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.
KUALA LUMPUR: Malaysia possesses the necessary elements to become a global leader in Syariah-compliant digital finance, according to Nirbhay Handa, CEO of Singapore-based startup Multipolitan. Handa believes Kuala Lumpur should establish its unique position in the digital asset ecosystem by leveraging Malaysia's established Islamic finance sector instead of competing with international financial hubs.
He advises Malaysia to concentrate on attracting institutional participation in the digital asset ecosystem, rather than depending solely on retail investors. The country has the potential to lead in Syariah-compliant digital finance due to the presence of certified digital assets, specialized exchange accounts, asset-backed tokens, crypto mutual funds, and non-interest staking protocols.
These products adhere to Islamic finance principles by avoiding interest, excessive speculation, high uncertainty, and involvement in prohibited industries. Multipolitan, founded in 2024 by unicorn tech entrepreneurs, provides a global migration and international mobility platform that aims to modernize the complex immigration industry.
Handa also highlights Malaysia's strategic location, access to skilled talent, and competitive operating costs, making it an attractive location for regional operations.
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