SARAWAK Premier 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 Abdul Taib Mahmud and his wife Toh Puan Ragad Kurdi Taib at the Borneo Convention Centre Kuching in Kuching 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, May 2, 2022.