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Malaysia pins high hopes on Fintech sector

The Securities Commission Malaysia (SC) seeks to broaden Islamic financial technology (fintech) in the country’s capital market via its FIKRA Islamic Fintech Accelerator Programme (FIKRA).
Malaysia pins high hopes on Fintech sector ảnh 1The Securities Commission Malaysia (SC) seeks to broaden Islamic financial technology (fintech) (Photo: )

Kuala Lumpur (VNA) - The Securities Commission Malaysia (SC) seeks tobroaden Islamic financial technology (fintech) in the country’s capital marketvia its FIKRA Islamic Fintech Accelerator Programme (FIKRA).

Addressing a ceremony to launch FIKRA on May 25, SC Chairman Datuk Syed Zaid Albar said Islamicfintech in the Malaysian capital market is still at a nascent stage, but thereis great potential for exponential growth with the right ecosystem.

FIKRA is a collaboration between the SC and the United Nations CapitalDevelopment Fund (UNCDF).

It aims to identify andscale relevant Islamic fintech solutions that can help address three mainchallenge areas, namely new Islamic capitalmarkets (ICM) offerings, accessibility and social finance integration.

With global Islamic financeassets projected to grow to close to 4 trillion USD in 2024, the use of digitaltechnology will be key for Islamic nations to enhance their potential, Syed Zaid said./.
VNA

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