Sarawak PM Says No Appeal to Finance Ministry After Digital Banking License Application Rejected | Malaysia

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Sarawak Chief Minister Tan Sri Abang Johari Openg (right) attends Sarawak Governor Tun Abdul Taib Mahmud (left) Hari Raya’s open day in Kuching on May 2, 2022. – Bernama pic

KUCHING, May 2 – The Sarawak government will not appeal the decision of the Ministry of Finance (MoF) not to approve its application for a digital banking license, Prime Minister Tan Sri Abang Johari Openg said today.

“It’s okay. We have a second option,” he told reporters after attending Sarawak Governor Tun Abdul Taib Mahmud’s Hari Raya open house at the Borneo Convention Center Kuching (BCCK ) here.

He said the second option was related to digital banking.

” (It should be fine. No problem (for Sarawak’s request not to be approved by the MoF). We have our SarawakPay e-wallet,” Abang Johari said when asked for his response after the state government’s application for the digital banking license was not approved by the Ministry of Finance.

Abang Johari had announced last year that Sarawak had applied for the digital banking license last year as it moved towards the digital economy.

On April 29, Bank Negara Malaysia (BNM) announced the successful applicants for the (MoF) Approved Digital Banking Licenses.

Three of the five, licensed under the Financial Services (FS) Act 2013, are a consortium of Boost Holdings Sdn Bhd and RHB Bank Berhad; a consortium led by GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd; and a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd.

The other two, licensed under the Islamic Financial Services Act 2013 (IFSA), are a consortium of AEON Financial Service Co Ltd AEON Credit Service (M) Berhad and MoneyLion Inc; and a consortium led by KAF Investment Bank Sdn Bhd.

Three of the five consortia are majority Malaysian-owned, namely Boost Holdings and RHB Bank Berhad, Sea Limited and YTL Digital Capital Sdn Bhd and KAF Investment Bank Sdn. Bhd.

According to BNM, 29 applications received were carefully assessed in accordance with Section 10(1) of the FSA and IFSA, which require BNM to consider all factors in Schedule 5 of the Acts and other requirements. relevant policies.

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