BIBD to launch merchant portal by Q3 2021 MSMEs will be able to track online payments and manage their business operations via the portal

BANDAR SERI BEGAWAN — Bank Islam Brunei Darussalam (BIBD) will soon launch its merchant portal that allows micro, small and medium enterprises (MSMEs) to manage online payments and monitor their business operations.

Announcing the new online tool in a press conference on Friday, BIBD Chief Marketing Officer Hjh Nurul Akmar Hj Mohd Jaafar said MSMEs will gain insights into their day-to-day business activities and track their banking transactions through the portal.

Slated to be ready by the third quarter of 2021, the portal aims to provide the bank a better understanding of businesses’ specific needs and build new products to reach them more effectively.

About 80 percent of BIBD’s corporate customers are MSMEs, said Hjh Nurul Akmar.

MSMEs that subscribe to the merchant portal will have access to the bank’s SME360 platform, which has a dedicated relationship management team and provides financial solutions and digital payments.

Hjh Nurul Akmar said BIBD’s ecosystem of digital payments, powered by the BIBD NEXGEN platform, extends to partnerships beyond the banking sector.

The portal is part of the bank’s initiative to support the government’s aim to become a “Smart Nation”.

To promote a cashless society, BIBD recently partnered with the Ministry of Religious Affairs to enable online payment of zakat fitrah via BIBD QuickPay.

The bank also offers Mastercard payment gateway services to MSMEs that wish to receive digital payments.

“This is particularly useful for startups who hope to scale up and offer their services beyond the local market. BIBD offers this at little to no cost, along with existing digital payment solutions such as QuickPay and physical credit card terminals,” said Hjh Nurul Akmar.

BIBD to develop new grants programme for fintech startups

The chief marketing officer further said the bank is developing a programme that will invite higher education students and startups to submit ideas of innovative fintech solutions.

Hjh Nurul Akmar said participants will also be able to win grants to develop their fintech solutions under the programme, which is still in the planning stage.

Participants are expected to be provided with industry mentorship and development opportunities.

Open to fintech startups, the programme aims to promote innovation among companies and tertiary education students.