KOTA KINABALU, Nov 9 — The Sabah government, under the subsidiary company Sabah Credit Corporation, has launched its first financial superapp — Yono — for the state with the purpose of integrating its financial services.

State finance minister Datuk Seri Masidi Manjun said it signalled good progress in the state’s digitalisation journey and that he hopes other GLCs and people in Sabah will support its vision in becoming the state’s single platform for all its financial requirements.

Yono is the acronym for ‘You Only Need One,’ which reflects its vision of being a one-stop app for all Sabahans.

"Yono is a testament to Sabah Credit Corporation’s vision to contribute to the socio-economic development of Sabah,” said Masidi during the app’s grand launch today.

The superapp is also a next-generation extension of Sabah Pay, a mobile payment collection app set up three years ago for the state which streamlines reconciliation procedures.

In the last three years, Sabah Pay collected a total of RM46 million up to October 31, 2023, for state government agencies from 131,000 registered users.

Sabah Credit Corporation CEO George Taitim Tulas said that partners in Yono include Alibaba Cloud, Payments Network Malaysia, Sunline Technology, Raffcomm, Agmo Studio, Jabatan Cetak Kerajaan Sabah, Opus Asset Management, Great Eastern, Fass Payment Solutions, CTOS Data Systems, and Koha Digital.

Yono will have a new e-wallet, YonoPay, as well as various other financial products such as mutual fund investments and loan facilities.

Tulas said that the Yono app will have an effortless loan application process, with approval granted in just one minute, giving individuals quick access to the funds they need.

The app offers two main loan products, the Small Instant Credit Facility and the Loyalty Instant Loan, catering to various financing needs and ensuring flexibility for every user, with generous borrowing limits, depending on the loan product chosen.

"Yono offers highly competitive interest rates, with the potential to secure rates as low as 1 per cent allowing individuals to borrow funds while maintaining affordable and manageable repayments,” he added.

"Yono guarantees the utmost security and privacy, eliminating concerns about high-interest money lenders, electronic scammers, or illegal loan sharks. It provides a self-service, secure platform for individuals seeking a safe and reliable financial solution.”