Canadian fintech firm Goldmoney, is combining blockchain tech and sharia-compliant certification to carve out a place in Islamic finance in the Middle East and Southeast Asia. While it’s too early to determine fintech firms’ impact on financial stability, potential regulations could help ensure consumer protection, Lee added. As the firm's products, which will range from wealth management to remittance, are backed by reserved gold they fall in line with guidance issued by Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions. The company has already been working on its first product, an online platform that allows users to track their assets using cryptocurrency. It is suggested that fintechs will likely drive down costs to consumers, targeting the under-served and unbanked.
Canadian fintech firm Goldmoney, is combining blockchain tech and sharia-compliant certification to carve out a place in Islamic finance in the Middle East and Southeast Asia. As the firm's products, which will range from wealth management to remittance, are backed by reserved gold they fall in line with guidance issued by Bahrain-based Accounting and Auditing Organization for Islamic Financial Institutions. The company has already been working on its first product, an online platform that allows users to track their assets using cryptocurrency. It is suggested that fintechs will likely drive down costs to consumers, targeting the under-served and unbanked.