“Additionally, we need strategic partners among cooperatives because of their large number of members, ” Angkasa President Datuk Abdul Fattah Abdullah (centre in pic) told reporters after launching the Koperasi Ihsan Rakan Niaga Fazil Group Bhd here yesterday. On the left is the Koperasi Ihsan hairman Datuk Seri Mohamad Fazil Shafie and on the left CEO Tengku Datuk Dr Hishammuddin Zaizi Tengku Bendahara Azman Shah Alhaj. MELAKA: The National Cooperative Movement of Malaysia Bhd (Angkasa) has identified more than 10 conglomerates and major cooperatives in the country as its strategic partners in vying for one of Bank Negara Malaysia’s five digital bank licences, which will be issued by year-end. President Datuk Abdul Fattah Abdullah said the strategic partners include telecommunications and finance companies, which gives Angkasa a significant edge as each partner has its own strengths to support Angkasa’s application for the licence. “For example, large companies have large capitals and we need a certain amount of capital as it is one of the conditions to apply for the licence. “Additionally, we need strategic partners among cooperatives because of their large number of members, ” he told reporters after launching the Koperasi Ihsan Rakan Niaga Fazil Group Bhd here yesterday. Abdul Fattah said the digital bank licence will be able to strengthen Angkasa’s position from various aspects, including its role as the driving force of the country’s cooperatives in the future. Meanwhile, he said cooperatives which have yet to hold their AGM for this year will be exempted from doing so to alleviate the financial burden on cooperatives caused by the Covid-19 pandemic, as the cost of holding an AGM can be quite substantial. Citing an example, he said Angkasa had spent about RM8mil to hold its AGM, which covers expenses such as members’ attendance allowance, food and beverages, as well as accommodation. “The exemption took into account the restrictions in terms of compliance with the standard operating procedures to curb the pandemic, as well as the quorum problems, as the meetings cannot be held if the quorum requirement is not met. — Bernama
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