Sarawak accepts Bank Negara's decision to not approve digital bank licence

KUCHING: 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, not a problem. After all we already have S Pay Global," he told the media after attending the open house ceremony of the Sarawak Yang di-Pertua Negeri Tun Abdul Taib Mahmud and his wife Toh Puan Ragad Kurdi Taib at the Borneo Convention Centre Kuching here today.

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 Kenangan Investment Bank Bhd.

On April 29, BNM announced that only five bidders had won the digital bank licences, with three consortiums - Boost Holding 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 (FSA) 2013.

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

-- BERNAMA