Malaysia can emerge as a global pioneer in Syariah-compliant digital finance
KUALA LUMPUR: Malaysia possesses the necessary ingredients to be a global pioneer in Syariah-compliant digital finance, driven by the emergence of blockchain innovation and efforts to develop the world's first Syariah-compliant products within crypto banks, a global mobility entrepreneur said.
Malaysia has the potential to become a global pioneer in Syariah-compliant digital finance, according to Nirbhay Handa, CEO of Singapore-based start-up Multipolitan. The country's established Islamic finance ecosystem, coupled with blockchain innovation, could enable Malaysia to develop the world's first Syariah-compliant products within crypto banks.
Handa emphasized that Malaysia should focus on building greater institutional participation in the digital asset ecosystem rather than relying on retail investors, as the latter tend to be more speculative and vulnerable to market downturns.
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