Rising Islamic fintech scene in Southeast Asia
With 25% of the world’s population of Muslims residing in Southeast Asia, large majorities of Indonesia’s and Malaysia’s population identify as Muslim, at 87% and 66% respectively. According to statistics, Islamic financial assets are likely to reach an estimated worth of $3.9 trillion USD by 2023. With Islamic fintech on the rise, it appears these startups will increasingly become a key contributor to this net worth.
In light of the more central role Islamic fintech startups in Southeast Asia appear destined to take, this article will give you insight into what Islamic finance is, and the current scene in the region.