‘We have applied for digital banking license, state needs good network’

Digital banking. Photo credit: Pixabay

KUCHING, Nov 13: Sarawak government has submitted the application for a digital banking license to Bank Negara Malaysia, says Chief Minister Datuk Patinggi Abang Johari Tun Openg.

This he said, is for Sarawak to serve the underserved.

“Sarawak government has submitted our expression of interest to Bank Negara Malaysia for a digital banking license. We are fully aware that effective digital banking must be resilient, fair and dynamic. It is among the prerequisites for the Sarawak government to collaborate with reputable technology companies and local retail banks approved by the governing bodies.

“For this, Sarawak government is in the midst of putting up the necessary telecommunication infrastructure and facilities throughout the state to support our digital banking and other digital initiatives,” Abang Johari said in his winding-up speech at the State Assembly sitting today.

Abang Johari pointed out that whether anyone likes it or not, the economy today works across powerful networks, changing how people consume, work and communicate.

While the landscape of doing business is challenging, he said intangible capital is now more important than physical capital as sales are increasingly taking place online over digital platforms.

“In this Covid-19 pandemic crisis, I see the future belongs to Small Medium Enterprises (SMEs) firms utilising digital platforms, which may come from our rural Pulau Bruit, Ulu Paku, Lusong Laku or Long Seridan. We never know, thus, giving future technopreneurs direct stakes in local and global markets.

“I see that the financial impacts of this economic development are going to be huge. In anticipation, Gabungan Parti Sarawak (GPS) government is already preparing this new banking infrastructure that new and young generation of Sarawakian will require,” Abang Johari said. – DayakDaily