FinTech is an abbreviation of two words; Finance and Technology. If you are new in this sector, Asia Blockchain Review is ready to get you started on the whole mission of mastering the industry of Blockchain and global technology. Recently, the government of Malaysia has identified Islamic finance and digital economy as Key Economic Growth Areas (KEGA) through its Shared Prosperity Vision 2030 (SPV 2030).
The “Global Move in Blockchain” was enacted to achieve a national commitment towards elevating the country to become a nation wide sustainable growth whilst ensuring an equitable and fair distribution from all sectors. This includes income of various groups, regions, ethnicities and supply chains.
Source: IRSA Youtube
The Prime Minister of Malaysia, Tun Mahathir, aimed to provide prosperity via growth for the nation of Malaysia as well as ensuring the unity of the rakyat (communities). On the 19th of November 2019, Malaysia Digital Economy Corporation (MDEC) organised an Islamic FinTech dialogue to unite and share insights and recommendations from industry key players with direct interest in the Islamic finance space, challenges, gaps, FinTech proposition and more.
The closed-door dialogue was attended by senior industry leaders from Islamic banking, Venture Capital, academicians, regulators, Takaful, FinTech, and Shariah advisory.
Globally known for being a strategic location for the ASEAN market, Malaysia became the perfect gateway for the Islamic FinTech with the support of Indonesia. Additionally, Malaysia is the third-largest economy in ASEAN by GDP. The comprehensive dialogue in the stage of Islamic FinTech was explored, as well as its cost-effective business environment and affordable living standards, and it became a union for various entities to take a leap of faith in the Islamic Finance Hub. Moreover, MDEC assists entrepreneurs with a sizable market to scale-up in its early stages.
As the global leadership status in Islamic Finance for Malaysia, the ambition of advancing the proposition of Value-Based Intermediation (VBI) finance makes everything an ideal engine of global financial inclusion. The framework being provided in Islamic FinTech companies provides a conducive environment to testify and launch projects or products for Malaysia to lead the Shariah compliance purpose for the global FinTech agenda.
With new developments and changes, challenges will arise as much as opportunities to be grabbed instantly. Some of the key elements that were discussed during the closed-door dialogues with prominent key players were the maturity of Malaysia on funding the needs of Islamic fintech startups, the lack of investment in Fintech of private sectors, scarcity of the local tech talent pool, the overall ecosystem of entrepreneurs and technologies in terms of remuneration, as well as a comprehensive communications towards the start-up ecosystem and salient points of FinTech products being under the purview of Bank Negara Malaysia and the Securities Commission.
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