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

Now Everyone Can Have A Pre Raya Celebration!

Yg Bhg Tan Sri Nor Shamsiah Binti Mohd Yunus, our BNM governor.

Updates @ 9:00 pm 1.5.2022

BNM Says A BIG NO To Joker Nazir & His Buddy Outfit!No Character And/Or Integrity

Yours truly believes that Bank Negara Malaysia (BNM) (Malaysia Central Bank) was founded on the two main pillars: “CHARACTER and INTEGRITY” and it is still good today. Both have been jealously guarded by the majority of the good officers past and present. Of course, there were and are a few black sheep like the Tingkat 4 lurking around.

Message to Yg Bhg Tan Sri Nor Shamsiah Binti Mohd Yunus, the Governor of BNM:

Syabas! At last you have risen to the occasion against the power that be and the little napoleon cum advisor in BNM and you have stood up for “Character and Integrity” and BNM. BNM’s decision of 29.4.2022 to award the digital banking licence to the five clean consortiums was a victory for “negaraku”! On behalf of our Malaysia, yours truly takes this opportunity to say a BIG Thank You to you and all the good officers with character and integrity in BNM!

On 29.4.2022 Bank Negara Malaysia (BNM) in a pre-Raya “ang pow” press release under Ref. No: 04/22/06, BNM had announced five successful applicants for digital banking licence. This press release came as a big surprise and it is a victory for common sense, “CHARACTER and INTEGRITY” / GOOD GOVERNANCE. Of course, the power that be, we all know who is that political pariah, never had “Character or Integrity”! It is most comforting to learn that when it comes to the image of BNM, as a national institution, BNM broke rank with that political pariah!

We trust that this decision was based on “Character and Integrity” and it will not be a flash in the pan but will always remain sacrosanct. We hope the Tingkat 4 fella will NOW be ashamed of himself and take the honourable step to RESIGN forthwith – BNM is not a playground for him!

The Two Musketeers! Zafrul & joker Nazir.

It was a big pleasant surprise to all because BigPay of PN17 AirAsia which is an outfit of Tony Fernandes, who is long time buddy of that un-elected senator Zafrul and his former boss, joker / player Nazir Razak! What a slap in the face and as the Malay saying goes “Padan Muka” for these two shameless Zafrul and Nazir!

ePemula – The Brainchild Of That Unelected Zafrul

In April 2022, that un-elected senator Zafrul, the good for nothing Minister of Finance, was jumping for joy to announce the disbursment of ePemula whereby he or his MoF had handpicked four companies to disburse RM300 million of ePemula subsidies via eWallet under the pretext of helping two million youths! If that was his noble intention, why not pay the ePemula of RM150 directly into the bank account of the youths instead of eWallet! Why tied the youths down in the eWallet platform? Was Zafrul trying to help certain friends of his or doing bidding for them? We all know the answer!

BigPay (a subsidiary of PN17 AirAsia), Touch ‘n Go, GrabPay, GrabPay and ShopeePay were the selected eWallet providers. At the material time, BNM had not officially announced which of the five companies that have been granted digital banking licence! That eager beaver Zafrul cannot wait to launch the ePemula for reason best known to him alone. We can smell from far this useless Zafrul’s move! Before the announcement by BNM or Zafrul, certain provider had already gone to town to advertise and promote their “Sure To Get Toy! It was as though it was pre-ordained to be awarded with the digital banking licence! Why are these people so daring to assume that they have already got the digital banking licence in their bag? Did he whisper to his special friends?

As of now, it has not been announced by the unelected Zafrul in what proportions the ePemula has been dished out to the selected four eWallet providers. This must be a national secret to Zafrul like the agreements for purchase of Covid 19 vaccines to the Minister of Health Khairy Jamaludin aka KJ!

BNM Delivered A Bombshell – Issuance Of Digital Banking Licence To Five Consortiums & BigPay / Nazir’s Ikhlas Capital Singapore Pte Ltd Were Excluded

On 29.4.2022, BNM had issued a press statement and officially announced that five companies have been awarded with digital banking licences. None of the original pre-ordained five consortiums are on the list! Thank God for that!

The five successful consortiums are as follows:

Three consortiums that are awarded with digital banking licence under Financial Services Act 2013:

  1. A consortium of Boost Holdings Sdn Bhd & RHB Bank Bhd;
  2. A consortium led by GXS Bank Pte Ltd & Kuok Brothers Sdn Bhd; and
  3. Consortium led by SEA Ltd & YTL Digital Capital Sdn Bhd.

Two consortiums are to be licensed under Islamic Financial Services Act 2013:

  1. A consortium of AEON Financial Services Co Ltd, AEON Credit Service (M) Sdn Bhd & MoneyLion Inc; and
  2. A consortium led by KAF Investment Bank Sdn Bhd.

“Three of the five consortium are majority-owned by Malaysians namely Boost Holdings and RHB Bank Bhd, Sea Limited and YTL Digital Capital Sdn Bhd and KAF Investment Sdn Bhd” said BNM.

In the said press statement, BNM had clarified its assessment criteria covers:

The CHARACTER and INTEGRITY of the applicants, nature and sufficiency of financial resources, soundness and feasibility of business and technology plan as well as ability to meaningfully address financial inclusion gaps.

Quoted from BNM’s press release of 29.4.2022

The above assessment criteria used by BNM is what a central bank of any nation in the world would have adhered to if good governance and transparency are of outmost importance to them. Had such assessment had been strictly practiced in BNM and its’ Board of Governance led by the financial genius of all time, TS Azman Yahya of Symphony House and Danaharta fame, the nation would have been spared of the anxieties of the digital banking licence being awarded to the wrong hand! This little napoleon is just “Tak Boleh Pakai Langsung” (cannot be used at all) type! Perhaps BNM and/or MoF has appointment issue under the watch of that unelected and good for nothing Zafrul!

Based on the criteria of “character and Integrity” alone, one of the original five companies could not even get near to it, let alone to meet the other criteria in the assessment chart! It is most doubtful that if the eager beaver unelected senator Zafrul, the “syok sendiri” Minister of Finance, had in the forefront of his thick skull that the corner stone of “character and integrity” are of paramount importance for nation building then he would not have launched or disbursed the ePemula in such a haste! Unfortunately, he could not wait until and after BNM had officially announced the five successful applicants for digital banking licence to do so.

Of course, there was a massive push from all fronts in BNM and MoF plus the help of certain MP in Malaysia and media / news portals and mercenary journalists to exert pressures upon BNM to make quick announcement before end of March 2022 that the original five that have been bestowed with the said licence. At that material time, the “news” appeared to have been generated from MoF and/or BNM were extremely strong that the success of the original five was already cast in stone and the BNM’s announcement would be just a mere formality!

Luckily Tan Sri Shamsiah and her advisors of good integrity may have been alerted of the “cartel” and took control of the situation. Hence, BNM applied an emergency break on the said announcement with the reason that BNM had to look into the legal aspects and the integrity of the twenty nine applicants, HERE.

It must be assumed that BNM is founded on “character and integrity” too. It would be out of character for BNM to put the digital banking licence on a silver platter for certain company to keep. It is an open secret that certain company was embroiled in massive international BIBERY SCANDALS involving RM200 million and the directors and/or officers are wanted in foreign country for money laundering and criminal misconducts (bribing government officials to get flying permits in India)!

The Good For Nothing Un-elected Zafrul

It seemed that eager beaver Zafrul’s motto was “DON’T ASK! GOPinjam!” When faced with financial burden then think about it later! At which time he will be out in the cold and other leaders and BNM will be burdened to pick up the pieces! BNM must stand up to stop Zafrul from his stupid agendas.

In any event, we cannot expect much from an elected Zafrul, who had to rely on special “Tongkat” (walking stick) from the power that be or special ‘payung (umbrella) …’ who can only help this fella to stand up / be appointed as minister but not able to teach him how to walk for the Rakyat! Another shameless bump like Syed Zaid Albar of SC! At least this Syed Zaid Albar has a little bit of honour left in him to resign but not for this eager beaver!

BIGPAY’S PARTNER IKHLAS CAPITAL SINGAPORE PTE LTD

The Ikhlas Capital Singapore Pte Ltd. Joker / Player Nazir Razak is the founding partner and Chairman.

Thank you governor BNM, Tan Sri Nor Shamsiah, you have listened and not tone deaf like the three shameless, which include Nazir Razak of Danajamin who is now helming a bank wholly owned by the rakyat and at the same time hiding behind a Singapore registered company Ikhlas Capital Singapore Pte Ltd to bid for digital banking licence!

According to the website, Ikhlas Capital Singapore Pte Ltd is an ASEAN private equity fund manager.

It is very strange that in most, if not all, of the press reports in connections with digital banking licence, the name of joker Nazir’s company had always been referred to as “IKHLAS CAPITAL “ without “Singapore Pte Ltd”! May be to the joker, it is due to special “Fung Sui” for market positioning!

How can Joker Nazir, the Zafrul’s appointed Chairman of a rakyat owned Bank Pembangunan behave in such a disgusting manner? How can this Joker / Player Nazir be allowed to play active role in his Singapore based Ikhlas Capital and at the same time Chairman of Bank Pembangunan. It can only happen in this Boleh Land!

BNM Must Remove Or Sack Joker Nazir As Head Of Bank Pembangunan Due To Unprofessional Conducts

Joker / Player Nazir Razak, chairman of Bank Pembangunan & Founder & Chairman Ikhlas Capital Singapore Pte Ltd. Ikhlas Capital Singapore Pte Ltd partners with BigPay to apply for digital banking licence in Malaysia!

BNM must now closely srutinise this joker Nazir’s position as Chairman of Bank Pembangun Bhd and Chairman of Ikhlas Capital Singapore Pte Ltd. It is under the purview of BNM to ensure “character and integrity” in person who head any financial institutions in Malaysia.

With that backdrop, this joker/player Nazir is the head of Bank Pembangunan and Ikhlas Capital Singapore Pte Ltd at the same time, he saw it fit to partner BigPay (a related company to PN17 AirAsia (AA) which was embroiled in the massive Airbus RM200 million bribery scandals and Tony Fernandes and a few of AA officers including Bo Lingam are wanted in India for criminal misconducts) to apply for a digital banking licence from BNM. Just wonder whether this joker had played an active role in the said application? All the evidence in the application documents have been laid before BNM so it could be easily examined the glaring evidence! The upright officers in BNM would have known whether this joker Nazir had played an active role in digital banking licence fiasco.

From what we have seen, they were sufficient evidence to show that he is not a fit and proper person to head a rakyat owned bank or for that matter any bank. Joker Nazir is riddled with conflicts of interest and unprofessional conducts! Nazir must be removed or sacked as the Chairman of Bank Pembangunan / Danajamin! Don’t expect the good for nothing Zafrul to lift a finger to do anything about it!

In the spirit of “Character and Integrity” BNM must take immediate step to remove joker/player Nazir or force him to RESIGN as the head of Bank Pembangunan failing which sack him!

Background stories:

Stay Tuned – Next Change soon after the Raya break in this coming week.

In the interim, wishing all Muslims “Selamat Hari Raya Aidilfitri Mohon Maaf Zahir dan Batin”.

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!).

BANK NEGARA: Now Every PN17’s Related Companies Can Apply For Digital Banking Licence!

Left: The Best Minister of Finance of all time, Senator Tengku Zafrul. Right: Bank Negara Governor, Yg Bhg Tan Sri Nor Shamsiah Binti Mohd Yusuf, Governor of Bank Negara Malaysia.

Update on 30.3.2022 @ 5:15 pm: At last Bank Negara Malaysia has woken up about the problems that will arise from “Buy Now Pay Later Scheme” (BNPL). It is only now that BNM, SC and MOF are looking into passing new laws to regulate BNPL Scheme. What a joke! It is a case of “closing the stable door after the horse has bolted’. As usual it is better late than never. Thank you BNM for a job well done! See in HERE.

With the advent of various innovations in the financial world, in January 2021 our most competent Minister of Finance, Senator Tengku Zafrul, and/or Bank Negara Malaysia (“BNM”) Governor, Yg Bhg Tan Sri Nor Shamsiah Bini Mohd Yunus, have sought to enter the arena of financial technology by opening up applications for five (5) Digital Banking Licenses in. On 30.6.2021, applications for the so-called digital banking licenses had closed and it has been reported that there were twenty-nine (29) applicants as stated in HERE

On 1.7.2021, BigPay Malaysia Sdn Bhd (“BigPay”), an outfit of PN17 AirAsia had applied in lightning speed to BNM for a Digital Banking License as reported, HERE.  Other contenders for the coveted five (5) digital banking licenses include GrabFin, Sunway Group, AEON Credit, Kenanga Bank, Axiata, RHB Bank Berhad and etc. 

On 11.2.2022, The Star had reported BNM Governor YBhg Tan Sri Nor Shamsiah Mohd Yunus had announced that the results of the applications will be announced in March 2022, HERE.

On 3.3.2022, Malaysian Reserve reported that Tan Sri Tony Fernandes, the top executive of AirAsia group of companies which include BigPay Sdn Bhd and BigPay Later Sdn Bhd launched a brand new digital personal loan facilities and that it will be regulated by the Ministry of Housing and Local Government. This is very confusing and its not clear whether this is part of the Digital Banking or not, HERE.

During the said launch, Tan Sri Tony Fernandes had jokingly said: “I know we still owe people money through refunds, but now you can get loans from us.”

I’m sure all of you will find this very funny! It must be noted that many AirAsia customers have not been refunded what they have paid to AirAsia for flight tickets which flights were cancelled not due to the fault of the customers.

Rumour: BigPay May Be One of the Five

Rumour has it that BigPay may be one of the selected five (5) applicants but until this very day, the famous Tengku Zafrul and/or the BNM Governor have not uttered a word about the successful applicants. Lets wait and see as March is coming to an end soon!

Let us not forget that the apex authorities for all financial activities in Malaysia, namely BNM and the Minister of Finance are responsible to ensure that members of the public are adequately protected from the possible negative impacts of these so-called new innovations proposed by the smart alecs! 

Buy Now Pay Later Scheme

Although no proper announcement had been made by both Tengku Zafrul, the Minister of Finance and a good friend of Tan Sri Tony Fernandes and former CEO of Tune Money Sdn Bhd, an outfit of AirAsia Group, and BNM Governor, BigPay had started to offer a variety of financial technology products including microloans known as “Buy Now Pay Later (BNPL)” scheme, and also the so-called “instant digital loan” in Malaysia wherein borrowers can obtain instant personal loans within minutes HERE.

What an innovation! Such products are undoubtedly extremely attractive for low-income groups such as students, B40 and others who may normally face difficulties in obtaining a bank loan due to their financial track record. This BNPL scheme and instant digital loan will encourage the said low-income group to “SPEND NOW and THINK ABOUT THE REPAYMENT LATER.

Yours truly opines that this is a dangerous trend which might result in B40 especially students to start their lives with debts which they will not be able to repay or they will be burdened with debts. 

It is strange that BNM Governor is going to make her grand announcement of the five (5) successful applicants for this Digital Banking License when there are no existing regulations to control and to protect members of the public especially the B40, students and the like. 

To Date No Regulations are In Place To Regulate Digital Banking

On 15.3.2022, it was reported in The Edge that Ministry of Finance, BNM and the Securities Commission (“SC”) are “spearheading collaborations with other agencies” to draft a new law known as the Consumer Credit Laws to regulate BNPL schemes and the like HERE

For the benefit of BNM, Minister of Finance and SC, since 2021 BNPL schemes have already been in use in e-commerce namely Shopee. This is how BNM and SC protect public interest in Malaysia! Of course, proactivity is not the norm in Malaysia. The authorities will only become “kalam-kabut” when there were public outcries and/or many B40s are in hot soup! 

China and Australia Have Regulations In Place To Regulate BNPL Scheme

In China, the Banking Regulatory Commission has capped interest rates and financing fees for microloans (including BNPL schemes), and banned students from access from microloans in order to protect them. HERE.

In Australia, its Financial Industry Association has developed a binding Code of Practice for BNPL Providers whereby these providers are obligated to ensure that their terms and conditions are written in plain English and are clearly distinguishable from marketing materials. There are stringent rules that regulate these BNPL providers in their advertising materials for these BNPL schemes in order to protect vulnerable consumers like the B40s, HERE.

On Paper BNM Seems To Know Its Role As a Central Bank

On 31.12.2020, BNM seems to know its role as the central bank in Malaysia and came up with the Licensing Framework for Digital Banking Digital (“FRAMEWORK”), HERE.

For ease of reference, paragraph 1.1 of the said Framework dated 31.12.2020 states as follows:

“The Bank endeavours to ensure the regulatory framework remains conducive for enablement of these innovations in a safe and sound manner that supports transformation of the financial ecosystem to meet future economic needs of the nation, and promote sustainable and inclusive financial sector.”

Under paragraph 8.2 of the said Framework, the criteria to be taken into account when assessing the suitability of the shareholders of a licensed digital bank include the following:

In the Frequently Asked Questions for the said Framework:

 “…nature and sufficiency of the financial resources of the proposed licensed digital bank shareholder as a source of continuing financial support to a licensed digital bank as well as the business record and experience of the shareholder

  • Robust risk management and compliance capabilities, which may be demonstrated by a track record of operating in a regulated environment;
  • Ability to continuously serve as a source of financial strength to the proposed licensed digital bank. 

See in HERE

PN17 Companies Or Its Related Companies

Normally, if a company is being classified under PN17 or to be classified under PN17 or pending formal classification of PN17, no financial institution will grant them any banking facilities to it or its related companies or subsidiaries.  As for the case of AirAsia has been classified as PN17 company in January 2022.

On 14.1.2022, it was reported in The Edge that in July 2020, the auditor for AirAsia (Messrs Ernst & Young) had “issued an unqualified audit opinion with material uncertainty relating to going concern”, HERE.

AirAsia was given 12 months to regularise by 7.1.2022.  On 7.1.2022, AirAsia sought an extension of time from Bursa KL (“BSKL”) but it was turned down by BSKL. On 13.1.2022, AirAsia announced in BSKL that it had been classified as a PN17 company, HERE

The International RM200 mil Bribery Scandals Involved PN17 AirAsia Executive 1 & 2 & Airbus

It must be noted that in the Judgement of UK Crown Court in January 2020, it was clearly stated that AIRASIA executives 1 and 2 have been found to have received RM200 million in BRIBES from Airbus in exchange for orders of aircraft, HERE

This news had been widely publicisely internationally. Airbus agreed to pay over $3.9 Billion in Global Penalties to Resolve Foreign Bribery Scandals, HERE.

However, in Malaysia the two criminals known AirAsia executives 1 and 2 were allowed to run amok in the corporate world. Authorities in Malaysia and regulatory bodies are playing dumb to condone and encourage such briberies.

Lapsed of More Than Two Years Chairman of SC & SC Playing Dumb

Left: Datuk Syed Zaid Albar, Chairman of SC. Centre: Senator Tengku Zafrul Aziz, Minister of Finance

Early 2020 SC and Bursa KL had commenced investigations into this international bribery scandals. SC had instructed Bursa KL to stop its investigation as it was taking over the task. After a lapsed of two years, Datuk Syed Zaid Albar the chairman of SC and SC are still keeping their elegant silence over the said investigations, HERE.

Lets see for how long more Datuk Syed Zaid Albar and SC are going keep their elegant silence over this international bribery scandals.

We can only hope that Bank Negara and its Governor are not in the same category as Datuk Syed Zaid Albar and SC!.

Danajamin Approved RM500 mil Loan Guarantee Facilities To PN17 AirAsia

The newly minted Chairman of Bank Pembangunan Bhd, another famous Datuk Nazir Razak who was the former CEO of CIMB Bank. Danajamin is under it. Nazir is a buddy with Tony Fernandes of AirAsia

Recently Danajamin headed by Datuk Nazir Razak had granted RM500 million loan guarantee to PN17 AirAsia. It is an open secret that Datuk Nazir Razak is the buddy of Tan Sri Tony Fernandes of PN17 AirAsia. Thanks God that AirAsia rejected the RM500 mil facilities because its directors, Tan Sri Tony Fernandes and Datuk Kamarudin Meranun refused to stand as guarantors for the said RM500 mil facilities otherwise the Rakyat may be burdened by this RM500 mil. This is the level of confidence that both directors, Tony and Kamarudin have for PN17 AirAsia. See in HERE.

In 2019 The Executive Chairman of AirAsia, the famous Datuk Kamarudin Meranun Fined For Insider Trading

The famous Datuk Kaamruddin Meranun, when he was appointed as a director of MAS
during the infamous MAs-AirAsia Share SUAP.

The famous Datuk Kamaruddin Meranun is the executive chairman of AirAsia Group. In 2019 Kamaruddin was not charged by SC for insider trading during the infamous MAS-AirAsia share SUAP and he was only fined RM3.6 million, which was a pittance and extremely unusual.  Kamaruddin trade shares bought under the names of Nor Ashikin Khamis and Malizan Mahmood. SC had explained:

“The amount disgorged from Datuk Kamarudin Meranun is equivalent to three times the difference between the price at which the shares were acquired and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the information had been generally available.” In HERE.

For the benefits of BNM Governor and Tengku Zafrul, the best Minister of Finance in Malaysia of all times, the above information are in the public domain. Can a central bank in any part of the world still consider, let alone approve the digital banking license or any financial license to a PN17 company’s related companies or its subsidiaries? 

So-Called Bank Negara Framework For Digital Banking

An applicant is further required to provide Bank Negara Malaysia with an independent external review on the feasibility of the business plan as per paragraph 10.4 of the said Framework. The said independent external review must also include an assurance that the applicant’s financial statements are accurately prepared and adequately disclosed to Bank Negara Malaysia.

This is the financial statement as filed with SSM.

According to the above financial statement filed with the Suruhanjaya Syarikat Malaysia as of 14.3.2022 showed that BigPay (M) Sdn Bhd had made losses to the tune of RM59,062,000.00!

BigPay Later Sdn Bhd

The financial statement filed by BigPay Later Sdn Bhd with SSM.

BigPay Later Sdn Bhd, another outfit of AirAsia, was only incorporated on 20.7.2020 with no financial information filed with SSM for 2022.  

Good Governance

For the sake of good governance and the objective of protecting public interests, both BNM and the best Minister of Finance of Malaysia should not wear blinkers and approve any form of financial licenses in a wanton manner to PN17 companies or its related companies, which are under controlled friends.

Public interest dictates that Minister of Finance and the BNM Governor must clarify this matter before approving the Digital Banking Licence to the five selected companies.