IslamicFinance.de

Singapore battles with Australia and Hong Kong to be the region’s leading Fintech hub. She has moved ahead of her Southeast Asian neighbours, including newcomers like Brunei. Brunei launched its Fintech office in 2017 and at the same time put in place regulatory guidelines. However, Brunei’s Fintech ecosystem remains underdeveloped. Brunei has good reasons to pursue Fintech, it must start to reduce its economic dependence on gas and oil. The country has already made progress including collaboration with South Korea. Both countries provided US$30 million. They planned to set up a Fintech innovation centre. In return, South Korean companies gained access to the Islamic market. Brunei also signed a Fintech agreement with Singapore, Hong Kong and Great Britain.