Local Fintech startup BruPay will be promoting its cashless mobile payment system at the Singapore Fintech Festival this November.
The startup yesterday won the golden ticket to the upcoming event in Singapore after having successfully pitched the business idea at the ASEAN PitchFest at the Darussalam Enterprise (DARe) headquarters in Berakas.
The BruPay app allows users to make cashless payments with their smartphone. It lets users securely store and transfer funds to another BruPay account via QR code or telephone number.
The startup’s founder Sophian Mat Suny said that the app, which has been in development for over a year, has just been approved by the AMBD last week for commercial deployment in the coming months.
“We’re now in the process of securing merchants, customers and updating our app,” said Sophian.
BruPay is just the latest e-wallet solution developed in Brunei. Earlier this month, BIBD launched QuickPay, which allows its customers to make quick over-the-counter payments by scanning the merchants’ QR Code with their smartphones.
Sophian said the availability of similar platforms in Brunei such as Progresif Pay and WasapPay would help encourage local Fintech companies to set the bar high.
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MAS, in collaboration with AMBD and DARe @darussalamenterprise , organised the Singapore Fintech Festival Roadshow and Pitchfest yesterday. Congratulations to @BruPay, the winner of yesterday’s pitchfest. They will be headed to the Singapore Fintech Festival in November to present their electronic payment wallet. #AMBD #FinTech #Brunei #Brunei_news
BruPay will also be invited to the Innovation Lab Crawl while in Singapore, where the startup will visit over 20 financial institutions to discover the latest Fintech solutions.
The Singapore Fintech Festival Roadshow and ASEAN Pitchfest is held across the regional bloc’s member countries and is one of the segments carried out as part of the Singapore Fintech Festival for 2018.
The promotional activities are aimed at attracting more participants and visitors to the Festival which is expected to showcase Fintech developments and opportunities as well as innovative solutions from ASEAN member states.
The event yesterday saw WasapPay Enterprise, Jana Modal Ethis, Chynge Sdn Bhd and BruPay Sdn Bhd pitching their proposed business ideas to a panel of judges consisting of reprentatives from the Autoriti Monetari Brunei Darussalam (AMBD), Monetary Authority of Singapore (MAS), the Brunei Association of Banks, PricewaterhouseCoopers and DARe.