National Energy Transition Roadmap (NETR) - Part 2

Following the launch of National Energy Transition Roadmap (NETR) Part 1 on 27th July 2023 which outlines 10 flagship catalyst projects under 6 energy transition level, the government launched the NETR Part 2 on 29th August 2023 with a suite of targets, enablers and initiatives for energy transition under a Responsible Transition pathway.

The NETR Part 2 expands and upgrades national targets from existing policies such as the National Energy Policy 2022-2040.

Notably, it introduces new national targets for bioenergy, hydrogen and carbon capture, utilization and storage.

Hydrogen?

GXBank – 1st Digital Bank to Receive Approval from BNM to Commence Operations

The Grab-led digital bank, GX Bank Berhad (GXBank), is the first of the 5 digital bank licence applicants to receive the approval to commence operations from the Minister of Finance and Bank Negara Malaysia (BNM) ahead of the April 2024 deadline set by BNM.

GXBank successfully completed an operational readiness review and has been approved to commence operations effective 1 September 2023. 💫💫💫

GXBank will leverage technology and innovation to serve the needs of the unserved and underserved individuals, and micro and small medium enterprises (MSME).

Additionally, the digital-only bank will support customers’ needs through various channels including a bank app and 24/7 customer support via multiple platforms.

Built for a Financially Resilient Malaysia by Malaysians 

Why BNM imposed a total of RM50mil fines on I-Serve Online Mall Sdn Bhd and its affiliates?

Back in end-2021, a joint enforcement action was taken against i-Serve Online Mall Sdn Bhd and its related affiliates, resulting in the freezing of 45 bank accounts in seven banks and seizing of cash totalling RM118.7 million. (Source: TheEdge)

During that time, Bank Negara Malaysia (BNM) said the action was coordinated by the National Anti-Financial Crime Centre with BNM as the lead agency, along with the Securities Commission Malaysia, Companies Commission of Malaysia, Malaysian Anti-Corruption Commission, Royal Malaysia Police and CyberSecurity Malaysia.

The raid caused some hoohaa in the market back then. On 26 January 2022, i-Serve Online Mall, its shareholders Datuk Goh Hwan Hua and Boon Soon Heng, Goh’s wife Datin Neow Ean Lee, i-Serve Technology & Vacations Sdn Bhd (ISTV), Advance Digital Ventures Berhad (ADV) and Trillion Cove Holdings Berhad (TCH) filed a judicial review application in the High Court.

Subsequently, the e-commerce firm i-Serve Online Mall Sdn Bhd and its affiliates obtained leave from the High Court to initiate a judicial review to challenge the freezing of its accounts by Bank Negara Malaysia (BNM). (Source: MalayMail)

And, now according to the latest statement released from BNM: