Bruneian ICT regulators are actively preparing for the launch of the country’s Digital Payment Hub (DPH). Initially planned for rollout in Q4 2024, the online national finance platform is now scheduled for an early 2025 release, as associated digital monetary services proliferate and increase in popularity and use. Among these are “Ding!,” an e-wallet capable of direct money transfers via smart devices that does not require a bank account, and eZakat Harta Wang Simpanan, a platform which allows Muslims to pay religious duties completely cashless.
The DPH, which falls under the Brunei Digital Economy Masterplan 2025, will unify, standardize, and regulate existing digital banking and e-commerce services within the country. Targeting person-to-person microtransactions, the DPH intends to improve financial literacy in the country, streamline the movement of funds, and support the development of local business. These trends are intended to contribute to Brunei’s broader economic diversification.
The DPH and digitization of Brunei’s economy at large could stand to benefit from the resources and expertise of the U.S. private sector. Previously, foreign companies have had to go through various permit processes across Brunei’s numerous financial authorities to even begin offering digital services in the country. The DPH, however, intends to offer foreign banking and ICT platforms a single-track approval process, a game changer for efficiency and the proliferation of modern economic practices.
