri Bank - Latest News, Headlines, Insight, Commentary & Analysis". Asian Business Review. Retrieved 2024-05-07.
  3. ^ "Singapore-headquartered AI credit modelling FinTech finbots.ai secures a leading bank client in Brunei". finbots.ai. 2023-02-09. Retrieved 2024-05-07.
  4. ^ Eric Ellis (2018-03-05). "Baiduri Bank bemoans the burden of Brunei's bounty". Euromoney. Retrieved 2024-05-07.
  5. ^ a b c d e "About Us". Baiduri Bank. Retrieved 2019-11-06.
  6. ^ Edwards, Ron W.; Skully, Michael T. (1996). ASEAN Business, Trade, and Development. B-H Asia. p. 42. ISBN 978-981-00-8235-2.
  7. ^ a b Max Tomlin (2018-07-10). "Baiduri Bank stimulates diversity in Brunei". www.worldfinance.com. Retrieved 2024-05-07.
  8. ^ Southeast Asian Affairs. Institute of Southeast Asian Studies. 1995. p. 117.
  9. ^ "Baiduri Bank: the importance of partnerships and tech innovation". www.worldfinance.com. Retrieved 2024-05-07.
  10. ^ a b "A glimpse into the future of banking in Brunei". www.worldfinance.com. Retrieved 2024-05-06.
  11. ^ a b "Driving Brunei's banking sector forwards". www.worldfinance.com. Retrieved 2024-05-07.
  12. ^ "Baiduri Bank - Success Story". Temenos. 2022-12-05. Retrieved 2024-05-07.
  13. ^ "Awards for Excellence 2023: Best bank in Brunei – Baiduri Bank". Euromoney. 2023-07-14. Retrieved 2024-05-06.
  14. ^ a b Baiduri Bank (2023-08-12). "Baiduri Bank named Brunei's best for second year running". borneobulletin.com.bn. Retrieved 2024-05-06.
  15. ^ "Corporate Governance" (PDF). www.baiduri.com.bn. 2021-12-31. Retrieved 2024-05-07.
  16. ^ Baiduri Bank Group (2019-03-07). "Announcing the appointment of Mr. Ti Eng Hui as CEO of the bank and the appointment of Mr. Pierre Imhof who is retiring as CEO, to the bank's board of directors. Both appointments are with effect from 1st April 2019". www.facebook.com. Retrieved 2024-05-07.
  17. ^ "New Chairman of The Brunei Association of Banks - 2016-2017 (BAB)". www.aseanbankers.org. Retrieved 2024-05-07.
  18. ^ "This is not goodbye, says Pierre at farewell reception". bn.ambafrance.org. 2024-05-03. Retrieved 2024-05-07.
  19. ^ Europe. L'Agence. 1994. p. 18.
  20. ^ "Baiduri Bank named best banking group in Brunei". The Star. 2021-07-03. Retrieved 2024-05-07.
  21. ^ "Cool Companies". engineeringgrowth. Retrieved 2024-05-07.
  22. ^ Baiduri Bank (2022-12-17). "Another accolade for award-winning bank". borneobulletin.com.bn. Retrieved 2024-05-07.
  23. ^ Baiduri Bank (2023-08-19). "Baiduri Bank wins ABF Domestic Retail Bank of the Year". borneobulletin.com.bn. Retrieved 2024-05-07.
  24. ^ "Baiduri Bank menangi 2 anugerah". www.pelitabrunei.gov.bn (in Malay). 2021-01-16. Retrieved 2024-05-07.
  25. ^ "BAIDURI B.DIGITAL PERSONAL AWARDED BEST MOBILE BANKING APP BY WORLD FINANCE FOR THE SECOND YEAR RUNNING". www.baiduri.com.bn. 2021-12-18. Retrieved 2024-05-07.
  26. ^ "BAIDURI BANK RECEIVES TWO AWARDS DURING THE ASIAN BANKING & FINANCE RETAIL BANKING AWARDS 2021". www.baiduri.com.bn. 2021-09-25. Retrieved 2024-05-07.
  27. ^ "BAIDURI BAGS A BRACE OF AWARDS AT ASIAN BANKING & FINANCE RETAIL BANKING AWARDS 2022". www.baiduri.com.bn. 2022-09-24. Retrieved 2024-05-07.
  28. ^ "BAIDURI BANK RECOGNISED AS "BEST BANK IN BRUNEI 2023" BY GLOBAL FINANCE FOR THE EIGHTH TIME". www.baiduri.com.bn. 2023-10-21. Retrieved 2024-05-07.
  29. ^ Baiduri Bank (2024-01-27). "Bank secures two prestigious awards". borneobulletin.com.bn. Retrieved 2024-05-07.
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