Progresif in partnership with BIBD are paving the way for a cashless economy in Brunei with the signing of an agreement with UBD, which will turn University Brunei Darussalam into the Sultanates first cashless university.
The signing ceremony took place at the New Business Library, UBD. Present to sign the agreement was Paul Taylor, Chief Executive Officer of Progresif and Hajah Rubiah binti Haji Yacub, Assistant Vice Chancellor (Corporate and Administration)
Also present at the signing as guest of honor was Yang Mulia Dato Seri Paduka Ahmaddin bin Haji Abdul Rahman, Chairman for Progresif and Yang Mulia Awang Edzwan Zukri bin Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Awang Haji Adnan, Board Member of Progresif.
The partnership with UBD will also set the ground for future projects that will see both Progresif and UBD working together to create financial technology (fintech) solutions to bring Brunei closer to becoming a cashless society and a digital economy.
Paul Taylor, CEO of Progresif, said: “Progress toward a digital economy will help Brunei businesses access new markets and create opportunities to help them expand and grow. The signing of the agreement today is a step along that path and is aligned to His Majesty’s vision of a more dynamic and sustainable economy,” he said.
Devin Edwards, Chief Marketing Officer of Progresif, said: “The agreement with UBD reinforces our commitment to innovation and our ongoing support for educational institutions in Brunei.” Mr. Edwards continued,
“We have achieved more than 15,000 downloads of Progresif PAY with users across both the DST & Progresif networks. We have a robust roadmap for development of new services and features within the application and look forward to working with more institutions in the future and even more great collaboration in the areas of fintech and education.”
Progresif Pay, which is powered by the BIBD NEXGEN platform, and the introduction of Brunei’s first cashless university is an important milestone in BIBD’s branchless banking initiative.
BIBD Managing Director and CEO, Mubashar Khokhar said: “Today, we are taking branchless banking to another level by providing access to financial services without the need to physically come to a BIBD branch. This collaborative effort delivers on our commitment as Brunei’s economic partner of growth, and to empower other technologies with banking and payment capabilities for better financial inclusion. This is in full support of Brunei Darussalam’s Smart Nation initiative and the goals of Brunei Vision 2035”.
With Progresif PAY, UBD students can keep track of their spending and better manage their finances. They can also now make cashless payments across the entire university such as the library, PMUBD Shoppe and office, Simpur Café, and just about anywhere that transactions take place.
Assistant Vice Chancellor (Innovation and Enterprise), Professor Mohd Ayub Sadiq @ Lin Naing said "We (UBD) are always, whenever possible, moving toward innovation in all aspects, teaching, research, administration and others. Technology innovation helps us to be fast, accurate, convenient, safe, in our daily life. Alhamdulillah, we are blessed with this great opportunity to be the first cashless Higher Education Institution in Brunei Darussalam. This will also be a ground for further research and development in FinTech collaboration with our industry partners such as Progesif and BIBD, and insha Allah we (UBD) hope to further contribute to the national economic development in Brunei Darussalam"
For businesses based at the university, Progresif PAY will help them track payments, monitor their inventory and perform settlements at the end of the day. Vendors will also benefit from increased security and reduced costs and inconvenience as they no longer need to keep large sums of cash on site or produce change for payment transactions.
Progresif will also be giving away $10 of Progresif PAY credits to the first 500 UBD students that register at the Progresif Booth during Pre-Freshers’ Week on July 19-20, 2019. Students will need to bring their student pass or offer letter.
For more information on Progresif PAY visit www.progresifpay.com
The Embassy of the United States of America in Brunei Darussalam, Universiti Brunei Darussalam (UBD)
Universiti Brunei Darussalam (UBD) in collaboration with the Embassy of The Republic of Turkey in Br
The Republic of Singapore's Senior Minister and Coordinating Minister for National Security Teo Chee
DiscoverUBD is a quarterly university newsletter featuring news, events and articles on research and conferences that have been held in the university