IOS Partners Secured Transactions Registry System Propels Brunei to the World’s Second Highest Ranked Country in Regards to Access to Credit
In 2016, IOS Partners and our wholly-owned subsidiary IOSsoft were engaged to develop a secured transaction system in Brunei Darussalam to assist in improving the country’s business environment. Only a year later, the World Bank recognizes our stellar efforts by announcing the country’s ascension of more than 60 positions to rank number two in the world under the Getting Credit category in the newly released 2018 Doing Business rankings.
According to Ms. Pg Nina Jasmine Binti, the Monetary Authority of Brunei Darussalam’s Chief Senior Counsel of Legal Affairs, the local authorities are extremely proud and happy of this historic achievement:,
“This is amazing – we came 2nd in the World Bank ratings 2018 for getting credit”.
As a result of our team’s work, Brunei is the only high-income economy on the list of top ten countries with the highest improvements in Doing Business indicators, achieving the largest advance toward the global good practice frontier for the second year in a row. According to the report, Brunei Darussalam’s largest stride in regards to improving its ranking was under the Getting Credit category, as the country gained 35 percent points (60.00 to 95.00 DTF) since last year. This improvement is directly linked with the strengthened access to credit attained through the implementation of our solution.
The introduction of the Secured Transaction Register (STR) to the ASEAN region is fairly unique, with our team being at the vanguard of these efforts. The system allows movable property (such as cars, crops, and livestock) to be used as collateral for loans. Previously, business loans in Brunei required fixed assets – either land or property – to serve as collateral. The implementation of the innovative STR system allows virtually any movable property to act as security for a loan, provided the lender (in most cases a financial institution) deems the item creditworthy. This opens new horizons for Small and Medium Enterprises (SMEs) throughout the country.
In addition to the design and development of the STR and its mobile aspects, IOS Partners and IOSsoft’s state-of-the-art solution was accompanied with various on-site trainings for staff and the provision of technical assistance in relation to internal institutional strengthening and capacity building. Such services ensure the system’s continued success within the Government of Brunei’s administration.
The significant improvements in Brunei’s capacity for accessing credit is a testament to IOS Partners and IOSsoft’s ongoing efforts to implement the best ICT4D practices worldwide and reflects the dedicated commitment of Brunei Darussalam’s government towards creating an ever more business friendly environment.
