The transition period for the new directive on credit cards may have a great impact on local businesses. However, once the dust settles, the economy will recover.
This was said by Maybank General Manager and Head of Brunei Operations Awang Asmuni bin Sudin in an interview during the Chinese New Year open house yesterday.

In June, credit card holders will have to make a decision as to which bank card they ultimately want to hold. Those who fail to maintain their credit card accounts with a certain bank will have to settle their outstanding obligations within 36 months.

Awang Asmuni believes the directive, initiated by the government, is a good move in curbing spiralling lending through excessive spending using credit cards.

He also said the new directive would have little impact on Maybank as “most of its businesses come from small and medium enterprises and project financing”.

On the recent acquisition of Bank Internasional Indonesia (BII), he said it “has enhanced the ATMs with regional network for our loyal customers. Now, Maybank customers can make use of the BII’s ATMs in Indonesia, in addition to countries like the Philippines, Singapore and Malaysia”.

To show support for governmental projects and initiatives, Maybank is also financing the construction of 2,000 houses under the national housing scheme.

“In Brunei, we see that there is a lot of potential, which is mainly due to government-initiated projects, as well as projects under BSP.”

He also revealed that Maybank is looking to enhance its services in the country, and increase the number of ATMs in strategic locations.

Currently, Maybank has three branches in the country.

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