Bank of China has received a license to open a branch in Brunei, the first time a Chinese financial institution has established a presence in the oil-rich sultanate. This also marks China’s attempt to expand its influence in Southeast Asia. There has been a steady flow of Chinese investment into Brunei, including a $6 billion project to construct an oil refinery and petrochemical production facility. Bank of China said the decision to open a branch in Brunei is linked to China’s ‘One Belt, One Road’ strategy to build infrastructure and enhance trade along traditional routes across Eurasia and around Southeast Asia. It described Brunei as one of the important countries along the Belt and Road route
