LegCo 2024 - Ministry of Finance and Economy

YB Chong raised the following issues in her inquiry to MoFE:

1. YB Chong raised inquiries regarding Brunei's digital economy's current size and anticipated growth over the next decade, as well as the Ministry's intentions regarding mandating QR interoperability universally and its enforcement strategies.
2. Furthermore, she stressed the importance of cybersecurity in addressing the increasing threats of online scams and sought clarification on the Ministry's strategies for combating cybersecurity concerns and holding financial institutions accountable.
3. YB Chong also highlighted the vital role of MoFE in providing market intelligence for local businesses and sought insights into collaborative initiatives with stakeholders to enhance market intelligence.
4. Additionally, she emphasized the importance of reliable data dissemination to improve international awareness of Brunei's economic potential.

The MoFE addressed various key points in his response:

1. Discussions are currently underway with Brunei Shell Marketing regarding the interoperability of QR codes to reduce cash transactions. However, it should be noted that QR codes are already extensively utilized within the business community at present.
2. Furthermore, the Minister indicated that banks have put into action measures to authenticate online payment recipients and to restrict device access, thereby preventing unauthorized transactions.
3. Market intelligence remains decentralized, yet there's evidence of local products entering export markets, encouraging further exploration by the business community. The Minister welcomed proposals for consistent market intelligence reports.
4. Additionally, the Minister assured the public of the high quality and reliability of data from JPES, meeting international standards and easily accessible through websites and social media platforms.