• Brunei Darussalam to maintain the Currency Interchangeability Agreement (CIA) with Singapore, and the Currency Board framework, for the duration of this Blueprint and beyond.
• Development of the market operations by BDCB to foster an efficient and competitive interbank money market and a secondary market in Government and private issuance of sukuk.

• BDCB to maintain a policy of licensing only demonstrably high quality banks, insurers/takaful operators, and capital market intermediaries.
• Banks and insurers/takaful operators to be expected to maintain levels of capital adequacy, relative to the risks inherent in their balance sheets and operations, that: (i) Meet the required minimum international standards. (ii) Avoid unnecessary complexity (given the currently comparatively straight-forward nature of banking and insurance business in Brunei Darussalam).
• Consideration over whether financial institutions in Brunei Darussalam should have a credit rating.
• BDCB to continuously review and develop the legal and regulatory framework on par with international standards.

BDCB, in its prudential supervision of licensed financial institutions (banks, insurers/takaful operators, and capital market intermediaries), will:

• Become more risk-based focused.
• Work towards achieving full compliance with the frameworks of core principles promulgated by the international standard setters.
• Develop and train a cadre of supervisors with the necessary skills and experience needed to uphold resilient and robust regulatory standards.

• An increased focus on the core credit and underwriting risks in BDCB's risk-based supervision. For banks, BDCB will be looking to ensure that they have credit policies and practices that ensure:
  (i) Borrower Supervision
  (ii) Monitoring of Loans
  (iii) Diversify Loan Exposure
• BDCB will require insurers and takaful operators to ensure that insurance and takaful risks are classified and priced effectively by taking into account risk differentiation and profiling.

• BDCB will focus its prudential supervision of branches of international banks, insurers and capital market intermediaries with a presence in Brunei Darussalam on effective home-host supervisory relationships with the foreign supervisors (including by way of participation in supervisory colleges), and on the adequacy of the oversight of the local branch by the institutio's regional or head office and, subject to those arrangements being in place.
• BDCB will focus its day-to-day prudential supervision attention on Brunei Darussala's locally-owned banks and insurers.

BDCB will continue to monitor international practice in the use of macroprudential policy, with a view, judiciously, to use macro-prudential tools to influence the rate of expansion in the financial sector where that is considered necessary to maintain macro financial and monetary stability.

• BDCB and BDPC to collaborate on maintaining crisis management preparedness.
• The existing safety net could be extended to include a policy holders' protection fund, a takaful guarantee fund, motor insurance bureau and an investor compensation scheme.

• BDCB has responsibilities to supervise AML/CFT compliance in line with the Financial Action Task Force (FATF) Standards.
• BDCB to continue to make AML/CFT supervision a priority and to establish a risk-based supervision program based on the National Risk Assessment.

• Ensure continuous requirements are met for product disclosure by financial institutions that readily enables customers to compare products, including their pricing, offered by competing institutions.
• Work with industry to tap into the potential to grow life insurance/family takaful in Brunei Darussalam especially on savings / investments; Also to take into account of technological innovation and its potential to shape the future of insurance, for example, by way of new on-line distribution channels and interfaces with customers.
• Through public-private sector dialogue, raise the awareness of thebenefits of insurance/takaful products through various mediums, including digital platforms and elevate the financial literacy of Bruneians around the need for insurance and takaful products.

• Expand the domestic sukuk programme and channel sukuk into local market.
• The objective of the current Government sukuk programme is to further develop Brunei Darussalam's yield curve as a benchmark for corporate sukuk and to provide a safe and liquid investment instrument for domestic financial institutions.
• BDCB is considering the possibility of undertaking market operations for banking system liquidity-smoothing purposes, which would help anchor the short end of the yield curve.

The launch of a securities exchange in Brunei Darussalam is expected to catalyse economic growth and business expansion through enabling alternative funding routes for Bruneian businesses.

Structure fund management industry around core propositions that leverage Brunei Darussalam's competitive advantages, including: Islamic Fund Hub, Sustainable, Responsible and Impact Investing Fund Hub and Fund Management Services - Back Office Provider. It is important to note that these core propositions are not mutually exclusive and in many ways complement each other. Moreover, these options do not exclude any other opportunities that could be of interest for the Brunei Darussalam fund management sector.

To put in place supporting reforms and environment to attract long-term focused private equity and venture capital entities to help financing and improving the operations of start-ups and small firms, as well as more mature firms in transition

• Takaful operators should consider the use of telephone, email and online applications as alternative distribution channels.
• To support the development of the takaful market, the industry should undertake further studies on takaful concepts with a view to innovate.

• Development of Syariah compliant capital market and Syariah compliant market index.
• Development of active money market for Banks.
• Encourage local corporates and institutions to issue sukuk.
• Encourage participation of retail investors in capital market.
• Create a favorable environment to raise capital by issuing IPO.
• BDCB to encourage development of Islamic funds, including REIT.
• Brunei Darussalam financial institutions to leverage its Islamic Finance credentials by way of joint ventures with international financial institutions such as funds managers and takaful operators. One way of doing this is by providing enabling environment for asset managers to bring Islamic funds worldwide into Brunei for Syariah-compliant rating and management for further worldwide distribution

Enhance the international and regional connectivity, through establishing new market routes. Support the fostering of new international alliances and partnerships to promote Brunei Darussalam globally and to key investor markets.

Develop a financial sector nucleus that attracts financial service entities to a localised destination within Brunei Darussalam.

• Support national ICT strategies which involve the financial sector.
• Take advantage of the developments in financial technology that can bring the financial sector forward and promote better financial inclusion.
• Assess the shifting paradigms of ICT in financial sector and the potential adoption of new technologies and trends

• BDCB to complete the automated clearing house and thereafter an interbank retail payments infrastructure, thus providing Brunei Darussalam with a modern payments system, enabling reduction in the use of paper-based payment instruments, notably cheques. BDCB and the Government can provide a lead in transitioning their own payments from paper-based to electronic payments.
• BDCB is active in the planning groups for the integration of payments networks across ASEAN, which is expected to begin with RTGS and CSD Linkages, and will expand to cover retail payments, aiming at full interoperability of payment instruments across the 10 ASEAN countries
• To continue working on the establishment of the sukuk CSD and a securities exchange trading platform, and creation of the associated securities settlement system for effecting transfer of title of securities traded on a DvP basis via RTGS.

• BDCB to develop other functions of the Credit Bureau in consultation with current and potential users. As the Credit Bureau's services extend into credit scoring and rating services and collection of data extends beyond BDCB's licensees, BDCB may review the existing legal and regulatory framework to transfer and license the current credit bureau operations to either a private entity or a Government- Linked Company, with BDCB having powers to regulate licensed credit bureaus/credit rating agencies.
• To operationalise the new Collateral Registry.

To review, formulate and update necessary Cyber Security related frameworks, standards, and regulations in the financial sector.

• Participate in ASEAN integration initiatives and to contribute towards the successful implementation of the ASEAN Economic Community (AEC).
• Participate in trans-border initiatives that will enable the growth of the financial sector, such as the ASEAN trading link and the ASEAN Framework for Cross-Border Offerings of Collective Investment Schemes (CIS).
• Support the domestic ratification of TPPA. To achieve this, the country will work on revising several pieces of legislation.
• Offer professional support (including back-office) services to financial institutions based in the large and higher cost financial centres in the region, e.g., Singapore, with which Brunei Darussalam has a very long-standing and close economic relationship.

To grow Brunei Darussalam's financial services sector, top-down and bottom-up methods must be adopted to improve domestic financial literacy standards.

BDCB, in collaboration with Government Ministrie,s are to adopt a number of measures to promote a savings culture, such as national roadshows, events and digital media marketing

Closely associating the national curriculum to the economic vision will help ensure Brunei Darussalam has a local workforce that is globally competitive and complimentary to the country's economic needs.

Participate in ASEAN integration initiatives and to contribute towards the successful implementation of the ASEAN Economic Community (AEC).

• Specialised skills in niche areas such as corporate finance, wealth management, investment advisory services and Syariah advisory. (The CIBFM is focusing on these topics).
• Continuous professional development.
• Leadership.
• Islamic Finance.
• Research and dissemination of that research to lift Brunei Darussalam's credibility and visibility as a financial centre.
• CIBFM's approach to learning and development to be in close collaboration with the industry and other stakeholders.

To cultivate a modern competitive and vibrant financial ecosystem, Brunei Darussalam is committed to establishing alliances and partnerships with international institutions. A good relationship and understanding between national regulators provides the confidence and trust needed to facilitate commerce and facilitates mutually beneficial initiatives and the exchange of information between the jurisdictions, enhancing the credibility of BDCB and other such Government institutions.

BDCB, as part of its regular supervisory engagement with institutions, will keep itself apprised of their levels of human capability in relation to the activities they undertake, and their programmes for developing those capabilities, through training and recruitment.

There are young Bruneians abroad working in international financial centres. To benefit Brunei Darussalam's financial services sector directly and to ensure knowledge transfer takes place, it is fundamental that the country stays in contact with Bruneians working overseas.

Educating and enticing locals towards the financial sector is critical to the Brunei Darussalam's economic diversification, as well as attracting specialised foreign talent to bridge the interim shortage whilst building the relevant financial services experience within the local workforce.