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BAIDURI BANK, THE FIRST BANK IN BRUNEI DARUSSALAM TO LAUNCH THE EMV MERCHANT ACQUIRING SERVICE
14 September 2006
 

Baiduri Bank held the “EMV Acquiring Service” launching ceremony in The Rizqun International Hotel on Thursday, 14 September 2006.

The ceremony was attended by Mr Pierre Imhof, General Manager of Baiduri Bank; Guest of Honour Yang Berhormat Pehin Orang Kaya Seri Kerma Dato Seri Setia Haji Awang Abu Bakar, Minister of Communications; approximately 200 people from the government, private sector and card merchants.

“This official launch marks a very important milestone for Baiduri Bank, to be the first in Brunei Darussalam to introduce the EMV Acquiring Service by installing EMV enabled Point of Sale or POS terminals at our card merchant locations. This puts Brunei Darussalam amongst several countries in the region to embark on the EMV migration project.” affirmed Mr Pierre Imhof in his speech.

“Baiduri Bank has invested time and money to implement this EMV project in Brunei Darussalam, and we are now rolling out phase 1 which is the EMV acquiring service for the merchants, and followed by the second phase of the project to issue EMV chip cards to cardholders, in the next few months. In phase 1, our merchants will receive EMV ready terminals which will protect our merchants from potential financial losses as counterfeit card fraud may migrate from neighboring countries, due to our open borders and ease of travel nowadays. As the largest card merchant acquirer in Brunei Darussalam, we feel it our responsibility to take on this initiative.” added Mr Pierre Imhof.

Mr Pierre Imhof also stated “At Baiduri Bank, we are deeply committed to support and are working with government agencies on various initiatives. Our EMV project provides a secure and efficient payment infrastructure and fully compliments the current government ICT initiative in developing a more advanced and secure payment industry.

” A presentation on the EMV chip technology and benefits to merchants was done by Mr Kevin Tai, Director of Implementation for VISA International. EMV is the industry abbreviation for Europay International, MasterCard International and Visa International, jointly sponsoring the global standard for electronic financial transactions covering the operation of SMART card payment cards and terminals.

The business rationale for the introduction of EMV is the high level of security they offer to banks, merchants and cardholders.EMV compliance in most countries is mandated by the country’s Central Bank, given the recent increases in payment card frauds, and in particular, the rapid growth of counterfeit fraud. In countries like Thailand, Australia and Malaysia, where payment card frauds are increasingly becoming more sophisticated, the need to protect our borders from fraud migration is necessary.

With the high levels of expertise, commitment and support provided by Visa International and MasterCard International, and our selected vendors, Baiduri is confident that the transition to EMV readiness will be a smooth and a resounding succe

For more information on the EMV project, please call the Card Centre customer helpline at 2454 187 or visit any of the Baiduri Bank branches.

 
 
 
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