Payment Services
Section 4 (1)(c) of the BDCB Order, 2010 defines BDCB’s Objects of Authority to include ‘to assist in the establishment and functioning of efficient payment systems and to oversee them’.
To that end, BDCB undertakes the approval, oversight, and supervision of payment systems in Brunei Darussalam.
BDCB has established a regulatory perimeter for activities that will come under its jurisdiction, which includes but is not limited to:
Account Issuing Services
e-Money Issuing Services
Merchant Acquiring Services
Objectives
- Administer the Payment and Settlement Systems (Oversight) Order, 2015, with due regard to developments in international good practice standards.
- Oversee and regulate payment service providers, payment system operators and payment instruments in Brunei Darussalam using a proportional regulatory framework that safeguards customers, ensures a level playing field for providers and supports the management of risks associated with the payments industry.
- Conduct supervision of approved payment systems.
- Ensure compliance of regulatory requirements on the part of approved payment systems.
- Identify weaknesses in payment systems and services that may harm customers or the national interest or otherwise cause unnecessary risk to arise, and induce change by means of exercising BDCBs authority, application of sanctions and/or closure of unsatisfactory services.
- Formulate national payment services strategies, and develop, draft and implement regulatory tools that influence the development of the payment industry to meet specific objectives.
- Conduct cooperative oversight activities with other countries’ regulatory authorities as and when required.