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Compliance Requirements for Fintech Companies in Brunei Darussalam Take Center Stage

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The Brunei Darussalam Central Bank (BDCB) has issued a notice outlining the requirements for payment systems, which fintech companies operating in the country must adhere to. The notice, No. PSO/N-1/2020/1, stipulates that any company seeking to operate a payment system in Brunei Darussalam must obtain approval from BDCB prior to commencing operations.

Approval Process

The approval process involves several steps:

  • Preliminary meeting with BDCB
  • Submission of a completed application form with supporting documents
  • Assessment by the central bank

Successful applicants will be issued an approval letter outlining the conditions of registration.

Eligibility Criteria

To be eligible for approval, fintech companies must meet certain criteria:

  • Being incorporated or registered under the Companies Act, Chapter 39
  • Having directors, chief executive officers, shareholders, employees, and themselves deemed fit and proper
  • Demonstrating a track record and financial standing
  • Maintaining a permanent place of business or registered office in Brunei Darussalam
  • Possessing a base capital of BND100,000

General Requirements

In addition to these criteria, fintech companies operating in the country must also meet certain general requirements:

  • Keeping books of transactions at their permanent place of business or registered office
  • Appointing a representative to address customer queries and complaints
  • Maintaining a sufficient capital buffer
  • Providing security with BDCB prior to commencement of operations
  • Implementing plans for regulatory compliance and annual audits

Submission of Applications

Fintech companies seeking more information on the requirements can refer to Notice No. PSO/N-1/2020/1, while completed applications and supporting documentation should be submitted to:

Supervision 3, Brunei Darussalam Central Bank Level 14 Ministry of Finance and Economy Building Commonwealth Drive, Bandar Seri Begawan, BB3910, Brunei Darussalam

Consequences of Non-Compliance

Failure to comply with these requirements may result in penalties for fintech companies operating in the country. It is essential that all fintech companies operating in Brunei Darussalam familiarize themselves with these requirements to avoid any legal repercussions.

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