Malaysia has announced its first-ever partnership with a private company to facilitate financial services geared towards the Islamic world utilizing blockchain technology.

According to Business Insider (Malaysia), TideiSun Group (iSunOne) will be working with the Malaysia Productivity Council (MPC) on a blockchain system for Islamic financial services.

MPC and iSunOne to Move Entire Islamic Financial World Forward

The partnership was announced by iSunOne, which highlighted that the platform resulting from its collaboration with MPC would be the world’s first to come from a partnership with the Malaysian government and to be focused directly at accommodating Islamic financial services.

MPC Chairman Tian Chua explained, “24% of the world’s population is Muslim, of which 71% do not have financial bank accounts. The financial system of the Islamic world is still very traditional and backward.” 

“iSunOne provides global digital banking services on blockchain and delivers an innovative solution for both Islamic finance and conventional finance.”

TideiSun Group Receiving Full Backing from Malaysian Government

iSunOne is recognized as a leading global blockchain financial services provider and is set to receive full support from the Malaysian state via MPC.  On top of funding research and development by iSunOne, Chua said, “MPC will promote iSunOne in the Malaysian financial industry, including banks, payment sectors,  securities trading firms, and the Malaysian government.”  

Chen Ping, Chairman of iSunOne, outlined that the company “provides a wide range of fintech services including e-wallet, trading, asset management to a global user base,” before pointing out that “in Islamic finance which prohibits interest and requires risk/profits sharing, iSunOne has a unique advantage.”

Source: www.businessinsider.my

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