Islamic Fintech Startups On The Rise In Southeast Asia

Islamic Fintech Startups On The Rise In Southeast Asia

Islamic fintech firms in this region are providing digital services with wide appeal.. Islamic finance follows principles spelled out in sharia, Islam's body of religious law.. When making a bank deposit, you'd earn a specified share of the bank's profits on the money rather than interest.. For a business loan, you would pay back the principal plus a share of your profits.. An Islamic financier wouldn't trade in casino bonds, and many now avoid tobacco-related investments as well.. Though Islam isn't the state religion, Indonesia's government actively promotes a progressive sharia economy.. Malaysia, a fast-developing nation with over 20 million Muslims among its 33 million, does support Islam as the official religion and has long been a center of Islamic finance.. Ethis, based in Singapore with a growing network of country offices, is the region's best-known Islamic fintech.. Keep youreye on Islamic fintech from Southeast Asia.. In 2011, I founded Golden Gate Ventures, an early-stage VC firm in Asia, managing over US$250M with over 45 investments to date.. Prior to setting up Golden Gate Ventures, I built two startups in Silicon Valley: Meetro, a location-based chat service which was dissolved with many lessons learned in 2007; and Lefora, a forum