Abang Johari: Sarawak accepts BNM decision to not approve digital bank licence for state

TheEdge Mon, May 02, 2022 05:49pm - 1 year View Original


KUCHING (May 2): Sarawak Premier Tan Sri Abang Johari Tun Openg said he accepts Bank Negara Malaysia's (BNM) decision not to approve the state's application for a digital bank licence.

He said the state would not reapply for the licence.

“I think it should be ok and not a problem. After all, we already have S Pay Global,” he told the media after attending the open house ceremony of Sarawak Yang di-Pertua Negeri Tun Abdul Taib Mahmud and his wife Toh Puan Ragad Kurdi Taib at the Borneo Convention Centre Kuching here on Monday (May 2).

S Pay Global is a financial technology platform developed by the state.

The Sarawak entity, which failed to get the digital bank licence, was a consortium comprising Revenue Group and Kenanga Investment Bank Bhd.

On April 29, BNM announced that only five bidders had won the digital bank licences, with three consortiums — Boost Holdings Sdn Bhd and RHB Bank; GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd; and Sea Ltd and YTL Digital Capital Sdn Bhd — awarded the licences under the Financial Services Act 2013.

Two other consortiums — one comprising AEON Financial Service, Aeon Credit Service (M) Bhd and MoneyLion Inc; the other led by KAF Investment Bank — were awarded the licences under the Islamic Financial Services Act 2013.

Read also:
BNM awards digital banking licences to Boost-RHB, GXS Bank-Kuok Brothers, YTL-SEA, AEON-MoneyLion, KAF Consortium

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