The stakeholders and different ecosystem members of the Islamic Fintech sector have outlined key precedence areas that they consider will assist with reinforcing and selling monetary inclusion in Malaysia.
The REDmoney Group, an Islamic Finance Information writer, and the Malaysia Digital Financial system Company (MDEC) have beneficial that trade members ought to set up an Islamic Fintech taskforce. They’ve additionally prompt that there needs to be tasks that concentrate on supporting digital and Islamic monetary literacy initiatives.
REDMoney and MDEC additional famous that Fintech trade gamers ought to type “smart” partnerships whereas additionally supporting initiatives that may assist conventional Islamic establishments with their digital transformation methods.
“Instrumental to the success of these initiatives are the collaborations between industry participants – startups, financial institutions, religious bodies, as well as the government and regulators.”
The important thing precedence areas for Islamic monetary know-how growth had been reportedly ready after receiving suggestions from decision-makers and different Fintech ecosystem leaders who attended the Islamic Fintech Dialogue 2020: Driving Monetary Inclusion by means of Islamic Fintech occasion (held just about in May 2020).
REDMoney and MDEC famous:
“The key findings from the dialogue session are in line with the government’s Shared Prosperity Vision 2030, an initiative that aims to leverage on the country’s Islamic finance global leadership and digital economy aspiration to create sustainable growth while ensuring fair and equitable market access for all Malaysians.”
Surina Shukri, CEO at MDEC, remarked:
“While much larger businesses and corporates can navigate and pivot quickly to digitalise, most small businesses are still struggling to survive. In fact, financial inclusion is now one of the primary factors that will sustain and drive forward the economy. The end-goal is to ensure that the micro, small and medium enterprises (MSMEs) will be empowered via Islamic fintech and financial inclusion.”