Brunei's Imperative Role: Catalyzing Islamic Finance Crowdfunding in ASEAN, Revolutionizing P2P, and Unlocking Equity Crowdfunding Potential.

Abstract

This paper seeks to explore how Brunei Darussalam could emerge as a pivotal hub for Islamic FinTech, regardless of facing various challenges and limitation within the economic sphere locally and abroad. Brunei’s unique positioning within the ASEAN region, notably as the only absolute monarchy and a nation where Islam is the sole religion, offers a distinctive backdrop. Despite a population of only 400,000, which some might view as a limitation for FinTech growth, this paper argues otherwise. Brunei’s small population could be leveraged as a strength, allowing for easier management and effective pilot testing of FinTech initiatives. The recent uptick in both local and international success of Bruneian businesses further bolsters this argument. Financial stability and an increasingly significant role within ASEAN further enhance Brunei’s potential. Additionally, Brunei’s strict adherence to Halal principles and Islamic values, including the absence of clubs and public drinking – practices common in other ASEAN countries – uniquely positions it to lead in the Islamic FinTech sector, for example in the realm of the Halal industry.