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Financial Technology Initiatives in Malaysia
Financial technology, or widely known as Fintech is a technological innovation applied in the provision of financial services. Fintech innovation has become a global trend and started to provide solutions to Islamic finance challenges. In Malaysia specifically, Islamic financial institutions have been incorporating Fintech in their offerings including to have a more efficient and effective way of distributing social finance funds electronically to targeted deserving communities such as waqf and sadaqah and also risk-sharing investment account as alternative funding for SMEs as part of Value-Based Intermediation (VBI) strategies.