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AS Sarawak accelerates its push towards becoming a high-income and innovation-driven economy by 2030, financial institutions must go beyond managing capital and take on a more strategic role in supporting inclusive and sustainable growth, said Deputy Premier Datuk Amar Douglas Uggah Embas.
Speaking at the opening of Affin Bank’s new branch at Icom Square in Kuching, Uggah said a robust and intelligent financial system is essential to support the state’s economic ambitions.
“Financial institutions must unlock this high-income and innovation-led economy with intelligence, equity and a clear commitment to sustainable development,” he said.
“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.”
Uggah, who is also Sarawak’s Second Minister of Finance and New Economy and Minister for Infrastructure and Port Development, highlighted the importance of small and medium enterprises (SMEs) as key drivers of job creation, local innovation, and inclusive growth.
“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.”
He welcomed Affin’s proactive approach in supporting this ecosystem.
“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 added that the true value of financial institutions lies in their ability to empower local businesses to scale and compete, both regionally and globally.
“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 emphasised that banks must be responsive, locally attuned and digitally enabled to meet the demands of a modern and inclusive economy.
“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 said. - April 27, 2025
