Malaysia's central bank says that the country is an ideal "test bed" for new FinTech solutions, with access to the Asian digital population which is expected to rise from 670 million to 1.7 billion by 2020.
n March, it was reported that Malaysia’s proximity in the ASEAN (Association of the Southeast Asian Nations) region made it the ideal environment for testing and launching fintech solutions for the global Islamic finance market. According to the report, 61 percent or 18.4 million people are Muslims. This provides a unique opportunity for fintech solutions that are compliant with Islamic law. At the time, Datuk Yasmin Mohamood, chief executive of Malaysia Digital Economy Corp (MDEC), said that Malaysia is among the ‘global key players in Islamic finance.’