Malaysia’s Islamic fintech sector has been having a ‘good pandemic’

The COVID-19 pandemic has given a shot in the arm to the digitalisation of Islamic finance in Malaysia, jolting this sluggish sector to finally move forward more quickly through collaborations between institutions and financial technology specialists.

Though the country boasts of being a hub for Islamic finance, its institutions have been slow to adopt fintech in the way that conventional finance has raced forward in the last decade. Banks in particular have been wary about delivering more digital services to their customers, but the pandemic has given them a fresh opportunity that some institutions have embraced.

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