Malaysian PM Spotlights Potential of Fintech

May 7, 2019

Malaysia’s Prime Minister Mahathir Mohamad has a positive outlook for the use of financial technology (fintech), saying that innovations relating to fintech could bring about new financial and banking services in the country.

The Malaysian leader was speaking at the 15th Kuala Lumpur Islamic Finance Forum in early April 2019. Mahathir called on Malaysian banks and financial institutions to focus on the developments in the fintech arena in order to upgrade their businesses. He added that companies must now find applications for social media, artificial intelligence (AI), and big data analytics, in order to keep up with the changing business landscape.

The Malaysian premier said that neither conventional nor Islamic banking and financial institutions can afford to ignore these new technological developments.

Additionally, the Gulf Times reported that the introduction of digital Islamic banks and other online Islamic financial services has increased access to financial services for customers in the region. In several regions, many Muslim-majority countries are rolling out accelerators and incubators to bolster innovative fintech projects and startups.

Fintech news and media outlet, IFN Fintech, also revealed that there are now 115 Islamic fintech firms across 26 countries worldwide, carrying out a wide range of activities including crowdfunding, P2P finance, instant payments, digital banking, robo-advisory, and AI and data analytics.

Robocash Group, for example, is an online lending and funding marketplace that provides a digital personal financing tool carried out in compliance with Shariah law.

This service, including other projects, signals that there is still untapped potential in Islamic fintech in many countries.

Source: www.gulf-times.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Driving SEA’S Gig Economy Forwards With Blockchain
    Given the rise of the gig economy, it may be worth our while to explore this economy in the context ...

    January 22, 2020

    Securing SEA’s Financial Networks with Blockchain
    As cryptocurrencies gain wider use among Southeast Asians, so too must blockchain solutions be devel...

    December 30, 2019

    Thailand: The Land of Blockchain
    As the country forges ahead on its Thailand 4.0 development agenda, firm government commitment and s...

    December 27, 2019

    Blockchain for Safer, more Afforable Telecommunications in SEA
    This article examines the use of telecom services in Southeast Asia, the industry’s unresolved probl...

    December 16, 2019

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us