KUALA LUMPUR: The government has no intention to alter Bank Kerjasama Rakyat Malaysia Bhd’s status from a cooperative bank to a commercial bank, according to Entrepreneur and Cooperatives Development Minister Datuk Ewon Benedick.
He confirmed Bank Rakyat’s current standing remains unchanged as a cooperative institution.
Any future transition would necessitate approval through multiple channels including member consensus.
“First through a general meeting of members, secondly, Bank Rakyat is also subject to the Central Bank of Malaysia Act under Bank Negara (BNM),“ Ewon stated during his parliamentary address.
He further clarified that the Malaysia Co-operative Societies Commission would also need to approve such changes.
“What I can confirm is that Bank Rakyat remains a cooperative bank... there are no plans yet in that direction,“ he emphasized.
This clarification came in response to an inquiry from Dr Radzi Jidin regarding recent media speculation.
Separately, Ewon announced ministry plans to establish a regulatory framework for social enterprise accreditation.
This initiative falls under Phase 2 of the Malaysia Social Entrepreneurship Action Plan 2029.
The accreditation process for social enterprises has been operational since 2019.
“As of August 2025, there are 520 business entities, including MSMEs and cooperatives that have been accredited as SE,“ he reported.
These accreditations span three distinct levels recognizing different stages of social enterprise development.
Regarding veterans’ cooperatives, Ewon provided current operational statistics.
“In 2024, a total of 82 veterans’ cooperatives were registered with SKM, involving 9,059 members,“ he shared.
These cooperatives hold accumulated share capital amounting to RM2.5 million.
Total assets reach RM10.3 million with earnings valued at RM696,470.
Most veterans’ cooperatives currently operate on a micro scale.
Their business activities span oil palm plantations, agriculture, rental, investment and services.
The ministry supports potential collaborations with Koperasi Angkatan Tentera Malaysia Berhad.
“KUSKOP and SKM have no objection if Koperasi Angkatan Tentera Malaysia Berhad intends to collaborate in sharing expertise and business operations,“ Ewon concluded. - Bernama
