As part of efforts to improve the ease of doing business in Brunei, Autoriti Monetari Brunei Darussalam (AMBD) recently signed a contract on the development of a Collateral Registry System with IOS Partners.

"The development of the system represents the country's commitment in building a more conducive business environment and will improve Brunei Darussalam's standing in the World Bank's Ease of Doing Business ranking," AMBD said in a press statement.

The signing took place at AMBD's headquarters at the Ministry of Finance Building, Commonwealth Drive.

Signing on behalf of AMBD was Awang Yusof bin Haji Abdul Rahman, its Managing Director, while IOS Partners was represented by Rober S Hans, its Senior Managing Director.

Witnessing the signing ceremony were Awang Haji Mohd Zulkairi bin Haji Mohd Noor, Head of Collateral Registry at AMBD and Tea Alania, Director for Project Management.

The event was also attended by officers from AMBD and representatives from IOS partners.

The objective of the Collateral Registry System is to improve the ease of doing business in Brunei through the introduction of an online facility, statement said.

The online registry allows the registration of financial statements that shall contain the information of the debtors, information of the secured party and description of the collateral.

Registered users, consisting of financial institutions and other relevant agencies, are able to use the search features to obtain information from the Collateral Registry System, the statement added.

The Secured Transactions Order (STO), 2016, was gazetted in February 2016, and the Collateral Registry Office was set up under Section 6 of the Order.

The aim of this office is to maintain a register of security interests in personal property. This order will provide the framework for obtaining an interest in personal property in order to secure an obligation. In addition, it also facilitates the granting and obtaining of credit.

"The creation of a Collateral Registry System provides a modernised or effective means of searching for prior security interests, which previously lacked transparency," the AMBD statement said.

"Therefore, the system will reduce the risk in giving credit, and subsequently, reduce the cost of obtaining credit. In addition to this, the Collateral Registry System and the Secured Transactions Order will enable entrepreneurs to leverage their assets in order to obtain credit for growth."

IOS partners have met with the relevant parties and agencies to understand the business process and to capture all the requirements in order to expedite the formation of this system.

Further information on Collateral Registry System AMBD can be attained by emailing collateral.registry @ ambd.gov.bn.

Source:
@BRUDIRECT.COM

by BruDirect.com

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