Baiduri Bank Opens Representative Office In Singapore
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.
Hashtag: #company #singaporeexpansion #bankingandfinance
https://www.baiduri.com.bn/
The issuer is solely responsible for the content of this announcement.
Baiduri Bank
Baiduri Bank Group is one of the largest providers of financial products and services in Brunei Darussalam. The Group comprises Baiduri Bank, Baiduri Finance and Baiduri Capital, providing banking services to institutions or corporations, retail banking, consumer financing, securities trading and wealth management.
Established in 1994, Baiduri Bank's shareholders include Baiduri Holdings and Darussalam Assets. With a combination of global outlook combined with extensive local knowledge and commitment to the Brunei market, the Bank has been acknowledged as the leading conventional bank in the country with a track record of financial innovations and pioneering activities.
In 2024, Baiduri Bank was awarded 'Bank of the Year 2024' by The Banker, 'Best Bank in Brunei 2023' by Euromoney, 'Best Bank in Brunei 2024' by Global Finance, 'Best Banking Group in Brunei 2024' by World Finance, 'Domestic Retail Bank of the Year, Brunei 2024' by the Asian Banking & Finance and 'Best Retail Bank in Brunei 2024' by the Asian Banker. The Bank was awarded the 2nd ASEAN Outstanding Social Welfare and Development Award (AOSWADA) in recognition of its CSR efforts in 2023.
Standard & Poor's maintained the Bank's credit rating to 'A-/A-2' with Stable Outlook in July 2024. https://www.baiduri.com.bn/
Baiduri Bank
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