Theme: Blue and Green Theme: Red Theme: Green
Launching of DBOS on 3rd November 2017Launching of DBOS on 3rd November 2017







3rd November 2017 (Friday), 3:00pm | Colosseum, Pullman Hotel, Kuching


Assalamualaikum Warahmatullahi Wabarakatuh

Salam Sejahtera

Selamat Petang

Salam Ibu Pertiwiku


  1. On behalf of the Development Bank of Sarawak management team, we wish to convey our warmest greetings to you all present here today at the official launching of DBOS.
  2. First and foremost, we wish to convey our deep gratitude to our guests of honour, the Right Honourable The Chief Minister for his foresight and for being instrumental in the setting up of the Development Bank of Sarawak or DBOS. We are really honoured Sir, to be part of this historic achievement.
  3. Yang Amat Berhormat, your presence this afternoon is highly appreciated and we look forward to your continuous guidance and wisdom in our management of the Bank.
  4. We also like to thank our distinguished VIPs, guests and friends from the banking sectors, the GLCs, corporations, government agencies and everyone who helped our vision to become a reality. THANK YOU.
  5. Today marks yet another milestone in our financial inclusion efforts and especially for Sarawak. We are encouraged when the idea to form DBOS were task to us by the Right Honourable sometime in February 2017, simply because we are now able to increase the depth of our state’s financial management model.
  6. And as the first Chairman of this bank, I am very happy indeed because we are taking the bull by the horns in our state economic transformation in order to leap frog our economy to new heights. So this event is a momentous occasion for us in Sarawak.
  7. Let me begin by saying a few words about our humble journey towards the setting up of DBOS. To start an organisation like the bank, takes a lot of planning and preparation to ensure we are in full compliance with the regulations. Contrary to some views, it takes some time to set up the office, the recruitment process and to put the software system in place. One of the first efforts we did was to make arrangement to meet up with the Governor of Bank Negara Malaysia as instructed by the Chief Minister. For the meeting, I brought along with me key members of my team to the central bank in KL. That was then the Bank Negara Governor gave us valuable advice, support and guidance in our attempt to start up a Sarawak based DFI or Development Financial Institution (DFI),With the clear support from the central bank top leadership, it provided us with enough confidence to achieve our target within the two-month deadline given to us by our Right Honourable Chief Minister to get approval for the usage of the word “Bank” from Bank Negara and other authorities.
  8. More than that, the establishment of DBOS is not an ordinary fit, it would not be possible without strong endorsement and support from both the State and Federal leaders. On behalf of the board of directors, I like to take this auspicious opportunity to say a big THANK YOU to Yang Amat Berhormat Chief Minister for his letter to Prime Minister that allows the approval to be executed fast.
  9. Soon after, the Right Honourable Chief Minister appointed DBOS first Board of Directors with myself being nominated as the Chairman while Datuk Sharkawi Alis, Datu Laura Lee Ngien Hion, Mr. Christopher Adrian and Mr. Ho Swee Huat made up the first board members.
  10. The new Board members are notable individuals consisted prominent, influential and highly respected corporate leaders in the field of law, finance and accounting whom have been around in the Malaysian and also exposure in international capital market for more than three decades.
  11. As I speak, DBOS already have a Chief Executive Officer (CEO) and his team of very experience and professional individuals in the banking fraternity that forms the competent and high integrity operational team.
  12. Looking for a CEO for DBOS was a big task for the board and we couldn't be happier to entrust the torch to an experience banker, someone that need introduction to most of you. I am delighted to introduce here that SIM KHENG BOON is officially the new CEO of DBOS. Sim, a purebred Sarawakian, he is an associate member of the Asian Institute of Chartered Banker. He spent almost 30 years at AmBank AmInvestment Bank Berhad. His last position with the bank was the Director, Sarawak Region.
  13. In 2015, he became Executive Director of East Malaysia of Kenanga Investment Bank Berhad. He has many years of experience in the banking and securities sectors. We are really fortunate to gain a leader with Sim’s experience, talent and vision. The Board are confident that Sim is the best person to lead the bank into the future, building products and adding value to the career of talented young Sarawakian while making DBOS the best place to work. Please join us in welcoming Sim Kheng Boon.
  14. I am pleased to say that; when we advertised for the key positions for the bank, there was numerous responses but to ensure we start on the right footing, we have recruited experience young bankers and the like in the financial sector that are made up of talented Sarawakian from various racial backgrounds. They are either administrators or reputable and well-known local bankers and are amongst the best professionals in their fields.
  15. We like to set the record straight here that DBOS is a DFI, it is not a commercial bank as many assume. DBOS was established by the State Government of Sarawak with specific mandate to develop and promote key sectors that are considered of strategic importance to the overall socio-economic development objectives of Sarawak.
  16. DBOS provide financial services to commercially viable state targeted strategic sectors projects in Sarawak. DBOS therefore complement the existing banking institutions and act as a conduit to bridge the gaps in the supply of financial services to the identified strategic areas for the purpose of Sarawak long-term economic development of the state. Therefore, DBOS do not compete, but DBOS complement.
  17. Given the significant role of DBOS in promoting new growth areas of Sarawak economy, we believe, it is important for DBOS to be strong, effective and efficient in performing its mandated roles. Initiatives taken towards achieving these objectives include strengthening the regulatory and supervisory framework, building capacity and capability, as well as enhancing operational efficiency of DBOS is mandatory.
  18. With this in mind, DBOS strategy is underpinned by prudent operating policies, including sustaining high levels of liquidity, strong capital adequacy and high asset quality. DBOS will also emphasise on operational efficiency, to further support its organic growth in the State, whenever they arise.
  19. As a new kid on the block, DBOS will build on its strategic presence in Sarawak in order to grow its business across the State and to deliver sustainable growth in profitability, while protecting the interests of our State Government and its agencies whom are also our only depositors.
  20. DBOS is a non-prescribed financial institution under Development Financial Institutional Act 2002 (DFIA 2002). Other non-prescribed DFIs are Lembaga Tabung Haji (LTH), Sabah Development Bank (SDB), Credit Guarantee Corporation Berhad (CGC).
  21. To ensure that DBOS perform its mandated roles in a prudent manner, supported by strong corporate governance and best practices, DBOS from time to time will seek guidance from Bank Negara to provide broad policy direction on the strategic roles.
  22. In this respect and also in line with the digital economy era, DBOS will invest in technology as a strategic priority in order to provide superior banking solutions. This among others, digitizing and automating our processes interfaces and enhancing customer relationship management through implementing intelligent analytics.
  23. I would like to conclude by reiterating the importance of all of us working together to address our common challenges as we strive to enable Sarawak to benefit from this financial management initiative.
  24. For the record, DBOS logo will be unveiled for the first time by YAB CM in a little while and that in January 2018 DBOS corporate office will be located at the brand new Wisma SEDC at The Isthmus.
  25. Once again I wish to thank YAB CM for his foresight and his wisdom to see through the state develop even at a greater height with policies like this creation of DBOS.
  26. For this afternoon, let us celebrate DBOS’s launching. And once again let me congratulate the people of Sarawak for successfully achieving this important milestone and thank you everyone for your support.
Thank you very much.
Assalamualaikum Warahmatullahi Wabarakatuh.