iFintechs, or, Islamic fintechs, are seeing rapid growth and opportunities in Southeast Asia. Malaysia, an ASEAN emerging economy of 32 million, was named the leader in the iFintech hubs maturity model. The ASEAN nation of 32 million boasts high growth and high conduciveness, according to the 2021 Global Islamic Fintech Report.
Malaysia is also number one out of 64 key iFintech markets worldwide when measured by the GIFT (global Islamic fintech) Index, showing the most robust ecosystem supporting the industry.
Six countries in the Asia Pacific made it to the top 20 of the report’s country index list: Indonesia (4th place), Pakistan (8th), Singapore (12th), Hong Kong (14th), Australia (16th), and Bangladesh (19th).
The report, produced by Islamic economy management consultancy DinarStandard and ethical digital finance advisory and investment firm Elipses, counted 241 iFintechs worldwide, with 62 in Southeast Asia. The GIFT Index looked at 32 indicators covering five categories: Islamic fintech market and ecosystem, talent, regulation, infrastructure, and capital.
Malaysia and Indonesia digital economy and Islamic finance
Malaysia and Indonesia both have substantial Muslim populations and governments who are driving Islamic economy aspirations. Malaysia has its Shared Prosperity Vision and Indonesia has its National Shariah (Islamic law) Economy Plan.
“The government has identified the digital economy and Islamic finance as key catalysts in its Shared Prosperity Vision. With...
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