Malaysia's Prime Minister Mahathir bin Mohamad/Bloomberg

Technology

PM Mahathir urges Islamic banking sector to invest in technologies

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The Prime Minister said that the application of smart technology within the financial industry has positively disrupted the industry as well as other industries such as mobile payments, money transfers, loans, fundraising and asset management.

Wednesday 10, April 2019 BY KUDAKWASHE MUZORIWA

Malaysia’s Prime Minister has urged the country’s Islamic lenders and financial institutions to invest in technologies to transform the way they conduct banking services and disseminate their products more effectively and efficiently.

Prime Minister Mahathir bin Mohamad said that the latest technology embraced by fintech leverages on the internet, mobile devices as well as social media integration, big data analytics and artificial intelligence makes financial transactions more automated, user-friendly and more convenient.

Speaking at the 15th Kuala Lumpur Islamic Finance Forum 2019, the Prime Minister said that the potential disruptions to traditional Islamic finance should not be underestimated, adding that the disruptions can swing both ways, reported local daily, The Edge Markets.

TAGS : Prime Minister Mahathir bin Mohamad, fintech, Islamic finance

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