Bank Islam Brunei Darussalam (BIBD) has introduced a new corporate bank account specifically for micro, small and medium enterprises (MSMEs) which carries an opening and minimum balance of $50.
BIBD MSME Account’s minimum $50 opening and minimum balance is its biggest differentiator against the bank’s traditional corporate banking account, which requires an opening and minimum balance of $1,000.
Senior Manager of Corporate Banking of BIBD Pengiran Sanusi Iskandar Pengiran Haji Ismail recently said the introduction of BIBD MSME Account earlier this year was part of the bank’s efforts to enable newer businesses and startups to have “easy access to a business account from day one”.
“The BIBD MSME Account makes it much quicker and easier for MSMEs to begin managing their businesses’ finances through a company account,” said Pg Sanusi, with 60 small businesses having already signed up for the new account.
“This will enable business owners to keep their personal finances and business accounts separate, which is an important step in better financial management and governance.”
To qualify, businesses have to be registered as either proprietorships or partnerships, and been actively operating for under three years, although exemptions can be reviewed on a case-by-case basis.
Pg Sanusi added the BIBD MSME Account allows businesses obtain similar services available to the traditional corporate account, including digital banking and being listed as a biller on BIBD’s online banking application.
The BIBD MSME Account also includes access to short and medium-term financing including term financing for the acquisition of fixed assets, Naqad financing (a cash line facility) to cover daily business operating expenditure, and demand/demand line financing to fund a specific project they’re undertaking.
“Companies who operate a business account will also have easier access to micro or SME financing as they will have a proper track record that’s able to help them to provide valid data for their cash flow statements,” added Pg Sanusi. “At BIBD SME 360, we will also provide advisory services especially on banking and financial standings so that these MSMEs are able to get the right services they need to grow.”
BIBD SME360, located at Serusop (pictured below L) and at the Tumasek Plaza along Jalan Raja Isteri Pengiran Anak Saleha in the capital (pictured below R), was launched in 2016 to consolidate the bank’s specialized services in supporting MSMEs.