Malaysian investors waking up to Islamic tech start-ups, underserved by lack of innovation, say accelerators
Photo for illustrative purposes only. Rear view of computer programmers working at a desk
Investor interest in Malaysian Islamic economy-focused technology start-ups is starting to grow but the sector is underserved by a lack of innovation, say local accelerators keen to nurture more Shariah-compliant businesses.
Johnny Mayo, general manager of SuperCharger said that increasingly, more of the banks and financial institutions that support the fintech accelerator's start-ups have been emerging from the Islamic segment. These investors, said Mayo, are “quite forward-thinking” but are underserved by the shortage of technology available to them.
“The Islamic finance institutions I’ve been speaking to have really been struggling to go out there and find the technologies they need,” Mayo told Salaam Gateway on the wings of the SCxSC fintech conference organised by the Securities Commission Malaysia last week.
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