Malaysia has announced it’s the first-ever partnership with a private company to make easy financial services geared towards the Islamic world using blockchain technology.
It has been reported that according to Business Insider (Malaysia), TideiSun Group (iSunOne) will be working with the Malaysia Productivity Council (MPC) on a blockchain system for Islamic financial services.
MPC and iSunOne Moves Entire Islamic Financial World Forward
The partnership was announced by iSunOne, which highlighted the platform resulting from its partnership with MPC, which would be the world’s first to come from a partnership with the Malaysian Government and to be focused directly at accommodating Islamic financial services.
Tian Chua, the Chairman of Malaysia Productivity Council (MPC), explained:
“24% of the world’s population is Muslim, of which 71% do not have financial bank accounts. The financial system of the Islamic world is still very traditional and backward.” Tian Chua
“iSunOne provides global digital banking services on blockchain and delivers an innovative solution for both Islamic finance and conventional finance.” Tian Chua
iSunOne is also recognized as a leading global blockchain financial services provider and is set to receive full support from the Malaysian state through MPC. On top of funding research and development by iSunOne, Chua stated:
“MPC will promote iSunOne in the Malaysian financial industry, including banks, payment sectors, securities trading firms, and the Malaysian government.” Tian Chua
Chen Ping, the Chairman of iSunOne, defined that the company “provides a wide range of fintech services including e-wallet, trading, asset management to a global user base,” before pointing out that “in Islamic finance which prohibits interest and requires risk/profits sharing, iSunOne has a unique advantage.”