DBOS’ focus is on development — SS

Abang Johari (fifth right) launches DBOS in the company of other ministers and VIPs including (from third right) Awang Tengah, Mohd Morshidi, Uggah (fifth left) and Wong (third left).

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KUCHING, Nov 3: Development Bank of Sarawak (DBOS) chairman Tan Sri Mohd Morshidi Abdul Ghani emphasised that the bank is a development finance institute and not a commercial bank as many assume.

He said, DBOS was established by the state government with the specific mandate to develop and promote key sectors that are considered of strategic importance to the overall socio-economic development objectives of Sarawak.

“DBOS will provide financial services to commercially viable state targeted strategic sectors projects in Sarawak.

“DBOS therefore complements the existing banking institutions and acts as a conduit to bridge the gaps in the supply of financial services to the identified strategic areas for the purpose of Sarawak’s long-term economic development.

“Therefore, DBOS does not compete, but DBOS complements,” said Mohd Morshidi who is also State Secretary at the ceremony to launch DBOS at a hotel here today.

Given the significant role of DBOS in promoting new growth areas in Sarawak’s economy, the state government believes it is important for DBOS to be strong, effective and efficient in performing its mandated roles.

“Initiatives taken towards achieving these objectives include strengthening the regulatory and supervisory framework, building capacity and capability, as well as enhancing operational efficiency of DBOS is mandatory.

“With this in mind, DBOS’ strategy is underpinned by prudent operating policies, including sustaining high levels of liquidity, strong capital adequacy and high asset quality,” said Mohd Morshidi.

He said as the new kid on the block, DBOS will build on its strategic presence in Sarawak in order to grow its business across the state and deliver sustainable growth in profitability, while protecting the interests of the state government and its agencies whom are also its only depositors.

“DBOS is a non-prescribed financial institution under Development Financial Institutions Act 2002 (DFIA 2002),” he said.

To ensure that DBOS performs its mandated roles in a prudent manner, supported by strong corporate governance and best practices, DBOS from time to time will seek guidance from Bank Negara Malaysia to provide broad policy direction on strategic roles.

“In this respect and also in line with the digital economy era, DBOS will invest in technology as a strategic priority in order to provide superior banking solutions.

“This includes, among others, digitizing and automating our process interfaces and enhancing customer relationship management through implementing intelligent analytics,” said Mohd Morshidi.

DBOS was officially launched today by Chief Minister Datuk Patinggi Abang Johari Tun Openg at a hotel here.

Also present at the launch were Deputy Chief Minister Datuk Amar Douglas Uggah Embas, Deputy Chief Minister Datuk Amar Awang Tengah Ali Hasan and other assistant ministers and ministers including International Trade and E-Commerce Minister Dato Sri Wong Soon Koh. — DayakDaily