The Malay Mail

At fintech meet, Guan Eng says only Pakatan provides the tolerance needed for innovation to thrive

Malaysia's Finance Minister Lim Guan Eng said the country finally gained the tolerance element needed for digital innovation when Pakatan Harapan (PH) became the federal government. In his speech at the Securities Commission Fintech Roundtable 2019 the minister also cited a 2018 World Bank report that described Malaysia as having produced some of Southeast Asia’s most successful digital startups. He added that the government had also committed RM50 million towards a co-investment fund for ECF and P2P investments. ECF and P2P are two relatively recent developments in Malaysia that have opened up additional avenues of funding for microbusinesses and startups that may not yet qualify for traditional loans from commercial banks.

Khalid denies water deal linked to Bank Islam settlement

Tan Sri Khalid Ibrahim has denied allegations of a link between his recent settlement with Bank Islam Malaysia Berhad (BIMB) over a RM66 million loan and a controversial water restructuring agreement between Selangor and Putrajaya. Last month, Khalid told The Malay Mail Online he had reached an out-of-court settlement with BIMB over a US$18.52 million (RM66.67 million) loan settlement suit, without compromising PKR or the PR coalition. He declined to give further details but it is understood that the settlement was for an amount much lower than RM66.67 million. The hastily signed MoU on the water restructuring plans between Selangor and Putrajaya has added to the intrigue surrounding the March 23 Kajang by-election, with some PKR leaders questioning the timing of the deal and Khalid’s suit settlement.

Bank Islam still looking for Indonesia potentials

The listed vehicle for Bank Islam Malaysia, BIMB Holdings is looking at several options to expand through overseas penetration and local expansion. According to Bank Islam Malaysia managing director Datuk Zukri Samat, the bank is still pursuing plans of expansion to Indonesia through a strategic partner with broad experience. As a fully fledged Islamic bank, the task is more challenging, he said. Moreover, the bank is also extending the time for its discussions with the Dubai Financial Group over the 30.5% stake in Bank Islam to the end of the months, said BIMB group managing director Johan Abdullah.

Aberdeen to float Islamic funds

UK-based asset manager Aberdeen has launched its plans to arise two Syariah compliant unit trust funds to get onto the malaysian local retail market. According to the newest informations, the application process is in advanced stage. As industry sources familiar with the process claimed it would be an important addition to the Malaysia's Islamic financial landscape. Aberdeen Asset Management would be absolutely first fund manager to get a domestic asset management licence in Malaysia.

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