... currently looking at rolling out Islamic financing via TNG eWallet. We must ensure that we are in full compliance with the Shariah requirements before we roll it out to customers. Hence, it will take some time before it’s made available.
GOpinjam offer personal loans from as low as RM100 to a maximum of RM10,000, to users aged 21 to 63 years old with repayment period ranging from one week to one year. Correspondingly, the rates vary too.
Their sales pitch is there is no hidden fees or early settlement charges. Upon approval and notification, money will be disbursed into either their e-wallet or CIMB bank account.
Similar to any Ah Long, the process is simple. It only require verification of the application info.
The same similar conceen of the RFID is the risk of infringing the private data protection. The requirement for prior application will mean revealing private information to foreign and non-bank companies.
In Indonesia, the leak in private data involving Fintech has resulted in rampant scamming involved in forex, online borrowing, robot trading and others. Despite various precautions to the public, the illegal activities still persist.
Malaysian authorities are not renown for being efficient in either taking pre-emptive measures or enforcing the law.
Salahuddin raised the issue of China's Ant Group (previously Financial Services) as shareholder in TNG Digital.
To the American, Ant Group presents a security risk. Another area Malaysian politicians couldn't care less.
In Najib's Facebook, Salahuddin shared two links to Forbes website on the reason China disallowed their public offering in Shanghai and Hong Kong in November 2020.
Till today, it is still facing problems in lack of investors' confidence. Yet Malaysian GLC welcome them with open arms.
The American media highlighted the problem Jack Ma had with China's establishment. However, the first Part of the three part Forbes article summarised the problem into three factors, to quote below:
The second part was summarised as below:
And in the final third part, the writer viewed the problem lies with Ant not a financial institution but taking over the role of Banks, in the cynical quote below:
Ant has become a giant in financial services, astride the Chinese market, and ready perhaps soon to similarly overrun the stodgy bankers elsewhere.
The presence of the Minister at the launch, CIMB being his former employer, and logo of the government of Malaysia and Bank Negara Malaysia at the bottom of its website only indicate his endorsement to an Ah Long business model and introducing a potential financial contagion problem.
China banned Ant Group and pressured Ali Baba for giving out overly high interest loans.
But yet instead of showing willingness to assist the helpless public to withdraw their EPF, MOF could approve an application and have a GLC collaborate in a business of questionable model and legitimising the suppression rather than protection of the public.
Do not be surprise a repeat of Tabung Haji in which financial parasites in Islamic headgear would do syariah gymnastics to justify this usurious consumer loan with Islamic sounding terms.
Can you please advice bloggers and netizens not to attack Zafrol by virtue of him as having been a banker. He is not a real banker. The whole industry knows he only got his top jobs in the banking industry because he knows how to lobby. By calling his failure as Finance Minister because he is banker brings disrepute to all the real banker out there.
His colleagues at Avenue Capital have long described him as "everytime he fails he moves up". It is certainly a classic case of rising to the level of incompetency.
He is seen as an aloof and selfish aristocrat whose too distant from the life of the common folks and lacked any apathy for the downtrodden due to the economic fallout of the administrations he was involved.
Words heard from among corporate watchers and business people is that Zafrol is in cahoot with Tan Sri Muhyiddin in an endeavour that will cause permanent and irreparable destruction to the country in similar vein as Indonesia and Phillipines faced after Suharto and Marcos.
Its no more about politics and political parties.