Now Everyone Can Provide Banking Services Without Digital Banking Licence!

BigPay’s website.

Main Qualifications For Digital Licence Are Character & Integrity

On 29 April 2022 Bank Negara Malaysia (BNM) had announced five consortiums have been awarded with digital banking licence. One of the main criteria used by BNM to approve such licences was the company must possess “Character and Integrity  of the applicants, nature and sufficiency of financial resources, soundness and feasibility of business“, HERE.

BigPay Has No Digital Banking Licence

Out of the five successful consortiums for digital banking licence, BigPay of PN17 AirAsia is not one of them.

Despite BigPay’s unsuccessful bid for digital banking licence in Malaysia, it still on an advertising campaign that members of the public can obtain financial services like international bank transfers of fund, foreign exchange and etc from its platform.

From BigPay’s website.

Upon checking BigPay’s website, it provides international bank transfers to China, Bnagladesh, Australia, Vietnam, India, Thailand, Singapore, Philippines and Nepal and other banking facilities like BigPay Later Personal Loans, DuitNow and etc, HERE.

Bank Negera Malaysia (Malaysia Central Bank) and Ministry of Domestic Trade & Consumer Affairs Must Monitor Advertisement by Companies

After the announcement by BNM of the five successful consortiums for digital banking licence, it would appear that it is most misleading for BigPay to advertise its financial services to attract consumers / rakyat to its platform. This may cause serious confusions and problems for the consumers.

Beside coming out with the new Consumer Credit Act on an urgent basis to protect the consumers / rakyat from being exploited, BNM must monitor all advertisements in the internet / socmed, take down misleading advertisements and warn consumers / rakyat that those companies without digital banking licence are prohibited from publishing such advertisements. Unless, of course, any registered companies with or without digital banking licence are allowed by law in Malaysia to provide banking services like international bank transfers, DuitNow and etc in their website.

It is the duty of BNM and other Ministries like Ministry of Domestic Trade and Consumer Affairs to protect unsuspecting consumers / rakyat from being misled or exploited by false advertisements. BNM and other government ministries must take precautionary measures before it is too late. There is no point in closing the stable door after the horse has bolted!

Stay Tuned – Next Change

Will The Shining Star Of Ambitious But Incompetent Zafrul Shine After GE15?

The ambitious but incompetent Zafrul posing with the then Minister of Finance YB Lim Guan Eng

The Shining Star, Zafrul!

To begin with the superstar Zafrul’s mother is the one-time powerful Raja Datuk Zaharaton Raja Zainal Abidin.  She was the former Director-General of the Economic Planning Unit (EPU) of the Prime Minister’s Department during Tun Mahathir’s administration.  While his father, Tengku Abdul Aziz Bin Tengku Harris is a businessman. The rest was history.

Zafrul, the MD of Avenue Capital Resource Bhd

In 2002 – 2005 Zafrul was the MD of Avenue Capital Resource Bhd (Avenue Capital), which was originally owned by Minister of Finance Inc.  Avenue Capital was incorporated on 3 March 1926, HERE.  

From 2003 – 2009 Abdullah Badawi was the PM.  It was an open secret that during this period a group of “punahsihat” aka known as “Budak Tingkat 4” was running amok in the PMO.  The Tingkat 4 was practically running PMO and everywhere!

During Badawi’s reign, his son in law the present Minister of Health, Khairy Jamaludin was flying very high!

Government / Rakyat Owned Avenue Capital Merged With ECM Libra

Soon after Zafrul left Avenue Capital in 2005, there was a move to merge ECM Libra, the then small share broking firm, and Avenue Capital. The said merger was extremely controversial to say the least.  

In 2006 YB Kamaruddin Jaffar, the then Secretary-General of PAS had questioned the sudden sale of Avenue Capital to ECM Libra, HERE

PAC’s Investigations Into The Controversial Merger

Just to digress a little. The merger was the talk of the town in 2007. In 2007 Public Account Committee (PAC) of Parliament was compelled to launch an investigation into the ECM Libra Bhd and Avenue Capital merger.  The controversies were about why a government / rakyat owned company had to merge with ECM Libra, which was many times smaller than Avenue Capital in every sense of the word!

Unfortunately, or fortunately for some the PAC investigation was abruptly halted by the power that be under the pretext of so-called principle of sub judice and the controversies died down, HERE.   

The so-called merger took place during Badfawi’s administration aka Tingkat 4 administration.

Kalimullah, Lim Kian Onn – ECM Libra

Kalimullah & Lim Kian Onn, who is still a director of AirAsia X

The founders of ECM Libra are:  

  1. Dato’ Seri Kalimullah Bin Masheerul Hassan, the chairman of ECM Libra. 
  1. Dato’ Lim Kian Onn

In 1979 Dato’ Seri Kalimullah Bin Masheerul Hassan aka Kali was just a NST reporter prior to the incorporation of ECM Libra. Prior to that Kali was attached to foreign press including Singapore Strait Time.  In September 2002, he was appointed as the chairman of Bernama. On 1 January 2004 he resigned as Bernama’s chairman and was appointed as the Group Editor of NST.    

Khairy Jamaluddin who is popularly known as SON IN LAW to Badawi, was one of the shareholders in ECM Libra. Of course, it was believed that this happened by chance!

In 2016 Khairy (when he was deputy chief of  UMNO Youth) sold his 10.2 million shares in ECM Libra which he purportedly had bought them in December 2015 for 71 Sen and sold it at 65 Sen according to the report, HERE

In June 2011, when there were allegations / rumours that Khairy Jamaluddin held shares in AirAsia, he threatened to sue who ever said that, HERE.   

Left to right: The still powerful former deputy minister of finance II, Nor Mohamad Yakop, the super star Zafrul, his good friend Tony Fernandes of PN17 AirAsia and Kalimullah Bin Maheerul Hassan, the former NST reporter, AirAsia X shareholder and founder / Chairman of the famous ECM Libra.

By the way the famous Nor Mohamad Yakop may have retired from active politics, he is very much around! Watch carefully then you will understand!

In 2007 Tony Fernandes of AirAsia appointed Kalimullah as chairman of AAX. He was at one time one of substantial shareholders in AirAsia X Bhd (AAX).  In September 2015, AAX was bleeding badly and he had sold part of his shareholdings in AAX at 67.8 Sen and 66.4 Sen per share, HERE.  

AAX is now under PN17 and its share price is about 0.6 Sen only per share! 

Lim Kian Onn was and still is a director of AA and AAX. 

In June 2011, when allegations were amidst that Khairy Jamaludin held AirAsia shares, he threatened to sue, HERE

AirAsia Aviation Group Appointed Additional Directors – Jamaluddin & Norza Zakaria

On 23 March 2022, AirAsia Aviation Group (AAG) had announced four new board members initiatives to reflect the company’s commitment to deliver a new strategic direction for growth and gold standard corporate governance.  

Left: Tan Sri Jamaluddin Bin Ibrahim the former CEO of Axiata, now non executive chairman of AirAsia. Extreme right: Tan Sri Mohamad Norza Bin Zakaria, former UMNO Youth Chief of Federal Territory and current president of BAM, now a director of AA

Amongst the four is the famous Tan Sri Jamaluddin Bin Ibrahim aka Jamal, who was the former CEO of AXIATA, was appointed as non-executive chairman of AAG and Tan Sri Mohamad Norza Bin Zakaria (Norza Zakaria), HERE.

In March 2009 Norza Zakaria, the then Federal Territory UMNO Chief, was charged for bribing others to help him to win the UMNO elections, HERE.  In 2011 he was freed because the witnesses were not co-operative. 

In 2017 when Khairy Jamaludin was the then Minister of Youth and Sports, Norza Zakaria was appointed as the President of the Malaysia Badminton Association.

Rumour has it that Norza Zakaria has powerful connections!

Zafrul’s Rise From Tune Money Sdn Bhd To CIMB

In 2007, Zafrul was one of the substantial shareholders of Tune Money Sdn Bhd, Asia’s first “no-frills” online financial service provider.  In March 2007 he was appointed the CEO of Tune Money. 

Thereafter, Zafrul was flying to a majestic height then!  

On 16 June 2010, when Wahid Omar was the president of Maybank, Zafrul was appointed as the COO of Maybank Investment Bank.

In 2013, Zafrul left Maybank after losing the race to become the Maybank CEO.  Zafrul was then parachuted into CIMB and personally vouched for by joker Nazir Razak himself:

“He has a proven record in investment banking in Malaysia and ASEAN. He now has the opportunity to spearhead the largest indigenous APAC ex-Japan IB franchise to greater heights”. HERE 

Ambitious Zarul’s great achievement in CIMB was in 2015, when CIMB recorded its lowest net profit in nine (9) years while Zafrul was at the helm, HERE

In May 2018 soon after the collapse of BN government in GE14, the joker Nazir Razak abruptly resigned from his cozy CEO post and disappeared to London. After the collapse of PH government at the end of February 2020, Nazir Razak suddenly reappeared in Malaysia trying to spearhead so-called reforms under his pet project called “Better Malaysia Assembly” with his so-called 55 eminent Malaysians including Tony Fernandes and 54 others, HERE.

After The Infamous “Sheraton Move” – Zafrul Was Catapulted To Stardom!

On 9 March 2020 soon after the collapse of PH government, out of the blue Zafrul was appointed as senator and thereafter parachuted to be the new Minister of Finance.  He has no political experience whatsoever. Rumour has it that he has special connection with the power that be and the playmate of certain powerful non-politician with special “payung …”!   May be those in the know could tell us who is that powerful person. 

The Pandora Papers & Zafrul

In 4 October 2021, Pandora Papers published about Capital Investment Bank (Labuan) Ltd, a boutique bank incorporated in the offshore jurisdiction of Labuan, in a cache of documents from leading Panama law firm Alemán, Cordero, Galindo & Lee (Alcogal).  There was an explanation by Zafrul’s aide on the date when he was the director of Capital Investment that he was no longer a director, HERE

Zafrul & His New Found Dream To Be A Full Fledge Politician in GE15

After Zafrul having tasted powers and trappings as an un-elected minister, rumour has it that this ambitious Zafrul is dreaming to stand for election in the Kuala Pilah Parliamentary seat come GE15!  Unfortunately, Kuala Pilah is an UMNO’s stronghold.  Rumour has it that he is using his special payung … to lobby for him!  Let’s watch the moves of this unelected minister which “Tongkat” he will be using to facilitate and realise his new found day dream / ‘mime siang’ for Kuala Pilah! 

Stay Tuned – Next Change

Now Everyone Can BS!

Tony Ferndanes & Bo Lingam of AirAsia had assured members of the public that AA had refunded 99% to its customers!  But international customers have demanded refunds on 22.4.2022. Who are lying?
Tony Fernandes was flaunting his wealth – his latest acquisition of the brand new Tesla car!

When there was public outcry on AirAsia did not refund the ticket price for cancelled flights to its customers, in April 2021 Tony Fernandes of AirAsia was under public pressures and he gave an assurance that 450,000 of its customers will get the refund, HERE. All was well for a few months.

The Comments in SocMed

Comments from netizen

Demand For Refund Got Louder After Tony Showed Off His Wealth

In September 2021 when Tony Fernandes showed off his brand new Tesla car, AirAsia’s frustrated customers / netizen began to demand refunds of their cancelled flight and its staff demand for payment of outstanding salaries, HERE. Thereafter, we could see hypes after hypes from Tony Fernandes and his macai in AirAsia but nothing positives came out of it. It was just a case of taking Panadol for cancer! AirAsia’s frustrated customers became infuriated, HERE.

In October 2021, as a result of public outcry from frustrated AirAsia’s customers and netizen, FOCUS news portal had appropriately described the state of affairs in its commentary: Entitled “AirAsia X passengers might as well kiss their refund prospects good-bye”!

The quotable quote from the above Focus’ article:

“He (Fernandes) should sell his personal assets – Tesla car if he owns any, football club and international school or any other assets – to save the company. In most countries, the owner will be declared a bankrupt with his company.” The quote to describe Tony Fernandes was most appropriate!

In fact, Tony should also lodge a corruption report with MACC, Security Commission and Bank Negara against the 2 CORPORATE CRIMINALS / CONMEN known as AirAsia executives 1 and 2, who had received RM200 mil bribes from Airbus for orders of aircraft! Tony Fernandes should smoke out these 2 corporate criminals in his AirAsia and force them to cough out the RM200 mil to contribute to the refunds. For full details of the 2 corporate criminals act of corruptions and criminal misconducts had been clearly set out in the UK Crown Court Judgement on the international Airbus Bribery Scandals. The said criminal AirAsia executive 1 was so daring to send an official email to airbus to demand for outstanding bribes of $16 million bribes from Airbus. For full details of the UK Cro3n Court Written Judgment please read in HERE.

By the way this Tony Fernandes is wanted in India for money laundering and criminal misconducts of corrupting Indian government official in granting flight permits, HERE.

Lets hope that Tengku Zafrul, Governor of Bank Negara and the shameless Syed Zaid Albar will take note of the above!

Foreign Customers Was Forced To Make Group Demand For Refund

On 28.3.2022 Tony Fernandes came out with another hypes that AirAsia have settled 90% of the refunds to its customers, HERE. Of course, Tony Fernandes did not explain inches press statements what did he meant by settlement!

Bo Lingam, the famous Group CEO of AirAsia Aviation Group, who is also wanted by India Directorate of Enforcement for money laundering and criminal misconducts.

Group CEO of AA, Bo Lingam Bragged 99% Of The Refunds!

On 29.3.2022 another hype by Bo Lingam that AirAsia had settled not 90% of the refund but 99%! Well Bo Lingam did not explain then details of the so-called settlement. Where is the catch? Please read what Bo Ligam had said below:

“Meanwhile, the large majority of our guests across the Group have opted for a credit account which is processed immediately and valid for up to two years for booking from the date of issuance.” For full statement of Bo Lingam, HERE.

Despite the above assurances by Tony Fernandes and Bo Lingam that 99% of the cancelled flights had been settled, why thousand of its customers are still very frustrated and angry with the issue of no refund!

It would appear that the bulk of the so-called settlements that Bo Lingam was referring to were settlement by set-off through credit notes or vouchers! That was the style of settlement by Tony Fernandes and Bo Lingam but not the customers who are demanding for cash refund so that they can plan their future trips to travel with airline of their choice.

Frustrated Foreign Customers Felt Cheated

On 23.4.2022 those frustrated customers have organised themselves to take actions against AirAsia on the international front. MalaysiaNow news portal had reported: “International passengers unite to demand AirAsia refunds!”

The quotable quotes from the above report:

“They said they and their rights as consumers had been ignored as they were unable to even speak to a staff member about their complaints. Instead, they said, they were forced to convey their problems through AVA, an artificial intelligence-based chatbot.”

“Glenn Bruce Andrew Priere, also from Sydney, said he was shocked to discover that his case had been marked as “resolved” as he was still waiting to be refunded for the six flight tickets he had bought for A$1,600 or just over RM5,000.”

If what Tony and his Bo Lingam said were true, why these international customers got together in a group to demand for refunds! From the above report, it is crystal clear that the AirAsia’s refund issues are from being settled, definitely NOT 90% or 99% as had been BS by both Tony and his Bo Lingam!

The Rakyat should learn from the above and stop being easily fooled by such hypes and/or advertisements of similar nature.

Yours truly hopes that the Governor of BNM, shameless Syed Zaid Albar of SC and most of all the unelected Zafrul will not be so foolhardy in their eagerness to grant Digital Banking Licence or “Buy Now Pay Later” Permit solely based on “SPECIAL CRITERIA” in total disregards of public interests! Put the law to protect the the Rakyat in place before trying to achieve their silly dreams or agendas!

Please Stay Tuned – Next Change “Joker Nazir Razak, The Player!”

Warning To The Reckless Fintech / Microloan Gurus! – Part 3 (Tony Fernandes & Others in PN17 AirAsia Wanted For Money Laundering & Criminal Misconducts In India!)

Updates @ 1:15 pm 22.4.2022

Fernandes & Kamarudin Meranun Were Involved In Caterham F1 Motorsport

During the happy days with Caterham FI motor Sport Team! Left to right: Kamarudin Meranun & 3rd from left: Tony Fernandes. Both are still the supremos of AirASIA & AirAsia X. Their celebrations in Caterham F1 motorsport team was short lived!
The GOOD OLD DAYS! Left to Right: Tony Fernandes, No: 1 man in PN17 AirAsia & reported in the press being wanted for money laundering and criminal misconducts in India. Extreme Right: Tan Sri Rafidah Aziz, the former Minister of International Trade & Industry Malaysia & current Chairman of AirAsia X. Rafidah was the director of AAX, who launched the so-called “Travel Pass“, just a week before the imposition of the MCO in March 2020!

According to Reuters report on 7.5.2015:

Caterham, founded by Malaysia AirAsia airline entrepreneur Tony Fernandes as Lotus Racing in 2010, failed to score a point in five seasons in Formula One and went into administration with 200 staff made redundant last October, HERE.

In April 2021 Caterham’s owners Tony Fernandes and Kamarudin Meranun, the famous two supremos of PN17 of AirAsia, suddenly sold it to VT Holdings for reason best known to themselves. Please read: “Tony Fernandes & Kamarudin Meranun Sell Caterham – Price Not Disclosed “.

Airbus RM200 Million Bribery Scandals Charge No: 1Clearly Incriminated AirAsia & AirAsia X Execs 1 & 2

The above is the charge stated in the UK Crown Court’s Written Judgement on the huge internationally known Airbus Bribery Scandals of all times!

The said Count 1 clearly identified the 2 Criminals / Conmen Executives 1 and 2 of PN17 AirAsia / AirAsia X being paid RM200 million Bribes by Airbus for orders of 182 aircraft. After more than 2 years Malaysia Security Commission (SC) under the watch of the shameless Syed Zaid Albar of SC took NO ACTION. This is what a dysfunctional SC is all about! It is an expert in covering up for big boys / ‘friends” but fast to prosecute the ordinary Rakyat with no connection! This is typical of the Malaysia Boleh!

Count 10 Against Former CEO of Garuda, Indonesia

In another UK Crown Court Written Judgment on the Rolls Royce‘s Bribery Scandals.

In another internationally known Rolls Royce Bribery Scandal involved the former CEO of Garuda, Emirshah Satar, who received a mere $293,000.00 from Rolls Royce was prosecuted and sentenced to 8 years jail. In Malaysia, the said 2 criminals / conmen of AA and AAX are not only protected but put on the pedestal by Bank Negara Malaysia, Security Commission and the un-elected Minister of Finance, Tengku Zafrul. This shows the dysfunctional system of good governance and enforcement in Malaysia. Please read the full UK Crown Court Judgment to understand how the Crown Court came to the decision.

If one compare the above Charge No: 1 in the Airbus case and Charge No: 10 in Rolls Royce’s Bribery Scandals, it is as obvious as tomorrow sun will rise that the Airbus Bribery Scandal connected to executives 1 and 2 of PN17 AirAsia and AirAsia X are many times more serious! Yet our authorities in Malaysia like BNM, SC and the un-elected Minister / Ministry of Finance “BUAT TAK TAU” (playing dumb) to the serious offences committed by the said 2 criminals / conmen of PN AirAsia, who have been adjudged in the UK Crown Court. It appears that the TRIO are not only condoning but openly protecting the 2 criminals.

Tony Fernandes & Kamarudin Meranun – Top Executives of AA & AAX Are Also Playing Dumb

Left to Right: 2nd from left Tony Fernandes of AirAsia, 3rd Airbus CEO Guilazume Faury & 4th Kamaruddin Meranun of AirAsia applauding the order of aircraft form Airbus – Picture taken during the exchange of documents after signing Aircraft Purchase Agreement in Kula Lumpur on 30 August 2019. (Photo: Shutterstock)

On or about 30 January 2020 the Airbus Bribery Scandal broke out in UK. A few days later, both Tony Fernandes and Kamarudin Meranun had denied all allegations as stated in the UK Crown Court Written Judgement on the said AIRBUS Bribery Scandals. It was a natural responds. AirAsia board of director had set up a so-called investigation into the bribery scandals and found nothing of interests as expected. Of course, both of them were given a clean bill of health!

However, until this date, both of them are still playing dumb on the identities of these 2 criminals / conmen known as executives 1 and 2 of PN17 AirAsia and AirAsia X as stated in the said Written Judgement.

Tony Fernandes Was Wanted In India For Alleged Money Laundering Charges & Criminal Misconducts

In May 2018 it was reported that Tony Fernandes / AIrAsia had been accused to have paid $5 million bribes to Indian government official to obtain flying permits, HERE.

“AirAsia has been accused of bribing government officials for overseas flight permits and violating rules preventing foreign airlines from controlling Indian operators”. Tony Fernandes is one of the 3 official wanted in India. He had ignored 2 previous summons. A full press report in India, HERE.

Please read the Asian Aviation report dated 4.2.2020 entitled : “AirAsia Fernandes airline’s chairman, caught in Airbus Corruption Investigation” (CEO and chairman step down temporarily and deny all allegations as probes continue in Malaysia, Britain and India.)

This is not the only legal jeopardy in which Fernandes is ensnared. Regulators in India have demanded he appear for the country’s Directorate of Enforcement to answer charges that the airline tried to strong-arm the government and the directorate has filed money laundering charges against AirAsia officials. The charges were originally filed in May 2018 and said AirAsia officials tried to manipulate government policies through corrupt means to get an international licence for its Indian venture, AirAsia India. This is the excerpt from the Asian Aviation report. For the full report please read HERE.

The Edge Market had also reported on 17.1.2020 that Tony Fernandes was wanted by the Enforcement Directorate (ED) in India to answer the alleged money laundering.

The Business Today business fortnightly said on its website that both the ED and the Central Bureau of Investigation had in 2018 launched their respective probes in alleged financial irregularities and criminal misconduct when the airline was lobbying to obtain its licence for its Indian operations.

“Along with Fernandes, AirAsia group president Tharumalingam Kanagalingam, also known as Bo Lingam, and businessman Arun Bhatia, who held substantial equity in the airline, have also been summoned. Senior group executive S Ramadorai, as well as former CEOs Naresh Alagan and have also been asked by the agency to join the probe,” the portal said. This is the excerpt of the Edge Market report. For full report please read in HERE. This scandal was widely reported India in 2020, HERE.

Tony Fernandes, Bo Lingam Did Not Show Up

It has been reported in 2020 that Tony Fernandes, Bo Lingam and others did not show up when the case was called up in Court, HERE. Why? Guilty as charged? Subsequently, in December 2020, Reuters had reported that PN17 AirAsia had sold its stake in AirAsia India to Tata & Son for RM151 million, HERE.

The Famous Tharumalingam Kanagalingam aka Bo Lingam

From left: 2nd left: Bo Lingam, 3rd the famous insider trading expert Kamarudin Meranun, 4th Tony Fernandes, wanted in India as reported, 5th Anthony Loke, the former Minister of Transport for only 22 months cum “super salesman” for AA.

In early 2021 Bo Lingam has been promoted as the acting Group CEO of PN17 AirAsia Aviation Group at the time when AirAsia set up the so-called investigation into the international Airbus Bribery Scandals where executives 1 and 2 of PN17 AirAsia were found to have received RM200 million BRIBES from Airbus by UK Crown Court.

Aren’t The Above Scandals Enough To Wake Up The TRIO / 3 Stooges?

From left: The shameless chairman of SC, Syed Zaid Albar, the un-elected Syok Sendiri Minister of Finance, Tengku Zafrul and the governor of BNM, Tan Sri Nor Shamsiah (The TRIO / renown Fintech Gurus!)

Don’t tell us that Tan Sri Nor Shamsiah of BNM, the shameless Syed Zaid Albar of SC and un-elected Minister Tengku Zafrul are still oblivious of the above, AirAsia is under PN17 and it’s criminals /conmen known as executives 1 and 2 were criminally implicated in the RM200 million Airbus Bribery Scandals! AA’s supremo Tony Fernandes was also wanted in India for money laundering activities and criminal misconducts in the dealing with the authorities in India as reported above.

Let’s hope that TRIO / 3 stooges will now wake up from their slumber and for once stand up to protect their respective image, if there is any left, and do the right thing on the issues of Microloans / Digital Banking Licence and others as expected of them. However, if the TRIO are still not convince, please proceed to the website of UK Serious Fraud Office and download the two UK Crown Court Judgments pertaining to the Airbus and Rolls Royce Bribery Scandals. For the ease of reference and benefit of the hundred if not thousand of officers including the Tingkat 4 in BNM, SC and MoF, here are the link for the UK Serious Fraud Office, HERE. (Just in case they still have problems this is the website of SFO UK: https://www.sfo.gov.uk/our-cases/#aza).

Should BNM/SC/MoF Approved Digital Banking Licence / Microloan Licence To Applicant With Obvious Bad Records?

The un-elected Minister Zafrul, shameless Syed Zaid Albar of SC and Governor of BNM and should take cognisance that when a customer with just a tiny black dot in his or her record or impending financial issue applying for a banking facilities of any kind, the bank will REJECT it outright.

How about an applicant for Digital Banking Licence was classified under PN17 by Bursa Malaysia and 2 of its directors are implicated in the international Airbus Bribery Scandals where both directors were found by the UK Crown Court to have been paid RM200 million bribes by Airbus for aircraft orders? Common sense should prevail and public interests dictate that BNM should NOT even bother consider such an applicant from the word go let alone approve it!

Should the Trio or 3 stooges waste their precious time and public fund to consider an applicant for Digital Banking Licence where its CEO or one of its directors is wanted by a foreign enforcement agency like our MACC/SPRM or SC for money laundering activities and criminal misconducts in their application for licences? Please don’t tell Malaysians that the answer is YES!

Are Malaysians asking too much from these 3 public officials / 3 Stooges whose salaries are paid by “Duit Rakyat” / public funds to take the appropriate actions against the said 2 CRIMINALS / CONMEN? Or are we to accept the famous Malay proverb “Harapan Pagar, Pagar Makan Padi” (a direct translation for the benefit of foreign readers “Expects the fence, the fence eaten the padi”) as the new SOP for BNM, SC and Ministry of Finance? God forbids!

Let’s also hope that the Trio / 3 stooges will not be part of the “Gaji Buta Syndrome“!

To be continued – Stay Tuned – Next Change on joker Nazir Razak, former CEO of CIMB and now the chairman of Bank Pembangunan Bhd & head of Perihatin Danajamin Guarantee.

Related articles:

Warning To The Reckless Fintech / Microloan Gurus! – Part 1, HERE.

Warning To The Reckless Fintech / Microloan Gurus! – Part 2, HERE.

PN17 AirAsia Executive 1’s Email to Airbus “I Want My 16M Nowas appear in the UK Crown Court Written Judgment in, HERE.

Warning To The reckless FinTech/Digital Microloan Gurus! – Part 2 (RM200 mil Airbus Bribery Scandals May Be A Criteria for Digital Banking Licence!)

The Three Gurus Are Suffering From Wilful Blindness!

AsiaMoney report 12 April, 2022 entitled BigPay: A capital idea for AirAsia pioneer” by Eric Ellis.

People wouldn’t have to give up their child away or their dog to get a mortgage can now get a loan in less than 3 minute based on information that is more relevant to them than all the financial information, said Tony Fernandes.

“Fernandes is hoping that BigPay and its 200-strong team will prove the tonic that restores group finances. BigPay‘s mission, he say, “is to become a leading challenger bank across Southeast Asia. We have established ourselves in Malaysia as one of the leading provides of digital banking services, and we want to expand our product sets, along with the growing model to new markets”.

“Other investors in BigPay include Malaysian government’s Malaysian Industrial Development Finance and IKhlas Capital, the private equity house controlled by regional luminaries such as CIMB’s former boss, Nazir Razak, and Indonesian businessman – politician Gita Wirjawan“.

The above quotes taken from the article with specific reference to AirAsia and its Fintech arm called BigPay. For the full article read HERE.

Tony Fernandes had painted a very rosy picture of BigPay in the said AsiaMoney report. For a start in its financial report filed with SSM /Companies Commission of Malaysia showed BigPay’s accumulated losses is RM59.062. The said report is reproduced below.

“Get Loan Quick Schemes / Microloans”

In a nutshell, Fintech in general is all about “Get Loan Quick Scheme” or “Buy Now Pay Later Schemes” in a matter of a few minutes as declared by Tony Fernandes of PN17 AirAsia in the above AsiaMoney’s article.

It must be noted that in Malaysia there are no laws to regulate such schemes! It was only recently that BNM, SC and MoF are discussing to put in place the “Consumer Credit Act“.

Yours truly is supportive of any “Get Loan Quick Schemes” made available to the public as long as public interests are protected at all time. Surely, Malaysians do not want to see the “Sublime Mortgage Bubble Burst” under the guise of “Get Mortgage Quick Scheme” like in America where many Americans and financial institutions like Lehman Brothers had gone burst, HERE.

Malaysians had the unfortunate experience of witnessing the burst of the infamous “Get Rich Quick Scheme / Skim Cepat Kaya” and the miseries suffered by many Rakyat, who had lost their lifesavings and burdened with debts. B40 and students are very vulnerable to such schemes and easily fall for such “Get Loan Quick Schemes”, “Skim Cepat Kaya” or “Buy Now Pay Later” in order to make quick profits, acquire things, which are not necessities or finance their lifestyles and thereafter burden with debts. The authorities especially Bank Negara Malaysia (BNM), Security Commission (SC) and Ministry of Finance (MoF) do not seem to learn from history. It is sad for our nation!

As the saying goes, “those who cannot remember the past are condemned to repeat it”! We must not allow the “little napoleons” in BNM, SC and MoF to put Malaysians to untold miseries! The Rakyat pay for their salaries and perks to look after our wellbeing and not to put our nation/Rakyat in miseries and despairs.

Good Governance In BNM, SC & MoF Must Prevail

We must insist on proper governance in its approvals power for any form of licence relating to “Get Loan Quick Schemes” or “Buy Now Pay Later” and/or selecting companies for the five Digital Banking Licences based on qualifications as enshrined in BNM’s SOP and not other “special relationship”. Good governance dictates that the Governor of BNM, Tan Sri Nor Shamsiah Binti Mohd Yunus, will stand up for BNM as our central bank and ultimately the Rakyat.

With the above backdrop, we shall discuss further the issue of good governance in BNM, SC and MoF, more appropriately the best un-elected Minister of Finance of all times, Tengku Zafrul Aziz, in wanting to dish out Digital Banking Licences and endorsement of Fintech/Microloans at will. Let’s hope that common sense shall prevail in BNM, SC and MoF at the end of the day. Let’s have the laws to control the schemes first before anything else!

BigPay, The Related Company Or Subsidiary Of AirAsia Group

BigPay is a related company or subsidiary to PN17 AirAsia (AA). It has been reported in the media and as announced by AA’s supremo, Tony Fernandes, that BigPay and its partners, MIDF and Ikhlas Capital,which is controlled by none other than the joker and former boss of CIMB, Nazir Razak, had applied for Digital Banking Licence from BNM.

Executives 1 & 2 Of PN17 AirAsia Were Featured In the Massive International Airbus Bribery Scandals – Airbus Paid RM200 Million To Both

In late January 2020, the UK Serious Fraud Office had brought several corruption charges against Airbus for paying many hundred of million ringgit of BRIBES to many airline heads namely Sri Lanka Air, Garuda and Airasia/AirAsia X. Airbus had admitted to the bribery scandals involving the said airlines and UK Crown Court had imposed a fine of £3.5 billion, HERE.

Count No: 1 In The Written judgment of The UK Crown Court on The Bribery Scandals

An excerpt of the UK Crown Judgement for the benefit of the three Fintech Gurus in Malaysia

Of course Malaysia’s 2 criminals or conmen of PN17 AirAsia top of the list in the Airbus bribery scandals. Should we be proud of 2 criminals / conmen for putting Malaysia in the world map for the said bribery scandal?

From Count No 1, it was clear that the bribes of RM200 mil was paid by Airbus to the 2 criminals / conmen known as AirAsia’s executives 1 & 2 where both of them were rewarded for order of 180 aircraft! Such bribes should have been handed over to AirAsia and AirAsia X for the benefits of their respective shareholders! But they kept for the bribes for themselves for their Sport team. This was how the 2 criminals / conmen had treated the rakyat / investing public! Surely, this was a serious issue for SC to probe but it was not to be as can seen later.

Indonesian Authorities Prosecuted & Jailed Garuda’s Former CEO, Emirsyah Satar

Soon after the UK Crown Court’s judgement, Indonesian authority prosecuted the former CEO of Garuda, Emirsyah Satar, and he was found guilty of accepting bribes totally about RM5 million ($1.4 million) only from Rolls Royce for order of aircraft. He was prosecuted in Indonesia and sentenced to 8 years jail, HERE. Unlike in Malaysia, these two criminals / conmen PN17 AirAsia’s executives 1 and 2 who received RM200 million from Airbus for order of aircraft and they are still running amok in our corporate scene and/or condoned and/or protected!

The Opposite Happened For Malaysian SC – Cover-UP?

When this bribery scandals broke out internationally, Bursa Malaysia was the first to launch an investigation into the said Airbus bribery scandals into the said 2 criminals of AA. SC followed suit and instructed Bursa Malaysia to stop the investigations as it was also investigating it, HERE.

After More Than Two Years – SC Is Still Sleeping On Investigations

More than 2 years have elapsed, SC under the watch of Datuk Syed Zaid Albar has not announced the result of its investigation into the said Airbus Bribery Scandals involving the said 2 criminals / conmen from AA. SC’s silence on this investigation is deafening! The shameless Syed Zaid Albar until this day dares not even to announce that its investigation is still on-going because he knew SC and himself will be laughing stock! Indonesia took a few months to prosecute the the former CEO of Garuda and put him in jail for 8 years in a matter of a few months. Whereas after more than 2 years all is well with the said 2 criminals / conmen. Please read HERE.

For full details of the UK Crown’s Written Judgement, read HERE.

We can only hope that by now these three fintech Gurus and/or their respective Tingkat 4 advisors are now appraised of the above Count No 1 against the two criminal / conman known as executives 1 and 2 of PN17 AirAsia in the said UK Crown Court’s Written Judgement and act accordingly.

If the three fintech Gurus are still not convince about the background facts and chose to wear blinkers in the evaluation of the status or qualifications of the applicants for Digital Banking Licence, please read further.

The Sole Shareholder of BigPay Is A Foreign Company, Big Pay Pte Ltd!

On 30.12.2005, TPAAY Asia Sdn Bhd was incorporated. On 4.4.2017 it subsequently changed its name to BigPay Malaysia Sdn Bhd (BigPay). Its current directors are Datuk Kamarudin Meranun (executive chairman of AirAsia Group Bhd), Ms Aireen Omar (as CEO of AirAsia). According to the SSM search as at 14.3.2022, BigPay’s financial statement showed that it had a recorded losses to the tune of RM59,062,000.00! BigPay is a loss making company. It must be noted that BigPay’s sole shareholder is a foreign company, Big Pay Pte Ltd (with no company registration number) holding 393,000,154 shares. We can only guess that it is a Singapore based company.

If it interest to know, kamarudin Meranun is also a known expert in “insider trading“! But he was fine RM3.5 million by SC for share tradings during the height of the scandalous “MAS – AirAsia Shares Swap / SUAP”!

Big Pay Later Sdn Bhd (BigPay Later) was incorporated on 20.7.2020. Its current directors are Ms Aireen Omar and Mr Omar-Slaim Dhanani, a Singaporean with its residential address at 65 Tiong Poh Road, unit 01-26, 160065 Singapore. Its sole shareholder is also a foreign company, BigPay Pte Ltd (with no company registration number) holding 2,00,000 shares.

The common directors in both BigPay and BigPay Later are Ms Aireen Omar, who is a household name in AirAsia and president of AirAsia Digital (formerly known as RedBeat Ventures), and Mr Omar-Slaim Dhanani, a Singaporean. The common shareholder of both companies is a foreign company Big Pay Pte Ltd.

As at this date there is no financial statement of BigPay Later Sdn Bhd filed with SSM.

It is unclear whether BNM has a policy that any company applying for Banking Licences of any kind must be 100% Malaysian owned or at least 50%. BNM seems to be very secretive about the qualification of the 29 applicants for Digital Banking Licence. Be that as it may, lets hope that BNM Governor will not allow herself to be led by the nose by the Tingkat 4 high ranking officers and/or the power that be

Yours truly hopes that the BNM Governor Tan Sri Nor Shamsiah and SC chairman Syed Zaid Albar will now be appraised of the above facts mainly AA is under PN17 and the 2 criminals / conman known as executives 1 and 2 of AA and AAX were embroiled in the Airbus bribery scandals. If not, both will be laughing stocks and more importantly they will bring BNM and SC into disrepute!

To be continued.

Stay Tuned – Next Change Part 3 (The joker Nazir Razak’s connection!).