The IsDB’s Islamic Corporation for the Development of the Private Sector (ICD) has, along with two software development companies, formed a consortium to develop a new financial literacy platform powered by blockchain and artificial intelligence (AI).
Under the partnership, blockchain software developer RNS Solutions, which has offices in Pakistan, Korea and Singapore, and Saudi software development and consultancy firm Trustedchain will jointly develop FinLit, a platform designed to provide financial education through a learning management system and AI chatbot support systems. The platform will also feature a crowdfunding lab based on blockchain technology.
“FinLit will provide various modules from financial learning by hackathons, webinars and tracking, to project exhibition. Each project will have tokenized equity for start-ups and enable investors to make secure and profitable decisions regarding project funding,” Dr Shakil Muhammad, the chairman of RNS Solutions, explained.
The crowdsourcing modules will employ Antlia, a scalable and interoperable blockchain that helps the FinLit platform interact with different currencies, Dr Mohammad Alqarni, CEO of Trustedchain, said. He added: “The platform includes a detailed learning tracking system that will guide the user through setting up goals, enrolling in courses and advancing in their own personal financial literacy.”
The platform is targeted at youths, but will be available to everyone, including SME owners and entrepreneurs.