Baiduri Bank is recognised as the ‘Best Bank in Brunei 2023’ by UK-based financial publication Euromoney, making it the second consecutive year the Bank has gained this prestigious accolade.

Ti Eng Hui, CEO of Baiduri Bank attended the awards ceremony which was held recently at The Conrad Hong Kong, as part of the Euromoney Awards for Excellence 2023. Also present at the event were Ak Nor Muhammad Nizam Pg Hj Tengah, Head of Group Treasury and Institutional Banking, Baiduri Bank and Ng Yick Wei, Head of Group Strategic Marketing and Communications, Baiduri Bank.

Euromoney acknowledged the excellence of Baiduri Bank’s overall performance, noting that “Baiduri Bank remains the standout bank in Brunei. This is not just down to its solid financial growth but also because of its commitment to digitalisation, which has enhanced its capabilities in everything from data analytics to customer service.”

In 2022, net profits at Baiduri Bank grew 12.1% year-on-year to BND65.6 million, while return on equity rose to 12.77%.

Baiduri Bank began its digital transformation journey in 2020 but accelerated its efforts in 2022. In September 2022, the Bank launched Baiduri b.Digital Business, an all-new digital banking service for businesses, followed by feature enhancements to its personal banking platform. The Bank also rolled out Qpay, the latest in its digital offering, allowing its UnionPay Debit Cardholders to scan and pay at participating outlets quickly.

Euromoney also commended Baiduri Bank for strategically building its internal capabilities as part of its digital transformation journey. “Crucially, chief executive Ti Eng Hui has been unafraid to launch disruptions from within. In November (2022), the Bank signed an agreement with Temenos to run its core banking service on a software-as-a-service (SaaS) platform in the cloud – the first bank in Brunei to do so,” added Euromoney.

Baiduri Bank also worked with Accel-backed finbots.ai, a Singapore headquartered business-to-business SaaS financial technology firm, to modernise its credit risk management using artificial intelligence (AI). The Bank has also been actively deploying other emerging technologies under its Fintech and DevOps units, including Robotic Process Automation (RPA) and new microservices, to help automate existing workflows and increase operational efficiency.

Speaking on the award, Ti said, “It is an honour for us to once again be named Brunei's Best Bank by Euromoney in 2023. This recognition is a testament to the success of the strategy we set, and the dedication of our team in delivering sustainable results despite challenging market conditions.”

“We would like to thank our stakeholders, business partners and our customers for their unwavering trust and support. Accolades like this reinforce our commitment to always putting our customers first and finding new ways to empower our communities.”

The Euromoney Awards for Excellence are widely regarded as one of the most esteemed accolades in the global banking industry and are seen as an endorsement of excellence and best practices.

For more information on the Bank’s products and services, visit www.baiduri.com, follow the Bank’s social media accounts or call its 24-hour Customer Helpline at 244 9666.