Penang new Chief Minister taking Penang to the next level

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Man with a plan: Chow elaborating on his vision for Penang during an interview with The Star at Komtar in George Town.   

https://youtu.be/lLfYJvX5ePk

New CM Chow has a clear vision of how to develop the state into the next five years

 

"Economic growth with environmental sustainability would be an ideal situation rather than sacrificing the envoronment for the sake of development - Chow Kon Yeow"

GEORGE TOWN: It’s easy to understand why Chief Minister Chow Kon Yeow is such a popular figure in Penang despite hailing from Kuala Lumpur.

Holding the exco portfolio of Local Government, Traffic Manage­ment and Flood Mitigation for the last two terms here was not an easy task, but Chow’s simple, frugal and austere ways won over the people and even his harshest critics.

Now he is in the hot seat as the chief executive. Here, he shares his thoughts on his plans to move Penang up another notch over the next five years, as well as personal and party matters. Below is an excerpt from the Q&A:

How are you keeping after more than two weeks into the top post in Penang?

It’s a continuation of where I left off for 10 years as a state executive councillor in 2008. At the Chief Minister’s office, I deal with a wider range of issues than my portfolios under Local Govern­ment, Traffic Management and Flood Mitigation, which were more focused.

As Chief Minister, I also have to look into investment and economic issues, besides being chairman of Penang Development Corporation, PBA Holdings Bhd and other state statutory bodies.

Which plans do you intend to see through in your first term?

Upon taking office on May 14, I took up the Transport portfolio because I intend to see to the implementation of at least some of the projects under the Penang Trans­port Master Plan (PTMP). It is too ambitious to say that we will implement all the projects, but they will be a priority.

On the projects by Consortium Zenith Construction Sdn Bhd (CZC) comprising the RM6.43bil undersea tunnel and three paired roads, we will likely begin construction for one of the three major roads.

As for SRS Consortium, the project delivery partner of PTMP, we will start the Light Rail Transit (LRT) project. Since it is tied to Penang South Reclamation (PSR) in the southern coast of Penang island, the reclamation of three man-made islands will have to start as well to finance the LRT project.

(The PSR is a massive plan to reclaim three islands totalling 1,800ha off the southern coast of Penang island. The success of PTMP, the state government’s multi-billion ringgit public transport project involving LRT, monorail, cable cars and water taxis, depends on funding from property development on the islands.)

One important element here is that people see the reclamation as solely financing the infrastructure projects, which is true in a sense. The man-made islands will not only finance the infrastructure projects, but the lands made available will help meet the development needs of Penang for the next 30 years.

It is near to the Bayan Lepas industrial electronic and electrical cluster. Taking it away from the cluster will not produce the synergy effect.

And preferably, the expansion of our industrial zone into the future must also be near to the cluster and Penang International Airport facilities.

So we can safely say that the three man-made islands are a sure thing?So we can safely say that the three man-made islands are a sure thing? /b>

It is subject to review by the Federal Government. We need approval from the Federal Govern­ment for any large-scale project and the reclamation is one of them. It has to be approved by the National Physical Planning Council. If we can get all the necessary reports to support our application, it will be tabled at the National Physical Planning Council for approval.

You said the LRT component of PTMP is your priority. When can we expect to see it materialise?

We have made a submission to the Land Public Transport Commis­sion (SPAD) since March 2016 for a railway scheme.

Besides the LRT line from Komtar to Bayan Lepas, we have also submitted the other alignment as a full package, as our depot will be built on one of the man-made islands that has yet to be reclaimed. We are still waiting for the environment impact assessment approval.

I believe our application is still active. Hopefully, it will be brought before the Transport Ministry for deliberation and approval.

Previously, it was either an undersea tunnel or a third bridge to link Bagan Ajam and Gurney Drive. What will it be now? It is still too early to say. We can always make changes because of the cost factor. There is no firm decision on this. CZC will have to complete the feasibility studies first, which are now at 96%.

There is no hurry because even if we were to build the undersea tunnel, it would only take off in 2023.

Right now, CZC’s priority is to start building the 5.7km paired roads starting from Jalan Kampung Pisang in Ayer Itam and connecting with the Tun Dr Lim Chong Eu Express­way in Gelugor. It is one of the three major roads undertaken by CZC.

What are your thoughts on the claims that CZC paid RM22mil to cover up anti-graft investigations on the mega project comprising the undersea tunnel and three paired roads?

It is entirely up to the Malaysian Anti-Corruption Commission to investigate, as it has nothing to do with the state government. We are not the approving authorities.

The concession companies ap­pointed by us are responsible for getting all the approval. What CZC told us was that it was basically political extortion. They were under great duress and had no choice but to believe that the other party could help smooth the process of getting the necessary approval.

This had nothing to do with the state government and we had no prior knowledge of it until it was reported in the media.

Penangites have been plagued by floods on some occasions. What are your plans to resolve this?

The first phase of Sungai Pinang Flood Mitigation project was completed in the late ‘90s and it never went beyond that. This project has been delayed for 18 years.

We need about RM600mil to resolve the problem. The money can be used to build a barrage along the river near the People’s Housing Project in Sungai Pinang. If there is a barrage, backflow from the sea during high tide would not flow inland.

Other components include the construction of pump houses, retention ponds, collector drains along the river, deepening of rivers and the raising of bunds. All these measures are expected to be completed in three and a half years.

We believe these measures will help mitigate floods. All designs can only cater to a certain capacity, so we cannot say that there will be no floods after this.

It is important to secure approval and funding from the Federal Gov­ernment. The Sungai Pinang Flood Mitigation project is vital because it has impact upstream, as there are six tributaries linked to Sungai Pinang.

Many hillslope developments have taken shape, especially in the Tanjung Bungah area, which has drawn concern from environmental activists. What is your take on this?

The current state government will not change the tight guideline of restricting development 76m or 250ft above sea level, although the national guideline can go up to 500ft. The guideline is very restrictive as it will prevent a lot of hill lands from being developed.

This guideline only came into place under the Penang Structure Plan approved in 2007. Before that, approval had already been given to certain developments we can’t stop abruptly. Under this category, there are many projects approved that went beyond the restriction.

I will get the Penang Island City Council to brief me on how much land is still left that is restricted by the guideline. If there is not much land left, we will consider that the guideline will prohibit hillside deve­lopment in the future.

If the guideline is still in place, the people of Penang must confront the fact that there won’t be any development beyond this guideline. Land will become expensive. If there is no reclamation, what will the future hold for Penang island?

Gentrification is an issue in George Town, with foreigners snapping up properties within the Heritage zone. What do you think of this?

Prior to interest in our heritage buildings and before the inscription of the Unesco World Heritage Site, there were a few hundred houses in need of refurbishment. Some houses collapsed during storms.

If you look at the heritage site today, there are few dilapidated houses left due to the interest in heritage properties. The owners have greater appreciation of their value.

My personal stance is to save the house first. If there are buyers, we should save the buildings and negotiate on their use later.

The Opposition in Penang is down to only three representatives – two from Umno and one from PAS. Will they be given any allocation?

They will be given allocation, although the figure may not be the same as the Government’s assemblymen. They rejected it last time, thinking that we were setting a trap on them.

Previously we offered them RM40,000 in annual allocation, but it will be more this time. The funds can be used to support the community, as well as assist organisations in their work and in getting facilities such as fax machines. The funds are meant for the people.

The Opposition is weak in the state assembly. How do you view this matter?

In a healthy Western democracy, when there is a weak Opposition, backbenchers play a more active role in scrutinising government policy. It is a working mechanism. A new check-and-balance in the ruling coalition can emerge to play this role of checking the executives and government on the use of public funds and policy.

Regarding tourism, is there any new programme that your administration would like to introduce to attract visitors within the next five years?

We should be more selective not only in terms of quantity matters, but in terms of quality as well. We need to have niche tourism markets to get high spenders.

At the moment, we cannot be choosy as we need them to fill up our hotel rooms and patronise our local businesses. But there will come a time when it will negatively impact the local environment.

We should move up a notch by focusing on higher spending and business travellers rather than the usual travellers.

In your own opinion, what should an ideal Penang look like?

Economic growth with environmental sustainability would be an ideal situation rather than sacrificing the environment for the sake of development.

Development has to be balanced not only geographically, but also in the strata of society, meaning that the B40 class (households earning RM3,900 a month or less) must be able to benefit from the economic development.

There must be job opportunities and stable income for them. They must not be sidelined or living in poverty without jobs. If jobs can be made available to foreign workers, why can’t it be the same for locals?

You won the Pengkalan Kota state seat in 1990, but lost it in 1995. What was it like having to start from square one?

I was back to full-time party work in 1998 to lead the party after the “Knock Out Kit Siang” internal party strife. After 1999, I was picked as state DAP chairman to continue the party’s struggle in Penang.

What was it like being a DAP-elected representative before and after 2008?

Very different. The government representatives have more resources to serve the people better. But we keep instilling the idealism of our party struggle and the long-term vision to win Federal power into our representatives so that they see a bigger vision for the party and themselves.

Many Penang DAP leaders are now in their 60s. Has the state party leadership identified the next echelon of leaders?

The party made a bold decision by fielding many new candidates in the 14th General Election. They have potential for future development in the Government and party. This is a rejuvenation process to prepare them for the future.

Source: The Star by alex teng and tan sin chow

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To Malaysia with love, from the world

BTN up in the Air, the writing is on the wall for BTN

Edit

https://www.thestar.com.my/news/nation/2018/05/29/the-writing-is-on-btns-wall-controversial-agency-has-a-good-chance-of-being-shut-down/
 

In the 44 years since it began, the National Civics Bureau has evolved into a racial and propaganda machine of sorts. The Biro Tatanegara may be in its last days as the Government plans to review its relevance in multiracial Malaysia.

 The writing is on the wall for BTN

PETALING JAYA: The days of the National Civics Bureau or Biro Tatanegara (BTN) seem numbered with the Government to look into whether it should keep or abolish the controversial agency.

Prime Minister Tun Dr Mahathir Mohamad said BTN and several other government bodies had been turned into political tools by the previous Barisan Nasional government.

“All this will be studied, we may maintain or abolish it. We found that there are many agencies which have been set up not (to benefit) the government but Barisan; but they use government money to pay salaries,” Dr Mahathir told a media conference after chairing the Parti Pribumi Bersatu Malaysia supreme council meeting.

Dr Mahathir, who is Pribumi chairman, was responding to a question on the fate of BTN following the Government’s move to abolish several other taxpayer-supported bodies, namely the National Council of Professors and the Special Affairs Department (Jasa).


Set up in 1974 to promote patriotism, BTN has come under fire over the years after numerous complaints about it promoting racial hatred.

The Pakatan Harapan Government in its election manifesto has pledged to dissolve the agency which it said had become a political agent for Umno.

PKR vice-president Nurul Izzah Anwar said the abuse of BTN by the previous government was possible grounds to shut it down.

“How many propaganda and brainwashing agencies do we require? BTN has not done much to inculcate a sense of patriotism or belonging,” she said.

The bureau’s director-general Datuk Ibrahim Saad could not be reached for comment.

BTN, which is under the Prime Minister’s Department, conducts courses for civil servants, government scholarship holders and selected students from colleges and universities.

According to DAP adviser Lim Kit Siang, the budgets for BTN multiplied 10-fold in the 1990s (RM200mil) compared to the 1980s (RM20mil), and continued to increase.

From 2010 to 2015, the allocation for BTN totalled some RM365mil.

Veteran journalist Datuk A. Kadir Jasin said it would not be surprising for the bureau to be shuttered.

“If BTN performed a political task and if the Government has already decided to close down other (similar) agencies such as Jasa, then I would imagine that it’s not hard to predict that BTN would or should suffer a similar fate,” said Kadir.

The Pakatan election manifesto stated that Umno and Barisan had abused government programmes to spread narrow ethno-religious politics to influence youths.

“The Pakatan Harapan Government will dissolve the bureau, which over the years had become a cheap political agent for Umno,” it said.

PKR Youth leader Nik Nazmi Nik Ahmad, who has called for a shutdown of BTN, recounted his own experience with it.

He was a student when he attended one of the BTN camps back in 2003.

“I found the whole affair racial and political in nature. (There were) racial, religious bigotry and hatred against PKR, PAS, and DAP mainly. “BTN was formed for political purposes. It is outdated. Schools, hospitals and universities need money, so let’s prioritise,” he said.

MCA publicity spokesman Datuk Seri Ti Lian Ker said a thorough review of BTN should be conducted before a decision is made.

“There are institutions we can save instead of just being shut down. We need to ensure they are independent and free to pursue positive progressive ideas,” he said.

Ti said a number of institutions started out well but was hijacked along the way by the political masters.

“A lot of this happened during Dr Mahathir’s time, so it is good for him to remedy these issues,” he said.

Umno information chief Tan Sri Annuar Musa said the Government could do what it wished with the bureau.

“My view is very simple; they have the mandate, they are free to do it,” said Annuar.

Parti Rakyat Sarawak president Tan Sri James Masing said the functions of BTN needed to be reviewed in order to reflect Malaysian society.

“The multiracial nature of our society must be strengthened and reflected in every nook and corner of our nation. No one race can claim ownership of this nation,” he said.

Sarawak United People’s Party Youth chief Michael Tiang said any agency that promoted racism and intolerance should be reviewed or even abolished. “Racism and intolerance are never part of the Malaysian spirit,” he said.


Souces : The Star by razak ahmad, sharon ling, hemananthani sivanandam, rashvinjeet s. bedi, hanis zainal,  and n. trisha
 

BTN course was a nightmare, says participant

PETALING JAYA: She penned down her experiences attending a team-building course with Biro Tatanegara (BTN) in her diary. And it was not pleasant.

Sahana, as she wanted to be known, recounted how one of the lecturers had picked on her physical appearance.

During one session, the lecturer even poked fun at some of the participants as a way of engaging the class.

“He would say things like ‘ah yang pendek tu, bangun (you, the short one, stand up).”

“I was seated next to an Indian girl when he pointed at my direction. When I turned to the girl next to me, he said ‘ awak lah, yang hitam, besar tu’ (you, the dark and big sized one) to indicate that he was directing the question to me,” said Sahana, who is now a communication executive.

Sahana, 36, was a first year college student then. Her college had informed the students that they had to attend a series of lectures and team building exercises at a camp in Johor.

“We were looking forward to it because we were there with our peers and it was a long trip away from home. For some of us, it was our first excursion out of state so we were excited,” she said.

However, the excitement did not last long. The lecturer’s comments embarrassed Sahana, who cried in class but others including the lecturer just laughed at her.

“I already had this complex about being a plus size, so naturally, when remarks like that were made, it really hurt me.

“It was a big hit to my self-confidence,” she said, adding that she felt that being dark skinned and large was a big sin.

Sahana wondered why physical appearance and skin colour were highlighted at the camp that was actually meant to teach participants values and instil patriotism.

Sahana also found insensitivity when it came to food being served as beef was given to them.

“Not that I am complaining but it made me wonder back then; how a Hindu, Buddhist or vegetarian would survive when beef was the main dish served?” she asked.

A parent wrote to The Star to complain that her son was “hounded” for being Indian.

“Throughout the five-day course, he and other Indian participants were constantly hounded about the actions of the Hindraf movement.

“His friends and him are not supporters nor sympathisers of the group. Yet, they felt disappointed at the way the instructors kept harping on the issue at every turn and opportunity,” the mother wrote.

Another parent echoed the sentiment, saying that participants were repeatedly reminded of the “social contact” in the formation of the country.

“Throughout the five days of the course, participants are repeatedly told not to question Malay rights and so on,” said the parent, adding that even Malay friends of the family were upset by the programme’s content.

There, however, were praises for the programme.

“I must say that there were many great people there, especially the facilitator in my group. I have heard many unpleasant things about it and I don’t understand why.

“During my stint, I learnt many things from my facilitator, not only of a better understanding of Malaysia but also the spirit of a Malaysian.

“We, the non-Malays, really appreciated him as our facilitator. We never felt aggrieved or hurt. Through him, we learnt unity, not disunity,” wrote a participant.

Another participant wrote of learning more about Malaysia at the programme.

“I learnt more of our own country while having a great time throughout the activities and group-learning sessions filled with good values,” the participant said.

 

How many propaganda and brainwashing agencies do we require... BTN has not done much to inculcate a sense of patriotism or belonging. – Nurul Izzah, PKR vice-president  

If the BTN performed a political task and if the Government has already decided to close down other (similar) agencies such as Jasa (Special  Affairs Department), then I would imagine that it’s not hard to predict that BTN would or should suffer a similar fate. – Datuk A. Kadir Jasin, veteran journalist

I found the whole affair racial and political in nature. (There were) racial, religious bigotry and hatred against PKR, PAS, and DAP mainly. – Nik Nazmi Nik Ahmad, PKR Youth leader

There are institutions we can save instead of just being shut down. We need to ensure that they are independent and free to pursue positive progressive ideas. – Datuk Seri Ti Lian Ker, MCA publicity spokesman

‘Move to shut down BTN unreasonable’

PETALING JAYA: While the National Civics Bureau or Biro Tatanegara (BTN) has drawn flak over the years, there was an effort to improve the body.

Umno member Datuk Lokman Noor Adam, who was involved in BTN, said complaints against the bureau had prompted the Government to set up a panel about three years ago to seek improvements.

Lokman, who was on the panel, said new modules were then drawn up for BTN.

He hit out at the current Government, which he claimed was out to shut down all agencies perceived to have strengthened the position of Barisan Nasional.

“I am sure that their next target will include Jakim (Department of Islamic Development Malaysia), Mara, Tekun (Entrepreneur Development Centre), Mara Junior Science Colleges, Universiti Teknologi Mara and others,” said Lokman.

Former Kepong MP Dr Tan Seng Giaw, who was also on the panel to rebrand BTN, said the bureau needed to represent the country’s plural society.

“This is 2018 and yet there are Malays, Chinese and Indians who say racial things. So I told the panel – let’s try to reduce this.

“Let’s emphasise tatanegara, which means the discipline of a nation. Let’s make this whole thing non-racial.”

He said he was not sure whether his suggestions were subsequently taken up, adding that other panellists also gave some good ideas.

Dr Tan said BTN should only be closed if efforts to change it failed.

“If we are to shut down everything we don’t like, then why not close ministries and everything else?

“If it is impossible to revive the BTN, then it is reasonable to shut it down. But this is not a question that it cannot be revived but of getting the policy right,” said Dr Tan.
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The Origins and Evolution of Ethnocracy in Malaysia: The Malay Supremacy!

The notorious National Civics Bureau - Biro Tatanegara (BTN)

Controversial: The BTN has been accused of promoting racism, bigotry, disunity and intolerance in the name of instilling patriotism through its activities, like this in the National Transformation Training Programme.

National Civics Bureau - Biro Tatanegara

Pretty hate machine

Biro Tatanegaran has not only survived, but festered in a multinational country. 

Its review is long overdue!

IF there’s one government agency which needs a complete overhaul by the new federal government, it must be the notorious National Civics Bureau, better known to Malaysians as Biro Tatanegara.

Over RM1.1bil of taxpayers’ money has been outrageously spent to promote racism, bigotry, disunity and intolerance in the name of instilling patriotism.

The BTN was set up in the 1970s as a Youth Research Unit under the Youth Ministry. But by the 1980s, the obscure agency had evolved into the BTN we know, and placed under the Prime Minister’s office.

Its objective is to nurture the spirit of patriotism among Malaysians, and train them into future leaders who are “well-rounded intellectually, emotionally and spiritually” to support national development efforts.

This monstrous machine was wellfed, not just during the Najib administration, but during the reign of the Mahathir administration as well. And certainly, Datuk Seri Anwar Ibrahim, too, used it as a political tool.

But that’s in the past. Malaysia has rebirthed. And as the perfect paradox, only Tun Dr Mahathir Mohamad, as the new prime minister, can set things right again.

Anwar would surely support any move to review, if not, bury the BTN, because he ended up the bogeyman in its lectures in later years while he was in the political wilderness.

The BTN has been fraught by controversy for over three decades, with allegations of racism and political propaganda mainstays.

It is inconceivable that good taxpayers’ resources are poured into such an organisation, which many participants have said, blatantly drums up race and hate politics.

BTN’s brickbats come from either side of the political divide, yet the uproar seems to have fallen on deaf ears, presumably shackled by the lack of political will, or worse, tacit political support from the top.

In 1999, PKR leader Nik Nazmi Nik Ahmad claimed that the BTN camp he attended was “racial and political in nature,” with trainers impressing on attendees that Malays required affirmative action. It even criticised PAS as “deviationist.”

Another party leader, Amirudin Shari, said “participants are indoctrinated with propaganda about ketuanan Melayu” or Malay dominance.

Another alumnus alleged she was told “the Malays were the most supreme race in the world, we were God’s chosen few, that the others were insignificant. We were warned about certain elements in our society and abroad, determined to undermine Malay excellence.”

In 2009, then minister in the Prime Minister’s Department Datuk Seri Nazri Aziz ticked off BTN, squashing excuses raised in a Parliament debate that allegations of racist teachings might have come from mere “minor slip-ups” by BTN lecturers.

“Don’t think that people outside do not know about the syllabus based on patriotism for Malays. They know what the syllabus is all about, so who are we to say that it did not happen? You want to lie? You make people laugh.

“I mean, there are people who attended the courses who came out very angry. There were many instances of the use of words like Ketuanan Melayu. It is ridiculous. Do they want to say that Malaysia belongs only to the Malays and the government is only a Malay government? Should only the Malays be given the spirit of patriotism? Other races are not patriotic about their country?”

As Dr Mahathir settles in and combs through the list of government agencies, this is surely one Malaysians would want scrutinised as part of the process of trimming the fat.

In a piece in Malaysiakini, the writer aptly said, “the BTN is an anathema to the need to nurture critical and creative thinking among Malaysians.”

While it began as a youth research unit in 1974, under the Youth Ministry, it was reinvented as the BTN in the PM’s Department under Dr Mahathir.

BTN was run by many supporters of Anwar, himself a regular speaker at these courses, though he would come to regret the things he said then.

It has turned into an ethnic hate machine, as one writer put it, and has metamorphosed into an out of control monster.

Surely, Dr Mahathir wouldn’t have imagined what it has become. Even if he allowed it to evolve into a political tool to indoctrinate civil servants and scholarship holders, especially Malays, it is time for him to sort this out.

BTN may have been set up with the noble intention of “nurturing the spirit of patriotism and commitment to excellence among Malaysians, and train leaders and future leaders to support the nation’s development efforts”.

But that’s not what has happened. It has, instead, from all accounts, attempted to instil hate and prejudice among Malaysians, aspiring to produce leaders and future leaders with a jaundiced view.

Malaysians would remember that in September 2010, BTN deputy director Hamim Husin was reported for referring to the Chinese as “si mata sepet” (the slit-eyed) and Indians as “si botol” (the drinkers) during a Puteri Umno closed-door function.

Despite the outcry and media revelations, BTN was allowed to continue as it is, and with huge allocations streamed into these indoctrination camps.

According to Lim Kit Siang, the budgets for BTN multiplied tenfold in the 1990s (RM200mil) compared to the 1980s (RM20mil), and continued to increase. It more than doubled to over RM550mil in the first decade of the 21st century. From 2010 to 2015, the allocation for BTN totalled some RM365mil.

Now that the DAP is part of the government, it should be able to push for the right course of action, given its consistently strong stand against the organisation.

This is the most opportune time to can BTN. Malaysians believe the new federal government won’t be angling to allocate more funds to keep this monster alive.

By Wong Chun Wai who began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.


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From Industrial 4.0 to Finance 4.0

https://youtu.be/Gs4_eurnrtU https://youtu.be/GMMfxVxdlSM https://youtu.be/Wkp5a7RZOsQ MOST people are somewhat aware about ..

The Origins and Evolution of Ethnocracy in Malaysia: The Malay Supremacy!

From Industrial 4.0 to Finance 4.0

https://youtu.be/Gs4_eurnrtU


https://youtu.be/GMMfxVxdlSM

https://youtu.be/Wkp5a7RZOsQ

MOST people are somewhat aware about the Fourth Industrial Revolution.

The first industrial revolution occurred with the rise of steam power and manufacturing using iron and steel. The second revolution started with the assembly line which allowed specialisation of skills, represented by the Ford motor assembly line at the turn of the 20th century.

The third industrial revolution came with Japanese quality controls and use of telecommunication technology.

The Fourth Industrial Revolution, or first called by the Europeans Industry 4.0, is all about the use of artificial intelligence, robotics, genomics and process, creative design and high speed computing capability to revolutionise production, distribution and consumption. Finance is a derivative of the real economy – its purpose is to serve real production. Early finance was all about the finance of trade and governments to engage in war.


It is no coincidence that the first central banks (Sweden and England) were established in the 17th century at the start of the First Industrial Revolution. Industrialisation became much more sophisticated as Finance 2.0 brought the rise of credit and equity markets in the 18th and 19th centuries. Industrialisation and colonisation came about at the same time as the globalisation of banks, stocks and bond markets.

Again, with the invention of first the fax machine, then Internet that speeded up information storage and transmission in the 1980s, finance and industry took a quantum leap into the age of information technology. Finance 3.0 was the age of financial derivatives, in which very complex (and highly leveraged) derivatives became so opaque that investors and regulators realised they became what Warren Buffett called “weapons of mass destruction”. Finance 3.0 stalled in 2007 with the Global Financial Crisis and was only propped up with massive central bank intervention in terms of unconventional monetary policy with historically unprecedented interest rates.

We are now on the verge of Finance 4.0 and it may be useful to explore what it really means.

The common definition of Industry 4.0 is the rise of the Internet of Things, in which cloud computing, artificial intelligence and global connectivity means that cyber-physical systems can interact with each other to produce, distribute and trade across the world in a massively distributed system of production.

But what does Finance 4.0 really mean?

What truly differentiates Finance 4.0 from the earlier version is the arrival of Blockchain or distributed ledger technology. The best way to think about the difference is the architecture of the two different systems.

Finance 3.0 and earlier versions were all about a top-down or hierarchical ledger system, like a pyramid, in which trade and settlements between two parties are settled across a higher ledger.

A simple example is payment from Joe in bank A to Jim in bank B is finally settled across the books of the central bank in local currency. But in international trade and payments, the final settlements (at least more than 60%) are settled in US dollar finally across the ledgers of the Federal Reserve bank system.

Finance 3.0 was not perfect and those who wanted to avoid regulation, taxation or any official oversight basically moved trading and transactions off-balance sheet and also off-shore. This was the “shadow banking” system that financial regulators and central banks conveniently blamed on their failure to see or stop the last global financial crisis.

Although technically the shadow banking system is the non-bank financial system, which would include bond, stock and commodity markets, the bulk of illegal, illicit transactions traditionally was done in cash.

Welcome to the technical innovation called cyber-currencies, which was made possible for peer-to-peer (P2P) transactions across a distributed ledger system (commonly known as blockchain). In architectural terms, this is a bottom-up system which technically can avoid any official oversight. Indeed, cyber-currencies or tokens were invented precisely because the users do not trust the official system.

As the populist philosopher Stephen Bannon said, “central banks are in the business of debasing the currency”. Hence, those who want to avoid the debasement of their savings prefer to deal with either cash or cyber-tokens like bitcoin (pic).

What is happening in the rapidly evolving Finance 4.0 is that as the world moves from a unipolar order to a multi-polar world in which other reserve currencies also contend for trade and store of value, the top-down architecture is fusing (or merging) with a bottom-up architecture in which trade, transactions and stores of value are shifting towards the P2P shadow system.

Why this is taking place is not hard to understand. Post-global financial crisis, the amount of financial regulations have tripled in terms of number of rules and complexity on what the official sector can regulate, which is mostly the banking system. It is therefore not surprising that all the innovation, talent and money are moving to outside the banking system into the asset management industry, which is much more lightly regulated.

No talented banker, however dedicated to the values of banking probity, can resist the temptations of working in asset management, away from the heavily regulated environment where he or she is 24x7 under regulatory internal and external oversight.

Another reason why the cyber-P2P business is flourishing is because the official sector is worried that further regulation would hinder innovation. But those who want to increase the complexity of regulation must remember that for every 50 foot wall, someone will invent a 51 foot ladder.

So competition in the 21st century has already moved from the physical and financial space into cyber-space.

If there is one thing I learnt as a former regulator, it is that if the banks are behind the curve in terms of technology, the regulators are even further behind, since they learn mostly from those whom they regulate. But if financial regulators deal with financial innovation through “regulatory sandboxes” where they allow their regulated banks to experiment in sandboxes, they are treating their regulated institutions as kids in an adult game of ruthless technology.

Time for the official sector to make their stand clear or else Finance 4.0 promises to be very different from the orderly world that they are used to imaging. Nothing says this clearer than a recent survey by the Chartered Financial Analyst Institute, which showed that 54% of institutional investors surveyed and 38% of retail believe that a financial crisis in the next one-three years is likely or very likely.

You have been warned.

- Tan Sri Andrew Sheng writes on global issues from an Asian perspective.


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