AsiaDB and Razaleigh discuss digital finance growth

AsiaDB and Razaleigh discuss digital finance growth

KUALA LUMPUR, March 17– Asia Digital Bank Ltd.’s (AsiaDB) Chairman, Liu Xuming, and the bank’s delegates visited the Malaysia former Minister of Finance, Tan Sri Tengku Razaleigh bin Tengku Mohd Hamzah on the 11th of March. Both parties had an in-depth conversation about the country’s post-pandemic digital finance development. 
 
Chairman Liu says, “Originating from China, AsiaDB has been operating in Malaysia,  in the heart of Asia Pacific and ASEAN, since its official launch in June last year and strives to build a digital financial innovation technology platform, called “A-Bank”, in the hope to provide enterprises and individuals with new and advanced digital banking services.”
 
“In the near future, the first phase of the A-Bank platform will officially launch and it is expected to cooperate with domestic and regional e-commerce platforms to carry out cross-border digital financial model innovation and promote the rapid development of Malaysia’s post-pandemic, RCEP-era’s digital economy,” added Chairman Liu. 
 
Tengku Razaleigh stated: “To date, the digital finance development in Malaysia and the region has been remarkable, especially in the first two years of the pandemic outbreak, where  digital finance has helped many governments and countless businesses to effectively respond to the challenges posed by the Covid-19 pandemic.” 

Razaleigh on digital finance 

However, Tengku Razaleigh holds greater expectations on the efforts of financial institutions, especially digital financial institutions, in promoting the development of inclusive finance. 
 
He also added: “When our financial institutions use digital technology for financial innovation, they should also include more vulnerable groups, especially small and micro enterprises (SMEs) as well as the impoverished people, into the digital financial service system. The inclusive development of digital finance will not only help improve social efficiency, but also improve social equity and better prepare everyone for the digital future.”
 
Tengku Razaleigh believes that everyone must benefit in the process of digital innovation. 
 
He said: “Therefore, I hope that AsiaDB, as a representative of digital financial institutions, will take into account on how to provide digital financial services to the SMEs on the platform as well as e-commerce start-ups from B40 income class while seeking cooperation with large platform companies (such as e-commerce platforms).”
 
“In addition to providing relevant digital financial services, it is also necessary to do a good job in the dissemination and training of digital technology and basic financial knowledge for these disadvantaged groups, because “wisdom” is more important than “capital”!” expressed Tengku Razaleigh. 
 
Tengku Razaleigh is the former finance minister of Malaysia and has a very extensive financial background.

He has served as the Chairman of the Asian Development Bank, Chairman of the 33rd Board of Governors of the World Bank and International Monetary Fund, Chairman of the Islamic Development Bank, Chairman and Managing Director of the Bank Bumiputera Malaysia Berhad, etc. 

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