CEO Morning Brief

Anwar Wants Digital Banks to Boost E-payment Transactions

Publish date: Fri, 07 Jun 2024, 10:41 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 6): Prime Minister Datuk Seri Anwar Ibrahim is confident the target of 400 e-payment transactions per capita can be achieved earlier than the original target of 2026 through efforts by digital banks.

He said there has been an increase in e-payment transactions since 2011 but the numbers are still low and it is the responsibility of all parties to spread the benefits of using the facility to all Malaysians.

"This is not a target that is too high and difficult to achieve and I expect that if we have a stronger desire, we should achieve it sooner,” he said during his speech in conjunction with the inauguration of the digital bank, Boost Bank, here on Thursday.

Boost Bank is a 40:60 digital bank venture by RHB Bank Bhd (KL:RHBBANK) and Boost Holdings Sdn Bhd, an indirect subsidiary of Axiata Group Bhd (KL:AXIATA).

Anwar said that to achieve the target, the effort needs to be implemented immediately and earnestly.

“If banks give a lot of general information about banking to consumers, they should also inform consumers about new findings about digital,” he said.

Anwar, who is also the finance minister, said that serious efforts should be made to ensure that the people are able to assimilate "digital literacy" in order to take advantage of the latest technological developments including artificial intelligence.

“I hope the components in Boost Bank, Axiata and RHB as the pillars, would make a effort to spread knowledge about the facilities so that they can be used by micro, small and medium enterprises (MSMEs) as their priority and to most of the people," he said.

He said the effort will be assisted by the Digital Ministry under its Minister Gobind Singh Deo in giving suitable ideas and recommendations to Boost Bank.

Anwar also requested that a report on the efforts made by Boost Bank be presented by Gobind to the Cabinet within six months.

Source: TheEdge - 7 Jun 2024

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