Ewon encourages cooperatives to venture into heritage asset industry

6 October 2023

By AVV

KUALA LUMPUR: Minister of Entrepreneur Development and Cooperatives, Datuk Ewon Benedick, launched Rakyat Trustee Berhad (RTB), an estate management company, and encouraged cooperatives to enter the heritage asset industry.

He stated that the heritage business has great potential and provides opportunities for cooperatives to expand their business areas.

"In light of this, I urge cooperatives, especially credit cooperatives, to take the opportunity to collaborate with trust companies and make this field a new source of income for cooperatives.

"I also hope that RTB's cooperation with cooperatives can be improved and open up opportunities for cooperatives to generate income through this business," he said during the ceremony.

Ewon said RTB's involvement in the inheritance industry will create healthy competition in the industry to produce the best products for customers.

In addition, he said, it will also add new options to the public who want to subscribe to inheritance products such as wills, grants and inheritance.

"I understand that RTB is the first company to run heritage business entirely digitally. "

"This digital business medium will certainly make it easier for customers to deal in terms of time and energy to get information and do the administration of the estate later," he said.

Ewon also suggested that RTB and other trust companies to find the best way to convey information to the public about the importance of planning and administering estates.

"By making advance plans such as a will or grant, it will facilitate the administration of the estate in future and avoid frozen property.

"In this regard, RTB can hold a seminar with relevant agencies to discuss the best method of dealing with the issue of frozen assets so that the inheritance issue can be resolved effectively."

"I also suggest that RTB hold a workshop or seminar related to inheritance so that the cooperatives understand the inheritance products offered," he said.

At the ceremony, Ewon also witnessed the handing over of the Memorandum of Agreement (MOA) and Memorandum of Understanding (MoU) with RTB's cooperatives and strategic business partners.

Also present were the Secretary General of the Ministry of Entrepreneur Development and Cooperatives Dato' Sri Suriani Dato' Ahmad, RTB Advisor Tan Sri Dr. Mohd Daud Bakar and Executive Chairman of the Malaysian Cooperative Commission (SKM) Rusli Jaafar.