Providing open banking solutions to the fintech sector
This article is produced and sponsored by Architecht. It was first published in the Global Islamic Fintech Report 2021 produced by DinarStandard and Elipses. The report can be downloaded from here.
Digitalization has been picked up pace during the pandemic, new products, services, new customer behaviors, and innovative business ideas have emerged worldwide, and thus new business processes. The business model called "Islamic Fintech" in the literature can shortly be defined as an adjustment of financial, technological developments to Islamic finance and ethical finance. Islamic fintech companies are essential since they can focus on niche fields where the conventional instruments cannot. In recent years, we have seen some successful examples of this business model, which created its ecosystem to a great extent.
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Mücahit Gündebahar, CEO, Architecht