On December 19th, 2016, the Collateral Registry System (CRS) for Movable Property went live in Brunei Darussalam after months of technical work and training activities led by IOS Partners. The Autoriti Monetari Brunei Darussalam (AMBD), which has the functions of a central bank, noted that Brunei is among the first ASEAN countries to introduce the CRS, which is part of a series of reform measures to improve Brunei’s position in the World Bank Ease of Doing Business Ranking, supported by the PENGGERAK (Prime Minister’s Delivery Unit), Prime Minister’s Office, and the ‘Ease of Doing Business’ (EODB) Steering Committee. “Obtaining a loan will be relatively easier for SMEs, companies and individuals as they can secure their assets against their loans to the banks. The banks will also be encouraged to give out loans, as the loan will be secured against the assets, which can be enforced in cases of non-payments. This method of financing will encourage economic activities and help stimulate growth of the national economy,” AMBD said in a statement. The CRS developer, IOS Partners, delivered an in-house, customizable, open source, non-proprietary secured transactions registry software solution which has been successfully implemented in several countries, including Suriname, Laos, Madagascar, Albania, Bosnia and Herzegovina, El Salvador, Montenegro, and Tajikistan, and is highly praised by the international donor community for its impact on access to credit, private sector development, and the growth of small and medium enterprises.
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Brunei Collateral Registry System
Credit: AMBD
