Baiduri Bank Opens Representative Office In Singapore
SINGAPORE - Media OutReach Newswire - 22 May 2025 - Baiduri Bank, Brunei Darussalam's largest conventional bank, proudly announces the opening of its first overseas representative office in Singapore. Located at Marina Bay Financial Centre (MBFC) Tower 2, this expansion marks a significant milestone in the Bank's 30-year journey in the financial sector.
Since its establishment in 1994, Baiduri Bank has undergone a remarkable transformation—evolving from a home-grown bank into a leading financial institution that has played a pivotal role in Brunei's economic development. Its evolution over the past three decades has been marked by rapid growth, innovation, and expanded capabilities in retail, corporate, and institutional banking.
Today, Baiduri Bank is internationally recognised for its financial strength and innovation, reflected by its A-/A-2 stable rating from S&P Global Ratings. It has also been honoured with multiple international awards including 'Bank of the Year 2024' by The Banker, 'Best Bank in Brunei' by Euromoney and Global Finance, and 'Best Banking Group in Brunei 2024' by World Finance. These accolades reinforce the Bank's credibility and its strategic readiness to expand its regional footprint.
A strategic expansion into Singapore – Beyond Brunei
The launch of the Singapore Representative Office represents the next chapter in this trajectory. It is a strategic move to strengthen Baiduri Bank's regional presence, promote its corporate and institutional banking capabilities, and enhance engagement with counterparty banks and financial institutions.
Singapore, as one of the world's leading financial hubs, offers immense opportunities for the Bank to identify strategic partners and alliances. By acting as a bridge between Bruneian opportunities and Singapore's vibrant financial ecosystem, the office supports Brunei's economic diversification agenda while creating pathways for Singapore-based institutions and investors to access new markets and forge cross-border collaborations.
Leading the Representative Office
Leading the Baiduri Bank Representative Office is Mr Young Yi, Chief Representative Officer, a seasoned corporate banker with over 25 years of corporate banking experience across local and international banks, including Deutsche Bank, HSBC, Societe Generale, ANZ and Westpac. With a strong background in corporate banking, relationship management, Mr Young is a valuable addition to support Baiduri Bank's presence in Singapore.
Commenting on the launch, Mr Young stated: 'I am excited and privileged to be part of Baiduri Bank's journey in Singapore and I look forward to leveraging on my network, fostering strong meaningful collaborations to achieve win-win outcomes for Baiduri Bank and our partners. With our deep local knowledge of the Bruneian market, we offer ourselves as a trusted advisor to companies based in Singapore looking to invest in Brunei. The Representative Office will also serve as a referral conduit to our banking partners for Bruneian companies looking to expand into Singapore and the region'.
Strengthening regional economic collaboration
Brunei presents a compelling value proposition for businesses, offering a stable operating environment, strong governance, and attractive tax schemes. As a signatory to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Brunei provides tariff-free access to one of the world's fastest-growing economic regions. With its well-educated workforce, absence of capital controls, and 1:1 currency interchangeability with the Singapore Dollar, Brunei is well-positioned as a gateway for regional business expansion.
In support of this goal, Baiduri Bank is working closely with the Brunei Economic Development Board (BEDB) to encourage greater investment engagement and regional business connectivity. The Bank's Singapore Representative Office will serve as a touchpoint to facilitate conversations with potential investors and explore new opportunities linked to Brunei. By aligning efforts with BEDB, Baiduri Bank hopes to contribute meaningfully to Brunei's broader economic diversification goals—while helping connect Bruneian businesses to regional markets and Singapore-based stakeholders to emerging opportunities in Brunei.
Launch and networking reception
The launch ceremony of Baiduri Bank's Singapore office at MBFC Tower 2 was a distinguished event, attended by esteemed guests, including Yang Amat Mulia Pengiran Muda Dr Abdul Fattaah, Chairman of Baiduri Bank, senior government officials, and prominent leaders from the banking sector of Brunei and Singapore.
Baiduri Bank's CEO, Ti Eng Hui, delivered an address outlining the Bank's vision for regional growth, followed by the unveiling of a meticulously crafted 3D replica of Baiduri Bank's headquarters presented alongside iconic landmarks of Brunei and Singapore – symbolising the strong economic ties between the two nations.
Following the official ceremony, Baiduri Bank hosted a networking cocktail reception at the Mandarin Oriental Singapore, attended by over 300 guests, including representatives and senior leaders from regional financial institutions and corporations.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
2 hours ago
- Malaysian Reserve
Spinnaker Chocolate Expands with New Factory and Café in Wallingford
SEATTLE, June 28, 2025 /PRNewswire/ — Spinnaker Chocolate, the beloved Seattle-based craft chocolate maker, is entering an exciting new chapter. The company has officially relocated from its cozy Ravenna shop to a spacious new home in Wallingford, complete with its first-ever café. This expansion gives Spinnaker the room to scale up its bean-to-bar chocolate production, grow its wholesale operations, and introduce long-awaited new products. At the new café, guests can enjoy rich drinking chocolate, locally roasted coffee, and handcrafted pastries, all just steps from the production space where Spinnaker's award-winning chocolate is made from scratch. 'Our time in Ravenna has been incredible, and it was bittersweet to say goodbye,' said Kelly Van Arsdale, Co-Founder & CEO of Spinnaker Chocolate. 'But we're thrilled about what's ahead. This move has given us the space to grow, experiment, and create an even better experience for our customers.' The new Spinnaker Chocolate location at 3509 Stone Way N, Seattle, WA 98115 features: A welcoming café – Now open! Enjoy an expanded menu, including hot chocolate, mochas, locally roasted coffee, and select pastries from Sea Wolf Bakers, as well as some of our own homemade pastries. More space for chocolate-making & tours – A dedicated production area for larger-scale chocolate-making, expanded wholesale operations, behind-the-scenes factory tours, and hands-on chocolate-making classes. Continued retail experience – The new space continues to offer a full retail experience where you can sample and purchase bean-to-bar chocolate, handcrafted truffles, drinking chocolate, and more. 'We know this is a big change, and we're so grateful for the support of our community,' added Kelly. 'We can't wait to welcome everyone into our new cafe on June 28th and continue sharing our passion for craft chocolate.' For updates on new flavors and upcoming events, follow Spinnaker Chocolate on Instagram (@spinnakerchocolate) or visit For media inquiries, please contact: press@ For wholesale inquiries, please contact: wholesale@ About Spinnaker ChocolateSpinnaker Chocolate is a Seattle-based bean-to-bar chocolate maker dedicated to crafting high-quality, ethically sourced chocolate. Since its founding, Spinnaker has been committed to transparency, sustainability, and exceptional flavor, making it a favorite among chocolate lovers in the Pacific Northwest and beyond.
Malaysian Reserve
5 hours ago
- Malaysian Reserve
Freedom Holding Corp.: S&P Global Ratings Upgrades Outlook on Key Operating Subsidiaries to "Positive" on Strengthened Risk Management and Compliance
ALMATY, Kazakhstan, June 28, 2025 /PRNewswire/ — International credit rating agency S&P Global Ratings has revised the outlook on Freedom Holding Corp.'s core operating subsidiaries from 'Stable' to 'Positive,' while affirming their credit ratings at 'B+/B'. The revised outlook applies to Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC. The rating of the parent company, Freedom Holding Corp., was affirmed at 'B-' with a Stable outlook. Positive Outlook: recognition of systemic progress The revised outlook reflects Freedom Holding's significant achievements in consolidating and enhancing its risk management and compliance functions across the organization. Over the past two years, the group has implemented a centralized risk management policy, adopted unified risk appetite standards, established a compliance project management office, and expanded its oversight team to include 129 risk specialists and 162 compliance professionals operating across 22 jurisdictions. 'We've come a long way — turning fragmented control functions into a unified, centralized system at the group level. This decision reflects the maturity of our governance model,' commented CEO Timur Turlov. Focus on resilience: lower risk and balanced growth The holding's overall capitalization strengthened in fiscal year 2025. Its risk-adjusted capital (RAC) ratio rose from 11.6% to around 13%, supported by moderate balance sheet growth, a decline in economic and industry risks in Kazakhstan, and a resilient brokerage business. As of March 2025, Freedom Group serves around 5 million customers, including over 4.4 million financial clients, with its SuperApp becoming a key digital tool for users' day-to-day financial activities. Market leadership in Kazakhstan, growth in Europe S&P highlighted Freedom's continued leadership in Kazakhstan's retail brokerage sector, serving approximately 683,000 clients worldwide, of whom over 151,000 executed at least one trade in the last quarter of FY2025. The group is also expanding its presence in Europe, with 391,000 clients via its Cyprus-based subsidiary and offices in 10 EU countries. The holding company continues to invest in the telecom segment and maintains a sustainable business model supported by income from brokerage operations. About Freedom Holding Corp. Freedom Holding Corp. is an international financial and technology group listed on the Nasdaq (ticker: FRHC). The company offers investment, banking, insurance, and digital services through its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company's principal executive office is located in New York City. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC). Contact Public RelationsNatalia KharlashinaFreedom Holding Corp.[email protected] Logo –
The Star
7 hours ago
- The Star
Motor racing-Former Ferrari boss Montezemolo becomes a McLaren Group director
FILE PHOTO: Former chairman of Ferrari Luca Cordero di Montezemolo attends an event to celebrate 90 years of Italian premium sports car maker Ferrari racing team at Milan's Duomo square, in Milan, Italy September 4, 2019. REUTERS/Flavio lo Scalzo/File Photo LONDON (Reuters) -Former Ferrari boss Luca di Montezemolo has joined the board of historic rival McLaren, a move that would have been unimaginable not so long ago. A filing with Companies House by Abu Dhabi-owned McLaren Group Holdings, which controls Woking-based sportscar maker McLaren Automotive, registered Montezemolo as a director on June 27. The 77-year-old Italian joined Ferrari in 1973 as founder Enzo Ferrari's assistant and became team manager in 1974, a year before the late Austrian triple champion Niki Lauda secured his first title. He also presided over the Formula One team during a golden era when Michael Schumacher won five of his career seven titles between 2000-2004 and served as chairman of both Ferrari and parent FIAT. McLaren and Ferrari, the two oldest and most successful teams in Formula One history, have been rivals for decades and were involved in a notorious 'Spygate' scandal that erupted in 2007. British-based McLaren were stripped of all their championship points and fined a record $100 million over a dossier of stolen Ferrari technical documents found in the possession of McLaren's chief designer. Both Ferrari and McLaren are under different management now, with Montezemolo resigning his roles at the Italian luxury sportscar maker in 2014 and focusing on other business interests. CYVN, majority-owned by the government of Abu Dhabi, created McLaren Group Holdings in April after completing its acquisition of McLaren Automotive. The group includes a non-controlling stake in McLaren Racing, the Formula One team whose majority shareholder is Bahrain's Mumtalakat and which operates completely independently. Paul Walsh, executive chairman of McLaren Racing, is also one of the nine directors of McLaren Group Holdings, while McLaren team principal Andrea Stella previously worked for Ferrari. McLaren are the reigning Formula One constructors' world champions while Ferrari last won a title in 2008. Seven times world champion Lewis Hamilton, who took his first title for McLaren in 2008, is now driving for Ferrari. News of Montezemolo's new role was greeted with some amazement in Italy. "Montezemolo-McLaren: What a slap in the face to Ferrari," said sports newspaper Tuttosport in a headline. ANSA news agency quoted Montezemolo as saying his heart "is and always will be red" and his new role was on the automotive side and did not involve Formula One. (Reporting by Alan Baldwin, editing by Jane Merriman)
