Baiduri Bank Chairman Urges Collaboration to Navigate Global Uncertainty at THRIVE in ’25 Forum

Bandar Seri Begawan, The Gulf Observer: Yang Amat Mulia Pengiran Muda Dr Abdul Fattaah, Chairman of Baiduri Bank, underscored the critical role of collaboration in addressing today’s economic and business challenges during the THRIVE in ’25 Townhall Forum on Wednesday, themed “The Winner’s Playbook.”

In his keynote address, “Collaboration in Challenging Times,” he outlined the turbulence impacting industries worldwide, ranging from rising costs and geopolitical instability to shifting supply chains and rapid technological transformation.

“Globally, industries face uncertainty, higher costs, tougher access to finance, cautious customers, more sophisticated fraud, and intense competition,” he said. “Locally, businesses are under pressure to keep operations lean while striving to grow. The reality is not easy, and we must acknowledge it.”

He pointed to Brunei’s small market as an additional challenge, citing limited customers and a narrow talent pool, but emphasized that many local businesses had overcome these barriers to succeed, serving as “winners” and role models for others.

“These businesses remind us why gatherings like this are important,” he said. “Town halls allow us to learn, share experiences, and gain practical lessons from one another.”

The Chairman highlighted that collaboration is no longer optional but vital for survival. Reflecting on the pandemic, he noted how businesses collaborated in unexpected ways—from sharing supply chains to adopting digital solutions—proving that working together was “not just helpful, but essential.”

“Collaboration provides access to skills and expertise, opens new markets, sparks innovation, and builds resilience,” he explained. “United, businesses are stronger, more adaptable, and better prepared.”

Looking ahead, Pengiran Muda Dr Abdul Fattaah encouraged companies to pool resources, embrace digital platforms, and form partnerships to seize opportunities emerging from challenges. He also emphasized the role of SMEs in shaping industries, driving innovation, and contributing to national growth, stressing that “trust and collaboration are key to thriving together.”

He cautioned against complacency, warning that “standing still is risky” and that even small steps forward could lead to greater opportunities.