PM Anwar: Digital bank transformation must be expedited

The Star

The transformation of digital banks in Malaysia needs to be expedited to keep pace with regional peers.  Speaking at the launch of the GXBank headquarters and the GXBank Centre of Excellence on Friday (Aug 2), Prime Minister Datuk Seri Anwar Ibrahim emphasised that the government is streamlining regulations and processes to ensure digital banks can operate more efficiently.  Read more at https://shorturl.at/RmAah  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

Transcript

00:00We can't talk about digital transformation, or the so-called new industrial plan, or energy transition.

00:16But after we accept all the concepts, it's a new foundation, but it's a framework.

00:27It can be prepared, but it's not as expected.

00:34So that's why I said, pace, which means to accelerate it, is very necessary.

00:42If we follow the theory of change, who is familiar with it?

00:48Modernization and social change, said by W. W. Rostow, Rostowian theory of change.

00:55Those are considered stages.

00:58Traditional, agricultural, industrial.

01:03But if we follow the trend, we will be left behind.

01:12So in the post-normal times, including digital, pace must leapfrog.

01:21And this is what we see, among the ideas that are emphasized by K. Zafrul and K. Gobind,

01:31which is to provide as much cooperation as possible by the government,

01:40including state banks, finance, IT, digital,

01:45so that it is no longer hindered by old rules and processes,

01:53to face the challenges of the past.

01:57That is why our direction in this digital bank issue,

02:02is to provide the right path so that they can move forward in a faster time.

02:14We do not want to be the first.

02:16In this context, Malaysia is not the first.

02:20So in some aspects, we are left behind.

02:24So the challenge for GxBank, with the digital banks that have been approved,

02:30is to make that change in a faster and more precise way.

02:38And I am confident that GxBank and all of its members will embrace this challenge with confidence.

02:48With the development of time, I feel that how can we introduce an economic foundation

02:55and we consider it sustainable, if it is left behind by the majority of the people.

03:02How can we talk about sustainability?

03:05What does sustainable mean?

03:07What does sustainability mean?

03:11If it is only sustainable for a small, elite group of people,

03:16then how can we marginalise the majority?

03:23That is the notion of a traditional bank.

03:27What makes me proud of digital banks, especially GxBank,

03:32is that in a short period of time, in a year,

03:36they can reach 800,000 people.

03:41This is a very proud achievement.

03:45So in this issue, in what I call a digital bank,

03:49the concept is the same. It is expanded.

03:52That is why in a year, we can reach 800,000 people.

03:56This ease is what we call an economy that is popularised.

04:02For me, an economy is not profitable if it is not popularised.

04:08An economy is not sustainable if it causes gross marginalisation of the majority of the people.

04:19So for me, this is beneficial for them.

04:25And the second, which is very critical in this digital age,

04:31is the abolition of the concept of digital.

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