Brunei is one of the most prosperous nations in ASEAN by far, with a gross domestic product (GDP) per capita of US$26,935 in 2017 according to the International Monetary Fund.

Brunei is blessed with an abundance of fossil fuel deposits that has propelled its economy to prosperity. This high-income nation is now looking to diversify its economy to reduce over-dependence on oil and gas exports for national income.Last October, Bruneian Minister of Energy and Industry, Mohammad Yasmin Umar, reiterated his country’s commitment towards ensuring sustainable energy development during the United Nations Climate Change Conference in Bonn, Germany.

In an effort to stimulate economic growth, Brunei’s monarch and leader Sultan Hassanal Bolkiah launched “Wawasan Brunei 2035” also known as “Vision 2035”. Wawasan Brunei 2035 was first formulated in 2004, when Sultan Hassanal oversaw the formation of a Council for Long Term Development Planning who were tasked to articulate a future vision of Brunei and the strategies getting there.

Brunei's seemingly vulnerable economic position is seen by China as an opportunity. The Asian superpower looks to engage with Brunei and this rejuvenated relationship could be beneficial to both parties in the long-term. How swift Brunei reacts and takes its chances could result in the petroleum rich nation successfully diversifying its economy for a brighter future.

Officially, Brunei is known as Negara Brunei Darussalam - negara meaning country and Darussalam translating from Arabic to mean “abode of peace.” This sultanate with a rich cultural background and history, celebrates its National Day today, the 23rd of February. Brunei lies within the island of Borneo, sandwiched between the Malaysian states of Sabah and Sarawak to its east and west, respectively.

In the not so distant future, cross border transfer of money can be done with a few taps on your smartphone. Cash stored in virtual wallets and accessible via a secure smartphone application would make physical currency obsolete, while paving the way for digital cryptocurrencies. Such advancements fall under the wider web of financial technology or fintech for short.The fintech sector in Southeast Asia is currently facing a boom.

Southeast Asia has been touted as one of the world’s fastest growing regions. Bloomberg reported last year that Southeast Asia has a population of 620 million people and an economy worth US$2.6 trillion. This regional economy is expected to keep growing and the World Economic Forum predicted in 2017 that it will have the world’s fifth largest economy by 2020.

The Association of Southeast Asian Nations (ASEAN) prides itself on its ability to stave off geopolitical advances by greater powers by vehemently holding on to the principle of centrality. The notion, as was once illustrated by noted Singaporean diplomat, Bilahari Kausikan, is a “fluid” concept.Kausikan makes it clear that centrality is a means for ASEAN states to better serve national interests as well as for great powers to achieve their goals and ambitions.

MonarchsThis week, the monarchs in ASEAN countries were prominently featured in news articles across the region. On Thursday, Brunei's Sultan Hassanal Bolkiah, who is 71 years old this year, celebrated his 50-year reign in style. The sultan was pulled on a grand golden chariot through the capital city.

World renowned philosopher Plato once said, "we can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light."At a time when the rest of the world is fighting for tolerance and human rights, the 10 ASEAN (Association of Southeast Asian Nations) member states are seemingly lagging behind in promoting equality for all. The region is facing issues pertaining to gender equality in the workforce.