In this edition of ASEAN Regulatory Brief, ASEAN Briefing takes a closer look at Brunei’s new finance regulations, the US’s eased export restrictions for Myanmar, and a fight against corruption in Indonesia.
Brunei: New financial reforms will provide more options for consumers, enterprises
The Autoriti Monetari Brunei Darussalam (AMBD) recently announced new regulatory financial reforms. The changes will make a wider variety of financial products accessible to consumers. Meanwhile, the reforms will also ease the access to financing for entrepreneurs. The central bank amended several regulations to relax the conditions to obtain unsecured personal credit, financing and credit cards. In addition, the new regulations will include variable, rental and business income in the ‘gross monthly income,’ thus making it easier for financial institutions to access credit.
Local experts believe that the new changes will make the financial climate more conducive for businesses. Easier access to financing will allow businesses to expand their operations. In addition, easy availability of credit for consumers will ensure a robust domestic demand for goods and services, which will contribute to a healthier economic climate. The new regulatory reforms are a part of Brunei’s larger project of modernizing the financial market to bring it at par with other developed markets. (Courtesy of ASEAN Briefing)
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