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Brunei can use fintech in Islamic finance

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BRUNEI should explore applications in financial technology (fintech) in the Islamic finance sector as there is potential for growth in that area of the industry, a senior government official said yesterday.

In a forum during the Brunei-Korea ICT Conference at the Prime Minister’s Office (PMO) building yesterday, Md Nor Shafiee Dato Paduka Hj Abdul Jalil, the Deputy Permanent Secretary (IT, E-Government and Industry) at PMO, said that financial technology is relatively unexplored in the realm of Islamic finance, making in an ideal space for Brunei to move into.

“There is a lot of scope (for Brunei) to grow in the applications development with the (existing) technologies. We need to see how we can apply technology in areas where we are strong, for example, in the area of Islamic finance,” he said in the forum entitled ‘Flagship project to lay the foundation to promote ICT business for Brunei’s economic diversification’.

He said that Brunei should focus on developing industry specific applications as the country cannot compete against the likes of Silicon Valley or Singapore in the “pure and high tech” areas.

“The good thing for Brunei is that financial technology in Islamic finance is new ground so that means there is potential for us to excel in that area.”

For more on this story visit the following link: Brunei can use fintech in Islamic finance

Source: The Brunei Times

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