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KUCHING: The Sarawak government has sent an expression of interest to Bank Negara Malaysia for a license to start digital banking in the state, Chief Minister Abang Johari Openg said today.
During the liquidation debate in the Sarawak Legislative Assembly located here, he said that the state government would collaborate with renowned technology companies and local retail banks approved by the governing bodies to establish a digital banking system that is resilient, fair and dynamic. .
“Accordingly, the Sarawak government is in the midst of implementing the necessary telecommunications infrastructure and facilities throughout the state to support our digital banking and other digital initiatives,” he said.
He said that the State Cabinet would be preparing the groundwork towards this new banking infrastructure that would be required by the younger generation of Sarawakians to reap the benefits of the huge financial impacts of the digital economy.
“Like it or not, we are at a time where anyone can produce anything, anywhere through 3D printing, where anyone can broadcast their talent globally via YouTube or buy any product from China they want. through AliBaba.com or other platforms, “he said. .
Abang Johari, who is also the Minister of Economic Planning and Finance of the State, said that the current economy works through powerful networks that have changed the business landscape, as well as the consumption, employment and media of the people.
He said that sales had increasingly been made online or on digital platforms, rather than through physical stores. “Intangible capital is now more important than physical capital. As we have heard and read, data is the new oil, “he added.
