Malaysian telecommunications company U Mobile has released a Shariah compliant digital gold trading platform on its e-wallet, taking advantage of the demand for Muslim-friendly digital investment alternatives.
Branded as GoGold, and available on the GoPayz digital wallet, the new service is made possible through a collaboration with gold bullion trader ACE Capital Growth.
“With GoGold, users enjoy huge flexibility as digital gold purchase may be made from as low as RM5 (US$1.18). The purchase may also be made via the GoPayz e-wallet and if desired, the digital gold purchased may also be converted to physical gold seamlessly. We believe this is another way that GoPayz is making digital financial services accessible and affordable,” said U Mobile’s chief marketing officer, Jasmine Lee.
U Mobile claims this is one of the lowest gold price spreads in the Malaysian market currently. GoGold joins Malaysia’s growing community of providers including the world’s first Shariah compliant certified digital gold start-up HelloGold, and existing financial institutions such as Maybank which have rolled out similar services.