Financial Institutions Must Do More Than Manage Capital As Sarawak Charts Bold Economic Direction -- Uggah

KUCHING, April 27 (Bernama) -- As Sarawak charts a bold course toward becoming a high-income and innovation-led economy by 2030, financial institutions must do more than just manage capital, said State Deputy Premier Datuk Amar Douglas Uggah Embas.

He said financial institutions must unlock this high-income and innovation-led economy with intelligence, equity and a clear commitment to sustainable development.

“A robust financial system is essential for a thriving economy, and Affin plays a crucial role in this transformation. Its integrated structure combines Affin Bank, Affin Islamic and Affin Hwang Investment Bank, which provides a seamless platform for individuals, businesses, and investors alike.

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“We value Affin’s support for SMEs (small and medium enterprises), green financing and digital solutions tailored to our regional context. We also recognise Affin’s role as a capital partner in our strategic transformation, capable of backing catalytic infrastructure to power Sarawak’s next growth frontier,” he said at the opening ceremony of the Affin Icom Square branch here today.

Uggah, who is also Sarawak’s Second Minister of Finance and New Economy and Minister for Infrastructure and Port Development, said SMEs are not merely contributors to the state’s gross domestic product (GDP) but the economic heartbeat that creates jobs, drives local innovation and serves as the primary engine of inclusive growth. 

“To unlock their full potential, we must continue building an environment where local enterprises can thrive through better access to financing, business support services and digital capabilities.

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“I am encouraged to see Affin play a key role in this ecosystem. From facilitating access to working capital and trade finance to enabling operational efficiency and digitalisation, the bank has taken deliberate steps to meet the evolving needs of entrepreneurs in Sarawak,” he said.

Uggah said that this is where Affin’s contribution matters the most and that these efforts go beyond providing products and reflect its commitment to building real value by empowering local businesses to compete, scale and lead.

“The strength of a region is reflected not only in the amount of domestic and foreign direct investment it attracts but also in how well it enables homegrown businesses to thrive.

Uggah added that financial institutions must be responsive, locally attuned and digitally enabled.

“It must provide not only broader access to capital and advisory services but also embrace forward-looking approaches that accelerate long-term socio-economic growth,” he added.

-- BERNAMA