BAG in the News

3rd September 2003

TAFIS's New Breakthrough Towards Paperless Environment

The Ministry of Finance's Treasury Accounting and Financial Information Systems or TAFIS has achieved another breakthrough towards a "Paperless" environment.

Starting from September 1, 2003, the process of physically delivering diskettes to banks containing EFT payments will be replaced by electronic transfers of these files. Likewise for bank statements, banks will now transfer 'eStatements' to TAFIS.

Previously, these statements were manually entered by Treasury. This new electronic process is secured and encrypted.

The initial 6 banks involved in this new process include Islamic Bank of Brunei, Islamic Development Bank of Brunei, Baiduri Bank, Citibank, HSBC and Standard Chartered Bank.

TAFIS is one of the e-Government flagship initiatives led by the Ministry of Finance to improve the efficiency of government financial transaction processes.

According to the Director of Financial Services, Dato Paduka Hj Metassan bin Momin, it leads His Majesty's Government move towards a "Paperless" environment and promotes accountability for the utilisation of government funds.

Borneo Bulletin, 3rd September 2003, Page 6