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/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!).