| Baiduri Bank | |
| Type: | Private |
| Area Served: | Brunei |
| Industry: | Banking |
| Rating: | S&P BBB+/A–2 |
| Location: | Level G, Baiduri Bank Headquarters, 1 Jalan Gadong, Bandar Seri Begawan, Brunei BA1511 |
Baiduri Bank is a part of the Baiduri Bank Group, which is among Brunei's biggest suppliers of financial services and goods.[1] [2] It has since become of Brunei's biggest suppliers of financial services and products, Baiduri Bank caters to a range of clientele, including retail, MSMEs, corporate, and institutional customers.[3] The principal stakeholder of Baiduri Holdings, the entity that owns 60% of Baiduri Bank, is Pengiran Anak Hajah Zariah, the princess consort to Prince Mohamed Bolkiah.[4]
Baiduri has 11 branches, two branches for its finance division, and 33 ATMs. Additionally, the bank provides two versions of its online banking service—one for personal and one for commercial usage. A mobile app version of Baiduri b.Digital Personal is also accessible. Darussalam Assets and Baiduri Holdings are the Bank's shareholders.[5]
Since its founding in 1996, Baiduri Finance—a wholly-owned subsidiary of Baiduri Bank—has grown to become the nation's top auto lender. Another wholly-owned subsidiary, Baiduri Capital, began operations in June 2015 and provides online trading platform services for equities trading. Access to the NASDAQ, NYSE, HKEx, BURSA Malaysia, China A-shares, and other foreign stock exchanges is now possible.
The bank started operating on 13 January 1993, and it adheres to Islamic banking standards.[6] As a part of the largest group of financial service and product providers in Brunei Darussalam, Baiduri Bank was founded in 1994. Baiduri Bank was founded as a commercial bank that served corporate clients; now, its main lines of business include consumer lending, corporate banking, and retail banking.[7] Initially, the royal family and Royal Brunei Airlines (RBA) are the main owners of the privately held Baiduri Bank.[8]
The fully owned subsidiary of Baiduri Bank, Baiduri Finance, has also obtained ISO9001:2015 certification, which is a mark of a quality management system. As the nation's first debit card issuer since 2001, Baiduri Bank recently bought the UnionPay card brand after seeing a chance to grow its debit card portfolio with the launch of a Prestige MasterCard debit card. In addition to becoming the first bank in Brunei to provide PIN-based security, Baiduri introduced the UnionPay debit card in 2010.[9]
Baiduri established its Business Hub in 2015, which connects to small- and non-borrowing accounts to supplement the corporate banking division. Additionally, under the BSP Credit Facility Program, Baiduri and Brunei Shell Petroleum (BSP) have joined to provide funding to regional companies.[10] In Brunei, it has established itself as the top traditional bank. HSBC Brunei's retail and commercial banking portfolio was recently acquired by Baiduri Bank, which has outstanding credit ratings from Standard and Poor's (BBB+/A–2).
The change started in 2020, but in 2022 it gained more momentum. The bank have a deal with Temenos on 1 November 2022, to operate our primary financial services on a cloud-based software as a service (SaaS) platform. Our brand-new digital banking solution for enterprises, Baiduri b.Digital Business, was introduced in September 2022.[11] [12]
Baiduri changed its personal banking app after relaunching its digital banking service for companies in September 2023 with a number of new features. Additionally, it introduced Baiduri Qpay, a digital wallet that has become popular among users. In 2023, Baiduri's net earnings increased 12.1% year over year to Br$65.6 million ($49 million), with a 12.77% increase in return on equity.[13] [14] As of 2024, Baiduri Finance is the only financing provider in Brunei that have obtained this well acknowledged accreditation. Additionally, only Baiduri Bank has the most recent version 3.2.1 of PCI-DSS certification in Brunei.
The Corporate Governance Guidelines published by the Brunei Darussalam Central Bank (BDCB) serve as a guide for the principles of good corporate governance that the Baiduri Bank Group adheres to in the management and governance of Baiduri Bank Berhad. Six directors, including the chairman, make up the bank's board of directors, or the board.[15]
A deal has been made by the French bank BNP Paribas to purchase a 15% stake in Baiduri Bank Berhad, a new commercial bank that will be established in Brunei.[19] As of 2018, the French multinational and financial services firm BNP Paribas, Baiduri Holdings, and Darussalam Assets are among the owners of Baiduri Bank. Additionally, Baiduri Bank and Brunei Shell Petroleum (BSP) have teamed up to provide local companies with finance under the BSP Credit Facility Program.
Baiduri has earned the following awards: