Infinity Blockchain Ventures Malaysia (IBVM), a company that provides advisory services on adopting blockchain technology, has signed a strategic partnership with Islamic banking and finance advisory firm Masryef Management House (MMH) to start building the blockchain community of Malaysia.
With blockchain and Islamic finance sharing the same core beliefs of transparency and trustworthiness, the partnership between IBVM and MMH is strategic and expected to bring major changes into both industries.
“Blockchain has the potential to change how industries work; it is not only immutable, it also allows businesses to be more transparent with their clients. With our partnership with Masryef, we are looking to expand it to the Islamic finance sector,” said Cris D Tran, the regional head and managing director of IBVM.
Khairil Anuar Mohd Noor, a principal of Masryef, added: “Blockchain and distributed ledger technology (DLT) can assist in enhancing the operations in banking, particularly in areas of data security and operational risk mitigation.”
Blockchain helps financial institutions to process payments faster and more accurately at lower processing costs, prompt quicker settlements and avoid errors and exceptions. DLT’s database of transactions and contracts maintained in a decentralized form across different locations and people eliminates the need for a central authority to check against manipulation, and also lowers the risk of cyberattacks.
IBVM brings four years of experience in the blockchain community to the table, while Masryef employs its coverage of the practices of three key centers of Islamic finance — the UAE, Malaysia and Saudi Arabia.
The partnership covers Islamic banking and finance, fintech and digital banking, and will see activities focused on blockchain and DLT including building awareness, training, research and events, as well as a joint effort in providing consulting services to financial institutions in Southeast Asia and the Middle East.