George Taitim Tulas
KOTA KINABALU: The Sabah Credit Corporation (SCC) will allocate RM300 million in funding to assist in alleviating the financial constraints faced by contractors involved in the implementation of the state Rumah Mesra SMJ project.
SCC Chief Executive Officer George Taitim Tulas said the State Government has targeted to complete 1,500 units of Rumah Mesra SMJ by June this year and SCC hopes the funding it provides will be able to assist the State Government to achieve its aspiration.
“Besides that, we are reviewing our housing loan facility to allow 100 per cent financing for those purchasing their first home directly from the developers.
“Thirdly, through our Entrepreneur Development Initiative Programme, we are going to introduce business start-up loan facilities for those interested in starting their businesses and to achieve the target set by the State Government of 160 entrepreneurs as announced during the presentation of the State Budget for 2024 by the State Finance Minister.
“Fourthly, we are synergising and collaborating with some of the state government-linked companies (GLCs), agencies, financial institutions and private firms to provide better services to our people and to support the State Government aspirations. Soon we will work with UOB for a cashless district for Tuaran,” he said at the SCC Business Partners Appreciation Dinner 2024 held at Hyatt Regency Kinabalu here last night.
George said SCC will continue with its traditional core business of financing and utilising its subsidiaries, Borneo Integrated Resources to provide job opportunities, especially for the hardcore poor and the Borneo Integrated Pay to operate its YONO Financial Super Apps and YONO e-Wallet.
“Once we launch our DuitNow QR Code in the e-wallet, the usage will be expanded all throughout Malaysia, Singapore, Thailand, Cambodia and China. Hopefully with PayNet efforts on the national gateway payment drive, Indonesia and the Philippines will be next. Thank you PayNet for the support,” he said.
He said SCC is also expanding its reach, both digitally and physically within Sabah.
“We hope to acquire an office building soon in Tuaran, Pitas, Menumbok and Kalabakan, to get closer physically to our people after having done so in Telupid, Tambunan, Sook, Beluran, Kinabatangan, Semporna and Sipitang.
“Our advancement in digitalisation did not erase the notion ‘Seeing is Believing’. There are many more works to be done to increase the awareness and confidence of the majority on the digital services, especially in the suburban and rural areas,” he added.
George also introduced SCC’s new slogan – ‘HOPE, SHARE & GROW, Together We Make A Difference’ during the event.
“We give hope to our staff for their wellbeing and livelihood, ensuring that their daily life, needs and family are well taken care of. We give hope to our clients to realise their dreams to be someone and somebody to own something that they are longing for, for themselves and their family, as well as to our business partners that with the success of Sabah Credit, there will be more business opportunities extended to them to make their business better.
“We also give hope to the communities in need providing the assistance to move forward from the realms of poverty and so on. For the year 2024, the State Finance Ministry has approved our budget for the year 2024 which includes the increase of our CSR allocation to RM6.5m from RM5m.
“And finally to the State Government, to contribute continuously to the state economy, state coffers and so on.
“We have resources that we can share with others, be it finance, human resources and other intangible things through synergy, collaborations, sponsorship and other contributions. With the provisions of hope and sharing, we will be able to grow together to make our beloved state a much better place to be with both economically and socially, in love, peace, joy and happiness…All these, together we make a difference,” he said.
SCC Performances In 2023
George said SCC made a profit before tax (PBT) of RM106.7 million last year, based on its unaudited financial report.
“This is an increase of RM4.1m (4%) compared to our PBT for the year 2022.
“We have approved a total of RM961.4m loans with a net release of RM528m for the year 2023. Our net assets have finally surpassed the RM3b mark that is RM3.016b, a very small increase of 2.3%. All these were achieved despite of maintaining our lending and management rates even if our central bank, Bank Negara Malaysia (BNM), has increased the overnight placement rate (OPR) five times since the year 2022, which accumulated to an increase of 1.25%. Our gross NPL Ratio is 2.17% of which 0.41% is paying regularly and our Gross NPL Coverage is 135.83%.”
He also said that SCC is ‘a truly blessed organisation’ because, to them, SCC would not exist for the last 68 years without God’s approval.
“All of us in Sabah Credit have been given the opportunity by God to serve SCC in the way that God wants. What is the way and how? For Christians, we can search from the bible, for Muslims, we can search from the Quran and for others; we can search from our respective teachings. Wisdom, hard work, diligence, transparency, integrity, respect and humbleness are just some of the examples. Having served successfully based on what God wants, Sabah Credit will be blessed and the blessings that Sabah Credit received are then shared with the staff and board members in the forms of salary, allowances, perks and many more.
“Some of the blessings will be shared to our communities in need through our CSR and sponsorships and some to the State Government in the form of dividends, zakat, interest payment and other contributions, not forgetting taxes,” he added.
Also present were Finance Minister Datuk Seri Masidi Manjun; Assistant Tourism, Culture and Environment Minister Datuk Joniston Bangkuai and SCC Chairman Datuk Seri Dr Yee Moh Chai, among others.
