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13 March 2008
Bandar Seri Begawan, 13 March 2008.  Baiduri Bank was recently presented with a Special Citation at the 3rd Financial Insights Innovation Awards held in Singapore.  The Citation was for FAST, a revolutionary mobile suite of services introduced last October.

The special citation read, “Baiduri Bank’s FAST (Fast and Secure Transactions) is a mobile authentication and transaction platform for banking and services payments. The project is poised to prove that an interactive voice response-based (IVR-based) system can effectively resolve security issues to provide a convenient and personal way for consumers to undertake mobile payments.  The FAST Project’s inclusive approach allows a broad selection of third parties to offer the mobile phone as a payment channel to customers, aside from providing a new payment channel for credit cards and hire purchase – business lines that are uniquely strong in the Brunei market.”

The award ceremony was held on 29th February 2008 at the Raffles City Convention Centre in conjunction with the FinTech Asia Congress.  Over 500 senior executives from leading financial institutions in the region were guests at the event.  Mr Sim Kiem Lee, Chief Technology Officer, received the special citation on behalf of Baiduri Bank.

The Financial Insights Innovation Awards (FIIA) programme recognizes significant achievements of banks and insurers across the region for the most innovative use of technology in day-to-day business and operations.  This year, almost 150 submissions were received from banks and insurers across Asia Pacific.

Financial Insights is a financial service research and advisory firm and is part of the global IDG Group, the world's leading technology media, research and events company.  It provides independent research, custom consulting and detailed multi-client studies on technology issues and challenges facing the financial services industry, and is headquartered in Framingham, Massachusetts, USA.

FAST is an advanced mobile service which offers users the convenience of making bill payments through a simple, user-friendly IVR (Interactive Voice Response) system.  With voice prompts available in Malay, English and Mandarin, the user is guided from start to finish in a secure environment.

The many services available through FAST include purchasing mobile phone recharge codes, making mobile phone bill payments, Baiduri hire purchase payments, Baiduri credit card payments, account balance enquiry, and top-up prepaid MasterCard CashCard.

To access the service, registered users can place a call to the FAST hotline 2454-247 through their mobile phone and login by entering their PIN.  The user is then guided to the many available services through a voice-based menu.  Transactions made through FAST will be debited from the user’s account or credit card, and users will be sent receipts in the form of SMS and e-mail.

Designed with customers’ convenience in mind, FAST users are able to access the service 24 hours a day.  This revolutionary service is available to anyone over 12 years of age, with a locally registered mobile phone and a valid credit card or Baiduri account.  Non-Baiduri customers may use their Visa, MasterCard or American Express credit card to register for the service.  Registration for FAST is available at any Baiduri Bank branch.

FAST is offered at no charge from Baiduri Bank.  Customers will however incur normal usage charges from their mobile operator depending on the duration of each call.   Since its introduction in October last year, FAST remains the only mobile payment suite of services of its kind in Brunei.
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