Canadian fintech firm Goldmoney , is seeking blockchain tech and sharia - compliant certification to carved out a place in Islamic finance in the Middle East and Southeast Asia . “Promoting competition is key as fintechs are likely to target under-served consumers and the unbanked and to drive cost to consumers down.” As the firm 's products , which will range from wealth management to insurance , are backed by reserved gold they fall in line with guidance issued by Bahrain - based Accounting and Auditing Organization for Islamic Financial Institutions . Singapore - based HelloGold is rolling out a similar platform to Goldmoney , eyeing Indonesia , the Philippines and Thailand in 2017 and China by 2019 . It is suggested that fintechs will likely drive down costs to consumers , targeting the under - served and unbanked .
Canadian fintech firm Goldmoney , is seeking blockchain tech and sharia - compliant certification to carved 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 insurance , are backed by reserved gold they fall in line with guidance issued by Bahrain - based Accounting and Auditing Organization for Islamic Financial Institutions . Singapore - based HelloGold is rolling out a similar platform to Goldmoney , eyeing Indonesia , the Philippines and Thailand in 2017 and China by 2019 . It is suggested that fintechs will likely drive down costs to consumers , targeting the under - served and unbanked .