Approaching its 20th anniversary, Brunei-based finance company BIBD At-Tamwil Bhd. is stepping up efforts to increase its market share and profitability in a small market with stiff competition.
As one of only two financing companies in Brunei, BIBD At- Tamwil enjoys the healthy rivalry with Baiduri Finance. While Baiduri Finance has a larger market share as it caters to the mass market, BIBD At-Tamwil achieves higher profitability because it services a niche market.
In order to thrive in a limited market, BIBD At-Tamwil has introduced new products to improve the quality of life of Bruneians. In a pioneering project, it will soon offer car rental services, a move that addresses the country’s public transport shortage.Initially focused on car loans, BIBD At-Tamwil has diversified into the financing of heavy equipment and white goods. And as its customers are already account holders at parent company BIBD, the company is able to offer convenience to its customers.
“You need a car here. If you notice, it’s very difficult to get a taxi. We’ re hoping to build excitement and boost demand for car rentals,” said Managing Director Irwan Lamit, who also pointed out that its pay-as-you go model of financing plans to utilize Japanese-made cars.
“Our aim is to provide flexibility of renting a car and paying a fixed monthly fee without having to worry about additional issues and fees,” Lamit added.
As local agencies extend assistance to foreign investors in setting up their businesses, BIBD At-Tamwil is committed to improving the lives of its customers and contributing to the country’s objective of attracting more international business.