KUALA LUMPUR (May 29): More Islamic industrial providers are needed to further strengthen Malaysia’s position as the leading Islamic fintech hub, said home-grown digital economy enabler Cardtrend Systems.
Cardtrend Systems managing director Chee Yong Mok said if Malaysia were able to get more Islamic industrial providers to get involved in the Islamic fintech market, the country would share a bigger pie in the global Islamic fintech market.
“I believe Islamic fintech has become the new center of interest for information technology start-ups and development since the Islamic Digital Economy has been identified as one of the Key Economic Growth Activities in Shared Prosperity Vision 2030 by the government,” he told Bernama in an interview.
He said all relevant parties should work together to consolidate all resources to develop the industry and solution providers should also work together to avoid unnecessary competition.
“I believe all industry players should plan and find its unique selling point before embarking on the Islamic fintech industry.
“We need more participants in the industry, but more importantly, we need someone who has the will and preparation to be here for a long time,” he said.
Chee noted Dinar Standard’s Global Islamic Fintech Report 2021 predicted that the Islamic fintech market has the potential to grow up to US$128 billion (RM542 billion) by 2025 globally.
Citing the Fintech News Malaysia, he said this gives industry players plenty of room to grow in Malaysia because less than 5% of fintech companies operating in Malaysia are catered to Islamic fintech.
“So, the demand for more trustworthy and secure Islamic industrial providers quality and in the region is rising every day.
“With the current market positioning and planning, I think Malaysia’s potential in remaining as the leading country in the Islamic fintech industry is promising,” he said.
As at Dec 31, 2021, the number of platform operators with options to offer shariah-compliant financing to the various segments of micro, small, and medium enterprises had increased to six, compared with four in the previous year, according to the Securities Commission Malaysia’s annual report 2021 released on March 28.
Meanwhile, Chee said Cardtrend Systems has just registered with Malaysia Digital Economy Corp (MDEC) in the Islamic Digital Economy Community.
“Our plan is to embark on our Islamic fintech journey alongside MDEC’s programs and guidelines so that we can stay relevant to the mainstream Islamic fintech Industry.
“Cardtrend Systems’ goal is to be one of the leading solution providers catering to the region’s Islamic digital economy needs particularly in the aspect of digital lifestyle and contribute our expertise in digital transaction-related services,” he said.
Cardtrend Systems is a digital economy enabler that offers a range of comprehensive and secure services such as the FleetOps Backend System, LoyaltyOps Backend, and iAuth, iPricer, iCrypto, among others.