Tuesday, 19 October 2021

BIBD's total market share in 2020 grew to 70%

5 min read

By The Asian Banker

Bank Islam Brunei Darussalam (BIBD) has shown strong commitment towards its digital transformation journey under its BIBD NEXGEN banner proposition and platform. On top of this, BIBD has the largest distribution network in the country with 17 branches and 103 units of self-service terminals.

  • BIBD has the largest distribution network in Brunei
  • BIBD’s NEXGEN Wallet is one of the largest finance mobile apps in Brunei
  • BIBD achieved higher financial performance and market share due to its successful digital transformation journey

Singapore, 3 June 2021 — BIBD Bank was recognised as the Best Retail Bank in Brunei at The Asian Banker International Excellence in Retail Financial Services Awards 2021.

BIBD achieved high financial performance and market share due to its successful digital transformation journey

In 2020, BIBD’s retail customer base market share showed a growth of 4% which led to a total market share of approximately 70%. Throughout 2020, BIBD retained around 64% of its overall retail financing portfolio, recording a 24.8% increase in home financing which currently stands at BND 179.4 million ($133.5 million).

Brand and Sales: BIBD has the largest distribution network in Brunei 

BIBD has the largest distribution network in the country with 17 branches and 103 units of self-service terminals. BIBD's social media channels are also the largest among all financial institutions in Brunei, with almost 130,000 followers combined across its social media platforms. BIBD launched Aspirasi - a certificate of deposit that offers better rates than a standard savings account and is easily subscribed to and redeemable (straight-through) over its mobile platform. As of December 2020, BIBD Aspirasi has more than 16,863 subscribers and deposits totalling over BND 123.3 million ($90.8 million). 

Digital Journey: BIBD’s NEXGEN Wallet is one of the largest finance mobile apps in Brunei 

BIBD's NEXGEN Wallet remains one of the largest finance mobile applications in Brunei, with over 453,441 downloads on both iOS and Android. There are over 138,608 regular users on the mobile banking platform, with average of BND 139.6 million ($103.9 million) monetary transactions per month through the mobile application, representing approximately 90% of total retail transactions. The number of customer log-ons has also increased by 5.5% compared to 2019. As of December 2020, the number of customer log-ons to BIBD's internet and mobile banking platforms combined stood at 35.2 million. Furthermore, the volume of transactions conducted via the bank’s digital platforms combined shows a 9.4% increase to BND 1.88 billion ($1.39 billion). 

BIBD continues to expand on its BIBD NEXGEN suite of cashless payment solutions. BIBD has continued to record substantial growth. The number of QuickPay transactions recorded in 2020 stood at 113,233 - more than double the transactions in 2019. Currently there are over 1,084 Quickpay merchants (1,203 Terminal) serving over 158,663 BIBD mobile banking users with average volume of transactions standing at BND 139.6 million ($103.9 million) per month. The BIBD virtual prepaid Mastercard (vCard) is also a popular person-to-person feature within the BIBD NEXGEN Wallet. Since 2014, over BND 241 million ($179.4 million) worth of internal cash transfers (including transfers using phone numbers) have been done via the virtual prepaid Mastercard. Those seeking to manage and secure their finances better have also been utilising the feature for online purchases, with transactions for this purpose totalling over BND 22.4 million ($16.6 million) as of 2020.

Financials: BIBD Bank scaled up its merchant transaction volume

Merchant transaction volume has also increased by 53.5%, currently standing at BND 270.4 million ($201.3 million). BIBD’s non-performing loan ratio (NPL) decreased from 0.93% to 0.73% which is 3.97% lower than the industry’s NPL ratio. In February 2020, BIBD expanded its ISO 9001:2015 certification for provision of retail customer onboarding, financing (personal and home), payments (payroll and bulk payments) and card services. BIBD has successfully maintained its ISO 9001:2015 certification after the completion of BIBD’s second year surveillance audit, completed in November 2020.

About The Asian Banker International

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing and Dubai, as well as representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is  www.theasianbanker.com

You may visit the Excellence in Retail Financial Services page at  http://awards.asianbankerforums.com/retailfinancial/

 

For further information on the collaterals for winning banks, please contact:

Mr. Mobasher Zein Kazmi

Head of Research

Tel: (+61) 452 514 145

Email: mkazmi@theasianbanker.com

 

 

 



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