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 offinancial resources, soundness and feasibility of business“, HERE.
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.
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!
Updates @ 3:30 pm on 29.4.2022: Breaking News: Alhamdulilah! First and foremost, 3 “gaji buta” senior officers under the watch of that shameless Syed Zaid Albar of SC have tendered their resignation today! What a relief. Lets hope that after the departure of that shameless on 31.5.2022, SC will prosecute the 2 criminals known as executives 1 & 2 of PN17 AirAsia who have received RM200 million form Airbus!
Secondly, the Governor of Bank Negara Malaysia did not allow herself and/or BNM to be led by the nose by that idiot in MoF and/or so-called Tingkat 4 advisor in BNM to approve the Digital Banking Licence to his friend’s companies. BigPay of PN17 AirAsia / Capital and the other original 4 that were already earmarked by that idiot in MoF to be awarded the said licence were knocked out of the race after extra time!
Thanks God that unlike SC and MoF, we still have God fearing officers in BNM. Selamat berbuka puasa to all Muslims!
Updates @ 4:20 pm on 28.4.2022:Breaking News: The shameless Syed Zaid Albar had finally resigned as SC Chairman prematurely! He resigned just 6 months after the 3 years extension granted by that good for nothing unelected Senator Zafrul! Until the date of his resignation (today) he had not announced the result of the SC investigations against the 2 criminals known as executives 1 & 2 of PN17 AirAsia / Capital A Bhd.
Since there is no more qualified person in the whole of Malaysia, YB Senator Awang Adek, the former Deputy Finance Minister (2), has been appointed in lightning speed as the new chairman of SC by none other than the un-elected Senator Zafrul. Another Tingkat 4 gang! For full press report read HERE.
Background Of The So-called Consortium Of The BigPay With The Joker Nazir Razak’s Connection
According to the above Reuters report and AsiaMoney, BigPay has partnered with MIDF and a Singapore- based equity firm Ikhlas Capita. Nazir Razak featured very prominently in Ikhlas Capital. He is the founding partner and chairman of Ikhlas Capital. He was also the former chairman / CEO of CIMB and involved in several “events” which will be discussed later in this article.
By sheer chance, soon after PH government came to power after GE14, this joker and “player” abruptly resigned as chairman of CIMB and disappeared to London. Wonder why? Tengku Zafrul, the un-elected Minister of Finance, took over as the chairman / CEO post from him.
When PH government collapsed in end February 2020, this joker/player Nazir suddenly reappeared in Malaysia corporate scene and has been flying very high! Wonder why too? Did the unelected Zafrul give him a leg up? Was it a case of “Abang Adik” (“elder & younger brothers”)?
On 22 January 2022, Tony Fernandes was upbeat and bragged to NikkeiAsia that AirAsia will return to profitability in 2023. He also said:
Nazir Razak & His “Syok Sendiri” “Better Malaysia Assembly“ – To Fool the Rakyat?
On 25.11.2021 this joker Nazir Razak wanted to set up the so-called “Better Malaysia Assembly” comprising of the so-called 55 eminent persons of which includes his good buddies Tony Fernandes (the supremo of PN17 AirAsia), Tan Sri Azman Mokhtar (the former MD of Khazanah and now recently appointed as chairman of Tabung Haji)and himself representing Ikhlas Capital. Ikhlas Capital is a partner of BigPay which is one of the prominent contenders for Digital Banking Licence.
This joker cum player saw it fit to drag the Agung, who is believed to his friend, into his daydream “Better Malaysia Assembly” by seeking His Royal Highness’ consent / endorsement for his nonsensical pet project, HERE. What a joke! After a lapse of 6 months we are still waiting for the Better Malaysia Assembly! We are sure that the Agung will not so easily fooled by the daydream of this pseudo politician cum businessman and joker Nazir, who has no clue of good governance or transparency! For heaven’s sake, this Nazir should not drag the Agung into his nonsense!
It is strange that everything seemed to happen by chance! With the revelation, he should now consider whether he is a fit and proper person to head Bank Pembangunan whose owners are the Rakyat! If not his good buddy that un-elected Zafrul and/or BNM should sack him as chairman of Bank Pembangunan and stop him for heading any financial institutions.
If this joker Nazir has a little bit of self-respect / “MARUAH” and conscience, he wouldn’t have done the above and below which were contrary to good governance and transparency.
Nazir Razak, Tengku Zafrul & The Supremo Tony Friendship Went Back Many Years
Just to digress a little from the topic but still relevant to see the connections of the joker and player Nazir. It is an open secret that three stooges namely un-elected Zafrul, Nazir and Tony Fernandes are good buddies as we could see from their historical connections.
It was by chance that many years ago Tengku Zafrul was the CEO of Tune Money, which is an outfit of AirAsia Group. Tony Fernandes is the supremo of PN17 AirAsia. This joker Nazir was at one time the CEO of CIMB. It is believed that one of the big borrowers if not the biggest borrower of CIMB is none other than AirAsia Group.
Bank Pembangunan Acquired 100% Of Danajamin
It was by chance that in April 2021 joker Nazir Razak was appointed to head Bank Pembangunan Malaysia, which is a wholly owned by Malaysia government via Minister of Finance Inc. In simple term, the ultimate owner is the Rakyat. Danajamin offers “credit enhancement product for financing facilities“. In September 2021, under Nazir Razak’s watch, Bank Pembangunan acquired 100% of Danajamin Nasional Bhd from Credit Guarantee Corp malaysiaBhd (CGC), HERE.
Appointment Of Joker Nazir
It seems that there are no other Malaysians more qualified than joker Nazir! It looks like a case of “Abang Adik / Adik Kakak” or “You scratch my back and I scratch yours”! This joker has a hand in many pies!
When the joker was the CEO of CIMB, he was instrumental in stitching up the scandalous “MAS-AirAsia Shares Swap”, HERE. Beside Tan Sri Azman Mokhtar, the then MD of Khazanah and now the Chairman of Tabung Haji, Nazir was one of the architects of the said “Share Swap”!
Danajamin Approved RM500 million Loan Guarantee For PN17 AirAsia
In October 2021 (after 6 months of Nazir’s appointment) AirAsia Group announced that it had secured approval for a RM500 million loan guarantee under Danajamin Prihatin Guarantee Scheme.
In October 2021, AAX’s auditor, Ernst & Young had issued a statement of disclaimer and announced:
Kamaruddin Meranun – A Notorious Insider Trader In Share Market
Kamarudin Meranun’s excitement was short-lived! Little did he know, on 13 January 2022, Bursa Malaysia rejected AA’s application for another extension of time to restructure its huge financial problems and classified it under PN17, HERE.
Due to public outcry, suddenly it was reported in the news that the two supremos of AirAsia, Tan Sri Tony Fernandesand Datuk Kamarudin Meranun had rejected the loan guarantee because both of them REFUSED to stand as guarantors for the said RM500 million loan guarantee. From this, it is evident that both supremos have no confidence in PN17 AirAsia otherwise they would have agreed to be the guarantors. What a relief for the Rakyat! The famous TRIO, Tengku Zafrul, Tan Sri Nor Shamsiah (BNM) and Syed Zaid Albar (SC), please take note!
Kamarudin Meranun is unscrupulous and a known notorious insider trader in the share market! At all material times, Kamarudin and his buddy Tony Fernandes were and are the top executives of PN17 AirAsia. In 2009 both were deeply involved in the scandalous “MAS – AirAsia Share Swap” and signed all agreements pertaining to it. With the inside information, this unscrupulous Kamarudin has no corporate governance in him as a director of public listed company, he bought shares in the company and made a fortune out of it, HERE!
With his powerful connections in the corridor of power, Kamarudin was not charged by SC for insider trading of shares and he was penalized with a pittance fine of RM3.5 million, HERE. What a double standard joke!
Of course, joker Nazir Razak was one of the architects for the scandalous “MAS-AirAsia Share Swap”, aka “Share SUAP”!
The BNM Governor & Shameless Syed Zaid Albar Must Not Be Too Oblivious of Good Governance, Transparency & Integrity
With the above backdrop, it is now for the BNM governor and the SHAMELESS Syed Zaid Albar of SC to uphold good governance, transparency and integrity by not issuing Digital Banking Licence blindly just to do someone bidding at the expense of Malaysia! There is no need to bother about that unelected Zafrul!
Fernandes & Kamarudin Meranun Were Involved In Caterham F1 Motorsport
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.
Airbus RM200 Million Bribery Scandals Charge No: 1 – Clearly 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 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
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 Kanagalingamaka Bo Lingam
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?
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 Albarof 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.
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 Now” as appear in the UK Crown Court Written Judgmentin, HERE.
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 ZafrulAziz, 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
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!).
FinTech started by WeChatPay and followed by AliPay in China many years ago. Both are eWallets where customers have to deposit money into their account or their credit card or direct debit card are linked to it. There was no cause for alarm.
A year or two ago, eWallets were introduced by GrabPay and Touch n Go in Malaysia, there were no problems as most if not all customers spent within their means. It operated like the internationally known PayPal where the account is linked to the bank account or credit card.
The emergence of Digital Microloan that is of concern to the nation!
We all support the government to make life easier for the Rakyat especially the B40s so that they will be easily accessible for loans through financial schemes such Digital Microloans to help them. However, at this juncture there are no laws in place to govern Digital Microloans to protect the vulnerable B40s of which consist mainly of students and low income households.
It must be noted that out of a sudden in January 2021 the Governor of Bank Negara Malaysia (BNM) (Malaysia Central Bank), Tan Sri Nor Shamsiah Bte Mohd Yunus, had announced that BNM had opened invitations for companies to apply for Digital Banking Licence from January 2021 and closing date was 30 June 2021. This Digital Banking Licence issue went quiet until early this year. Suddenly BNM had said that it will award this licence to the “SELECTED FIVE” companies. Presumably the licence is to cover the public offer of Digital Microloans!
On 30 March 2022 BNM Governor announced that “upon completion of the legal process” BNM will only announce BNM’s decision which are the “SELECTED FIVE” companies have been awarded with the said licence, HERE.
No Law To Govern Digital Microloans
It was on 30 March 2022, BNM had uploaded its Annual Report online, wherein it had admitted that it has just started to discuss with the Security Commission (SC) and Ministry of Finance (MoF) to come with up with a new Consumer Credit legislation. Whilst they are discussing about the said new legislation, several Digital Microloan companies have already launched their products as though they had already obtained the Digital Banking Licence from BNM and received “green light” to do so. Perhaps someone higher up had whispered to the “friendly” parties that BNM had already granted the said licence to their respective companies! It is a case of “Malaysia Boleh” system!
It seems that the Digital Microloan companies have already been allowed to dish out loans two to three times the B40’s monthly salary.
The Unelected Minister of Finance, Tengku Zafrul Was Encouraging Members Of The Public: Don’t ask. GOpinjam.” Most Irresponsible!
It is scary! At this rate, perhaps “nasi sudah menjadi bubur” by the time our most proactive unelected Finance Minister, Senator Tengku Zafrul, is ready to read this Consumer Credit Bill in Parliament for approval!
BNM, SC and the unelected Senator are taking this Digital Microloan very lightly! Our nation is doomed for disaster in a matter of a few years and when the Digital Microloan bubble burst then we will witness many B40s will be in misery. Digital Microloan operators and bank will also go bust! To take whatever remedy actions then will be futile as it will be a case of “closing the stable door after the horse has bolted”!
It seems that under the watch of the best unelected Zafrul, Malaysians are suddenly being encouraged to participate in the Digital Microloans under the pretext of helping B40s. The latest motto of Zafrul was: “Don’t ask any question. Just borrow”! It would appear that this unelected minister has been on a launching and promotion spree of the Digital Microloans for companies without putting the relevant laws in place to protect the Rakyat from being exploited. This was most irresponsible to say the least. Then what do you expect from an IRRESPONSIBLE “Tongkat Assisted” Minister!
Mushrooming of Fintech / Digital Microloan Products
Out of the blue, we saw the mushrooming of FinTech asuch “Buy Now Pay Later Schemes” (BNPL), eWallets, Digital Microloans and the like in Malaysia.
BNM must be forewarned that such FinTech / Digital Microloans is very attractive to the majority of the ordinary Rakyat namely the B40s group. Such schemes are easily accessible to B40s whereas normal loans are usually out of reach for them in the conventional financial institutions due to stringent rules and procedures.
The operators of FinTech / Digital Microloan are in fact identical to banks in a smaller scale but without strict laws to control them at this moment. In short, FinTech / Microloan operators more concern with volume of borrowers and 100% profit driven. Of course, that is to say to help the rakyat! This is a dangerous trend! It seems that our most ambitious unelected Finance Minister is walking a fine line between ingenuity and impulse here but with his so-called brilliance, it is assured that Malaysia will be doomed with disasters in a few years’ time if this situation is allowed to go without the consumer credit legislation in place.