A New York-based fintech start-up, backed by Australian and US entities, will launch an Islamic digital payment platform over the next few weeks, riding on the Islamic fintech wave to capture the burgeoning multitrillion dollar Shariah finance universe.
Led by Sino United Worldwide Consolidated and QQ Pay in Australia, SUIC QQPay USA confirmed that it will roll out QQ Fintech Payment Platform, its Shariah compliant non-bank cross border payment platform in July.
“SUIC QQPay USA stands a very good chance in making inroads to a niche SME market segment that previously had no choice. By adhering to Shariah principles, the company is going to set standards for rolling out the novel concept of ‘Shariatization’ of an economy segment where growth of digital financial services would exclusively cater to millions of Muslims around the world. Financial services are further being innovated from the ground level by leveraging modern technology with core traditional values kept intact to serve this market segment,” Faizel Ismail, the co-founder and chief expansion officer of QQ Fintech, shared.
With operations in Australia, the US, Canada, Singapore and Malaysia, the start-up in a statement said that SUIC QQPay USA and its partner, QQ Fintech, “designed a unified fintech payment platform to serve the global Halal economy which is estimated to grow to US$3 trillion by 2024 a ta cumulative annual growth rate of 3.1%, as more opportunities arise in terms of tokenization of Sukuk within Islamic fintech, supply chain shifts, food security investments, nutraceutical demand, domestic tourism and accelerated digital transformations.
As at the 30th June 2021, there are 28 fintech start-ups operating with the Shariah compliant payments, FX and remittance space as identified by the IFN Islamic Fintech Landscape.