Brunei Darussalam’s economy recorded a growth of 4.2 per cent in 2024, with a decline in domestic inflation by 0.4 per cent, according to the Annual Report and Financial Stability Report for 2024 released by Brunei Darussalam Central Bank (BDCB).

The decline was supported by government subsidies and price controls on certain consumer items, as well as the country’s monetary policy, based on a currency board arrangement and underpinned by the Currency Interchangeability Agreement with Singapore.

The annual report highlights the central bank’s key achievements in delivering its mandates and policy developments in 2024 as well as its strategic priorities for 2025. Among the key highlights covered are as follows:

The central bank continued to support a strong and stable financial sector that protects consumers and aligns with international standards by introducing several key policies in 2024. These focused on enhancing liquidity risk management for banks, strengthening customer due diligence and transparency and improving the resilience and cybersecurity of critical systems of financial institutions.

Extensive onsite and offsite inspections on financial institutions were conducted throughout 2024 to assess their governance and internal controls, risk management, financial resilience, adherence to anti-money laundering and combating the financing of terrorism (AML/CFT) regulations, Syariah compliance and technology risk controls.

In its efforts to nurture the development of Brunei Darussalam’s financial sector, the central bank launched the inaugural Brunei Darussalam Islamic Finance Symposium, which showcased Islamic finance as a driver of economic growth. The central bank also launched the Mekar FinTech Innovation Centre to support the growing FinTech ecosystem in Brunei Darussalam.

Source: Borneo Bulletin

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Small and medium enterprises (SMEs) in the Philippines and other ASEAN countries now have a handy tool to make Environmental, Social, and Governance (ESG) reporting easier and boost their role in global sustainable supply chains.

The ASEAN Capital Markets Forum (ACMF) has published the “ASEAN Simplified ESG Disclosure Guide (ASEDG) for SMEs in Supply Chains,” an ESG reporting guide for SMEs in the region that operate within global and local supply chains.

Briefly, the guide simplifies ESG reporting for ASEAN businesses, which often struggle with limited resources and find global frameworks too complex. This tool is important as transparency and accountability in ESG practices become a critical requirement for SMEs to continue participating in the global business world. 

“Reporting can be complex and resource-intensive, particularly for smaller businesses. This guide has been designed to simplify ESG disclosures and ensure alignment with global standards,” said ACMF, a grouping of capital market regulators from the 10 ASEAN jurisdictions, in a foreword to the guide. 

“It seeks to empower SMEs to assess and grow their sustainability value, enhance supply chain resilience, and attract investment.”

Today ESG adoption is not just about compliance but has evolved into a strategic necessity. “Companies that proactively embed sustainability into their operations will gain a competitive edge in national, regional and international markets,” ACMF said.

They will also be able to future-proof their businesses, mitigate risks, and build long-term value.

This simplified reference framework streamlines and consolidates various global ESG frameworks as well as the local guidelines and frameworks of ASEAN member states into a set of 38 priority disclosures recommended for SMEs to address. 

Released in April 2025, the ASEDG helps businesses begin their ESG reporting in a structured and accessible way, and is categorized into basic, intermediate and advanced to cater to the different levels of sustainability maturity of each SME. 

The disclosures are applicable across all industries with different levels of priority, and SMEs are encouraged to determine the significance and relevance of these disclosures to their companies.

ASEDG focuses on three core areas: environmental, social and governance disclosures. These are further divided into 15 practical topics that capture a company’s sustainability-related risks, opportunities, and performance. 

The environmental disclosure section guides SMEs in tracking their environmental impact. Topics under it center on emissions, energy, water, waste, and materials.

By reporting on these, businesses can reduce their environmental footprint and align with sustainability goals, according to a report from Fuller Academy, a Kuala Lumpur-based sustainability course provider.

The social disclosure pillar addresses how SMEs interact with their employees, customers and suppliers, and the communities they operate in. It covers human rights and labor practices; employee management; diversity, equity and inclusion; occupational health and safety; and community engagement.

Reporting on social factors builds trust with stakeholders and enhances a company's reputation. It also ensures that SMEs are contributing to fair, inclusive, and safe working environments throughout the supply chain.

Governance focuses on how SMEs are managed and how decisions are made to ensure transparency, accountability, and ethical conduct. The topics cover governance structure, policy commitments, risk management and reporting, anti-corruption, and customer privacy.

Strong governance practices protect a company’s reputation while also ensuring long-term business success by showing investors, customers, and partners that the company is committed to responsible and sustainable business practices.

The ASEDG may be accessed at www.theacmf.org/images/downloads/pdf/ASEDG%20100425.pdf.

Cambodia’s e-commerce sector is poised for strong growth, with the market projected to reach $1.78 billion by 2025, up from $1.51 billion in 2024, according to iTrade Bulletin by the Ministry of Commerce (MoC).

The data represents a compound annual growth rate of 17.88 percent, highlighting the rapid digital adoption among consumers and businesses.

The country holds a 1.3 percent share of the ASEAN e-commerce market, which is expected to grow from $116.36 billion in 2024 to $137.24 billion by 2025.

E-commerce has become a significant contributor to Cambodia’s economy, accounting for 6.68 percent of GDP in 2024. Platforms such as Facebook, TikTok, and Telegram dominate online sales, underscoring the role of social commerce in driving digital transactions.

QR codes have emerged as the most popular payment method, representing 47.15 percent of transactions, followed by cash at 26.5 percent, mobile money transfers at 13.3 percent, and other methods at 13.05 percent. This trend reflects growing public confidence in digital payments, supported by mobile banking integration.

ABA Bank leads in banking integration with a 46.89 percent share, followed by ACLEDA Bank at 30.90 percent and Wing Bank at 17.02 percent, emphasizing the importance of financial institutions in the digital economy.

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With the opening of its sixth cement factory, Cambodia has eliminated the need to import cement. The new facility, in Kampong Speu’s Oral district, is the result of a $250 million investment by Conch KT Cement (Phnom Penh), and was officially inaugurated this morning, May 20.

The new plant’s production capacity of 2.2 million tonnes per year means the Kingdom will produce approximately 11 million tonnes of cement per year.

A joint venture between local and Chinese investors, the factory is expected to create over 1,000 direct and indirect jobs. It aims to meet the growing daily demand for residential and commercial buildings, as well as infrastructure development.

Just over a decade ago, Cambodia relied almost entirely on cement imports from countries like Thailand, Vietnam and China.

During the inauguration ceremony, Prime Minister Hun Manet expressed his pride at the launch of this new factory — a joint venture between Conch International Holdings and Conch KT Cement Kampong Speu.

He encouraged investors to continue expanding investments in Cambodia, emphasising that investment in local manufacturing is notably increasing, a sign of the country's accelerating development. He reaffirmed the government's continued support and cooperation for all investment projects, especially those that boost Cambodia’s economy with resilience, sustainability and environmental considerations, in line with the Vision 2030 and 2050.

“I call on investors to choose Cambodia as their investment destination, as the country maintains peace, political stability and macroeconomic stability,” he said.

Additionally, he urged the Ministry of Mines and Energy and the Cambodia Cement Manufacturing Association (CCMA) to seek international markets to promote the export of Cambodian cement.

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Brunei Darussalam’s economy recorded its fastest growth in over two decades last year, expanding by 4.2 per cent in 2024 – the strongest since 1999 – driven primarily by a robust rebound in both upstream and downstream oil and gas (O&G) activities, according to the ASEAN+3 Macroeconomic Research Office (AMRO).

This assessment follows AMRO’s Annual Consultation Visit to the Sultanate from April 17 to 23.

AMRO’s Deputy Group Head and Principal Economist Anthony Tan highlighted that the country’s post-pandemic economic recovery remains strong, aided by a stable macroeconomic environment and low inflation.

“Growth is forecast to stabilise at 2.6 per cent for 2025-26 as upstream and downstream O&G production levels off following last year’s strong rebound,” said Tan. He added that positive developments in the agri-food and tourism sectors are expected to support near-term growth.

AMRO’s mission, which included Director Kouqing Li and Chief Economist Hoe Ee Khor, engaged in policy discussions with Bruneian officials on a range of topics, including global spillover risks, fiscal performance and long-term development priorities.

Headline inflation, which turned negative in 2024 due to declining transport, communication, and clothing costs, is projected to remain low, averaging just under one per cent through 2026.

Brunei’s external position remains robust, bolstered by a significant current account surplus and ample foreign reserves. However, AMRO noted that the surplus is expected to narrow from 14.5 per cent of gross domestic product (GDP) in 2024 to 12.4 per cent in 2025, reflecting lower energy prices and continued demand for imported services.

Source: Borneo Bulletin

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SINGAPORE (ANN/THE STRAITS TIMES) – Brunei’s efforts to diversify its economy beyond oil and gas are gaining traction, with a growing number of Singapore companies eyeing investment opportunities in the Sultanate across key non-energy sectors.

One example is cybersecurity company CyberSafe, which set up a Security Operations Control Room in Brunei in October 2024. The facility became operational in just five months—three months ahead of schedule—due in part to lower setup costs, which amounted to just 60 per cent of a similar operation in Singapore.

CyberSafe’s Chief Executive Officer Dave Gurbani praised the collaboration between the Singaporean and Bruneian teams, noting their smooth integration due to shared linguistic, educational and cultural similarities. “Skills-wise, Bruneian talent has proven highly competent, adaptable and reliable. We’ve had no major operational challenges so far,” he said.

The company, which currently employs 10 staff in Brunei, plans to increase its headcount by another 20 in 2025 to support expanding operations, particularly in Singapore’s healthcare sector.

According to the Brunei Economic Development Board (BEDB), close to 10 Singapore-based investors are now in the planning stages for ventures in Brunei, with rising interest in primary food production, data centres, ecotourism and special economic zones.

Singapore firms invested BND68.8 million in Brunei in 2022, ranking among the country’s top foreign investors. While there was a recorded outflow of BND27.6 million in 2024, BEDB attributed this to routine capital movements such as loan repayments and restructuring at the company level.

Friendship comes from close contact between the people, holding a key to sound state-to-state relations. Under the strategic guidance and care from the leaders of Brunei Darussalam and China, people-to-people exchanges are becoming increasingly close, and the bond of mutual understanding and friendship is growing stronger, Chinese Ambassador to Brunei Darussalam Xiao Jianguo said.

He said this at the official launching of the return of direct flights from Bandar Seri Begawan, Brunei Darussalam to Beijing, China at a ceremony at The Empire Brunei on Thursday.

According to data from the Ministry of Primary Resources and Tourism, he said, “The number of Chinese tourists to Brunei reached 39,007 in 2024, accounting for 14.5 per cent of the total air arrivals. China continues to optimise its policy on foreigners going to China and extends Bruneians to stay in China for 30 days without a visa.”

He added, “In March this year, Brunei also introduced a 14-day visa-free entry policy for Chinese citizens.

“I am confident that with Hengyi Industries Sdn Bhd, Muara Port and other key projects under the ongoing Belt and Road Initiative and cooperation in areas such as hybrid rice, new energy and artificial intelligence, people-to-people exchanges will increase significantly. The recommencement of flights between the two capitals will surely create better conditions for promoting practical cooperation between China and Brunei, inject new momentum into the development of bilateral relations, and contribute to deepening the friendship between our two nations.”

Source: Borneo Bulletin

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