KUALA LUMPUR, Jan 4 -- Malaysia Digital Economy Corporation (MDEC) will be leading a delegation of 20 Malaysian companies to Expo 2020 Dubai from Jan 9 to 15 to take part in the Malaysia Digital Economy Week that it is hosting.
Chief executive officer Mahadhir Aziz said the companies include those from the country’s thriving Islamic FinTech industry.
“Islamic Finance and FinTech are seen as a crucial pillar within the 12th Malaysia Plan (12MP) not just in driving a progressive, inclusive, and sustainable society, but towards expanding the country’s export market.
“Expo 2020 Dubai will serve as an important platform for these local Islamic FinTech innovators to reach a global market in line with MDEC’s vision for Malaysia to be an Islamic FinTech hub,” he said in a statement.
Mahadhir said Malaysia is gearing up to be the global leader in Islamic FinTech, with these companies paving the way forward.
Among companies joining the delegation are MicroLEAP (an Islamic and Conventional Peer-to-Peer microfinancing platform regulated by the Securities Commission Malaysia), TheNoor (a Muslim Lifestyle App launched by entrepreneur Noor Neelofa Mohd Noor), and Islamic digital investment management company Wahed Technologies.
According to Dinar Standard’s Global Islamic FinTech Report 2021, the Islamic FinTech market is projected to grow to US$128 billion (US$1=RM4.18) by 2025.
In 2020, the Islamic FinTech transaction volume within the Organisation of Islamic Cooperation countries is estimated at US$49 billion, while the halal economy is currently worth US$3.1 trillion and is projected to be worth US$5 trillion by 2030.
Malaysia, which ranks first in terms of market maturity, is among the top five Islamic FinTech markets based on transaction volume.
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