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Title page 1

Contents 4

ABSTRACT 3

1. INTRODUCTION 5

2. THEORETICAL CONSIDERATIONS 5

2.1. Financial Inclusion 5

2.2. The Role of Technology in Financial Inclusion 7

2.3. Traditional Financial Inclusion and Technology Adoption in Brunei Darussalam 7

3. THE FINANCIAL TECHNOLOGY LANDSCAPE IN BRUNEI DARUSSALAM 9

3.1. Digital Finance Policies and Regulation in Brunei Darussalam 9

3.2. The Current State of Digital Finance in Brunei Darussalam 11

3.3. Risks of, and Barriers to, Adoption 13

4. FUTURE SCENARIOS AND DRIVERS OF CHANGE 14

4.1. Conditional Correlations 14

4.2. Futures Scenario 17

4.3. Descriptive Analysis 18

4.4. Drivers of Change 26

5. CONCLUSION AND RECOMMENDATIONS 28

ACKNOWLEDGMENTS 30

REFERENCES 31

Tables 8

Table 1. Selected Indicators of Financial Access and Development - Cross Comparison 2021 8

Table 2. Traditional Financial Access Indicators in Brunei Darussalam (2023) 8

Table 3. Selected Indicators of Economic Development and ICT Sector - Cross Comparison 2021 9

Table 4. Summary of Digital Financial Products 12

Table 5. Drivers of Change 26

Figures 15

Figure 1. Internet Penetration, Financial Depth, and Income Levels (2021) 15

Figure 2. Financial Access and Income Levels (2021) 16

Figure 3. 2x2 Matrix: Financial Inclusion vs Technology Adoption 17

Figure 4. Evolution of ATMs and Bank Branches in Brunei Darussalam 19

Figure 5. Digital Transaction Value by Segment 20

Figure 6. Average Digital Transaction Value by Segment 20

Figure 7. 4G Network Coverage 21

Figure 8. Secure Internet Servers 22

Figure 9. ICT Equipment Consumer Spending 23

Figure 10. Internet Penetration Breakdown 24

Figure 11. Banking Usage Breakdown 24