Sunday, June 16, 2024
Editor's PickMonthly Review: November

Monthly Review: November

Here are the top Islamic fintech stories in November.

Blockchain and cryptocurrency

  • Blockchain-based cash Waqf platform Digiwaqf is set to launch in mid-November this year.
  • Malaysia-based Fusang Exchange detokenized its first listed digital sovereign-linked Sukuk, completing a proof-of-concept for greater enhancement of institutional Sukuk tokenization.
  • New energy technology firm from Australia Brighsun EV Group issued Shariah compliant security token known as RAMZ to raise fund for the first batch of its car production.

Digital banking

  • Kuwait Finance House introduced the Shariah compliant Tam Digital Bank.

Funding

  • Islamic buy-now-pay-later (BNPL) Tamara secured US$250 million in financing I ndeals led by Goldman Sachs and Shorooq Partners
  • Saudi’s Tabby became the first Islamic fintech unicorn as it secured a US$200 million Series D funding.
  • Saudi Islamic fintech start-up LYNK raised an undisclosed amount of investment which will be used to develop new products and expand its geographical footprint.

Islamic enablers

  • Halal Development Corporation partnered with Funding Societies to improve Halal MSMEs’ access to Shariah complaint digital financing facilities
  • Malaysia Digital Economy Corporation signed an MoU with the Association of Participation Banks of Turkiye to promote the Islamic fintech and Halal sectors in Malaysia and Turkiye.
  • Qatar Financial Centre launched the Digital Assets Lab to bolster distributed ledger technology innovation.

TakaTech

  • Takatech startup Ouch! reveals plans to introduce new products in 2024.
  • Watania Takaful and insurtech seed fund Shory are exploring collaborating on a range of new digital-backed offerings for the UAE.

Trading and investment

  • Maybank Asset Management launched Shariah compliant Hyper-Customised Discretionary Portfolio Mandate that leverages artificial intelligence (AI) and advanced data analytics to construct portfolios.
  • Wahed has secured a financial service permission to operate in Abu Dhabi Global Market

IFN Fintech Landscape Updated

We added three fintech start-ups in November, bringing the total to 390.

Verticals: Alternative finance saw one new entrant (LYNK), blockchain and cryptocurrency saw one new entrant (Fusang) and trading and investment saw one new entrant (eToro).

Countries: Hong Kong saw one new entrant (Fusang), Saudi Arabia saw one new entrant (LYNK) and the UK saw one new entrant (eToro).

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