KUCHING – Sarawak has further consolidated its holding in AFFIN Holdings Bhd, calling it part of a long-term strategic initiative to ensure the state remains financially robust and adequately equipped for a future based on high-value technology industries.
Sarawak’s Premier, Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg, said that the acquisition of a controlling interest in AFFIN is more than just symbolic but should serve as a foundation to build a solid FMPL into a reliable financial institution.
He said sustainable development is not enough with ambition and that the availability of capital and having clarity in decision making along with strong execution capability are also important.
Abang Johari said financial institutions are there to perform their role in the real economy when officiating at AFFIN’s 50th Anniversary Gala Dinner and Chinese New Year celebration in MITEC.
“In financial affairs, trust is evidenced by customers and by counterparties as well as by the real economy which the financial institution should serve,” he said.
He pointed out that the development agenda for Sarawak needs the full spectrum of funding options. This will cover commercial banking to finance trade and supply chains, Islamic finance for individuals and corporates, and investment expertise to activate long-term capital.
That kind of integrated financial strength allows for innovation and helps communities convert potential into reality, he added.
“The strategy is in line with the Post COVID-19 Development Strategy (PCDS) 2030,” he said, adding that “AFFIN has a strong ability to finance connectivity projects and infrastructure projects for increasing economic potential and supporting growth.”
Beyond 2030, Abang Johari highlighted four priority sectors in which he sees shaping the future of Sarawak: renewable energy and hydrogen, semiconductor and microelectronic design, human capital with free university education for Sarawakians and aerospace, particularly Cube satellite technology.
These regions require programmed finance and robust institutional partners who can mobilise long-term capital, he added.
He also highlighted the improved market position of AFFIN, having a better credit rating and sustainability rankings that could in turn support its ability to effectively funnel support into the economy.
Strong institutional reputation, he explained, “leads to better customer service in retail banking business, home loans and a greater scope of responsible finance and trust in the financial system.”
Congratulating AFFIN on its 50th anniversary, Abang Johari said he was confident in the bank’s ability to help boost enterprise activity and system confidence as well as inclusive national development.
Sarawak’s continued willingness to cooperate with AFFIN was echoed by him, as it would ensure financial strength is transformed into actual economic development.
The event was graced by Minister of Finance II Senator Datuk Seri Amir Hamzah Azizan, Yang Di-Pertua Dewan Rakyat Tan Sri Dato Dr Johari Abdul, Chairman of Lembaga Tabung Angkatan Tentera General Tan Sri Dato Sri Azizan Ariffin, Chairman of Affin Bank Berhad Dato Agil Natt and President and Group CEO of Affin Bank Berhad Datuk Wan Razly Abdullah.
