Cryptocoins News

#Malaysia is Perfect ‘Test Bed’ for #FinTech Development: Central Bank

Malaysia’s central bank said that the country is the ideal test bed for developing financial technology (fintech) solutions. Marzunisham Omar, assistant governor at Bank Negara Malaysia, explained that the growth of the sector has provided innovative opportunities within the financial industry. While the country’s central bank is keen to push a fintech agenda, its position on digital currencies is not as clear. Bank Negara governor Muhammad bin Ibrahim said that a blanket ban on cryptocurrencies was not out of the question. The bank is currently developing guidelines for them. Either way, by the end of the year, the bank is expected to reveal its position on the cryptocurrency market.

#Malaysia Woos #FinTech Devs for Shariah-Compliant Islamic Finance

Malaysia’s proximity in the ASEAN region and its mix of urban, suburban and rural population makes it a suitable environment for testing and launching FinTech solutions for the global Islamic Finance market. Datuk Yasmin Mohamood, CEO of Malaysia Digital Economy Corp (MDEC), has opened the country’s doors for FinTech startups and companies. Yasmin was speaking at the Finnovasia 2017 Conference in Kuala Lampur and claimed Malaysia as a viable test-bed for FinTech companies. He added that an organized FinTech ecosystem will be developed with the support of Bank Negara Malaysia and the country’s Securities Commission. In August last year, Bitspark partnered Malaysia’s Vitaxel to bring remittance solutions over the bitcoin blockchain. Later in December, Malaysian non-profit Blockchain Embassy Asia established a steering committee toward educating organizations about blockchain technology.

Payment App for Foreign Tourists Wins #FinTech Award in #Iran

ZPay, a payment application for foreign tourists in Iran, has won Bank Pasargad Iran’s award for best fintech innovation at the First Fintech Festival. ZPay enables foreigners to shop in Iran while keeping their money outside the country. Iran is doing much to improve its fintech standing. Earlier this month, it was reported that Iran had launched a FinTech Association to push for further development. And yet, while the capital Tehran is home to a growing number of local fintech startups, Iran still has a long way to go before it can be considered a fintech hub.

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