Kota Kinabalu: Sabah Credit Corporation is mulling to acquire 51 per cent stake in an IT company that will be intergrated with its financial superapp, its chief executive officer George Taitim Tulas said.
The share acquisition, he said, will help widen the usage of the app, known as Yono (You Only Need One), which was launched last year.
This, George said, will also enable the integration of Yono with local councils in Sabah, facilitating improved payment collection for various government services.
‘This integration will assist local councils in enhancing their revenue collection processes and managing outstanding debts,’ he told reporters after Boost’s 7th birthday celebration here yesterday.
He added that Yoni also aims to enhance financial literacy and promote cashless transactions across the state.”
“Sabah Credit is launching the “Yono Go To School” programme, which is a collaboration with the State Education Department.
“This initiative will introduce Yono to schools throughout Sabah, focusing on promoting cashless transactions among students and teachers while also educating them on financial planning and management.
“Our goal with Yono is not merely about business; it’s about helping individuals learn financial management and transition to cashless transactions, which are becoming widespread globally.
“If we achieve profitability with Yono, that’s a bonus.”
Earlier, Boost CEO group Sheyantha Abeykoon said Sabah has potential for both individual and business customers.
He underscored the benefits of digital banking, which removes the need for physical branches, making banking more accessible to the people of Sabah.
“We feel that Sabah is a great place for us to assist the people in opening accounts digitally. They don’t have to travel miles to get to a bank branch anymore—just a selfie and scanning their IC is enough to open an account.
“Sabah is also ranked first in the nation for Payflex adoption, with low delinquency rates due to careful credit assessment.
“We are proud that Sabah is leading in Payflex adoption. We ensure customers maintain good credit practices, and we educate them on responsible borrowing.”
