Perkembangan Sektor Perbankan di Pulau Pinang: Kajian Berdasarkan Akhbar-akhbar Terpilih, 1942-1945 (The Development of the Banking Sector in Penang: A Study Based on Selected Newspapers, 1942-1945)

Abstract

This paper examines the development of the banking sector in Penang during the Japanese occupation between 1942 and 1945 which was analyzed through reports in newspapers such as the Syonan Shimbun, Penang Shimbun and Malai Sinpo. The discussion focused on banking programs introduced by the Japanese Military Administration that have contributed to the development of the banking sector in Penang. This paper uses qualitative research methods that use primary sources from the National Archives of Malaysia Kuala Lumpur, Malaysiana collection, and Hamzah Sendut Library Archives at Universiti Sains Malaysia (USM), the National Archives of Malaysia Penang branch, and the National University of Singapore (NUS) Digital Library Archives, as well as secondary sources from the Hamzah Sendut 1 USM Library and the Penang Public Library. The use of Syonan Shimbun, Penang Shimbun and Malai Shinpo newspapers in this study is due to the fact that these newspapers have the strength in terms of the presentation of current reports that can be substantiated by the statements of historical documents such as BMA Records CASM (FIN) 012 and D.C.C.A.O 184/1945. The study found that the banking sector in Penang developed progressively following the opening of many foreign and local banks, all of which were fully controlled by the Japanese Military Administration. The introduction of a lottery scheme, a fixed deposit scheme with a bonus, a savings account bonus scheme, a free movie ticket scheme for weekly savings, and a continuous savings campaign by the Japanese Military Administration has further boosted the banking sector in Penang. The aim of the implementation of these banking programs was to control the problem of inflation due to the uncontrolled printing of banana money.