With building blocks in place, #Malaysia says it’s ready to welcome Islamic fintech investors
The Islamic fintech space is growing in Malaysia, with recent entrants and an expanding consumer base. Government support and related initiatives are helping to drive the sector’s development. There are currently some 26 Islamic fintechs operating out of the country. While Malaysians have the possibility to bank in a Shariah-compliant manner, Islamic fintech has not yet reflected the same range of services that conventional fintech has offered, particularly in North America, Europe and China. Such gaps in the market have yet to be tapped, but there is a ready market for such services. A new digital bank could drive sectoral development, with Bank Negara Malaysia granting five licenses, with one potentially an Islamic provider.
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