Kuala lumpur: Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) is currently in the final stages of negotiations to invest in a local digital bank, following its earlier shortlisting in the application for a digital banking licence in 2020. Its president, Datuk Seri Dr Abdul Fattah Abdullah, revealed that Angkasa was among 40 entities that applied for the licence and successfully made it to the shortlist of seven candidates.

According to BERNAMA News Agency, despite reaching the shortlist, Angkasa was not among the five selected entities awarded the digital banking licences. Abdul Fattah stated that Angkasa is negotiating with several financial institutions that have received the licences to acquire equity in one of them. He expressed optimism that this initiative would transform the cooperative ecosystem, especially in financing, which has traditionally relied on commercial banks and credit cooperatives.

Abdul Fattah, who holds positions as vice-president of the International Cooperative Alliance of Asia and the Pacific (ICAAP) and president of the ASEAN Cooperative Organisation (ACO), emphasized the significance of cooperatives as a third sector in Malaysia’s socio-economic development, alongside the private and government sectors.

Discussing the cooperative movement’s progress in Malaysia, Abdul Fattah reported that as of December 31 of the previous year, there were 7.2 million registered members with 16,284 cooperatives. He expressed confidence that the number might have increased to around 17,000 cooperatives presently, as the Cooperative Commission registers at least 1,000 cooperatives annually.

Acknowledging the global importance of cooperatives, Abdul Fattah noted that the United Nations has designated 2025 as the International Year of Cooperatives, with the theme ‘Cooperatives Build a Better World.’ This marks the second time after 2012 that the UN has made such a declaration, underlining the vital role of cooperatives in societal well-being.

In Malaysia, July is celebrated as the National Cooperative Month, with this year’s event scheduled at the Melaka International Trade Centre (MITC), Ayer Keroh, from July 25 to 27. The celebration is expected to be officiated by Prime Minister Datuk Seri Anwar Ibrahim.

Additionally, Abdul Fattah highlighted Angkasa’s recognition as a key vendor in the successful Jualan Rahmah programme and its government-entrusted implementation of the Sejati MADANI project.