This is an article that I wrote and was published in Islamic Finance Review (ISFIRE) February 2017 Magazine.
Some of the highlights are:
- Fintech or financial technology has become such a popular theme that there is hardly any day without news about how fintech is disrupting the financial world.
- High on the agenda of all events in 2016 and a hot topic in many discussions was how to deal with the impact of fintech disruption.
- Fintech was the salient features of World Islamic Banking Conference 2016.
- While there are some skeptics, majority are in agreement that fintech disruptions is real and there are huge opportunities for fintech in Islamic finance space.
- Islamic Banking and Finance are expected to hugely benefit from fintech and blockchain technologies that will help simplify transactions involving complex structures.
2017 looks very promising for collaborations for innovative solutions between fintech companies with the traditional financial services’ providers. We can expect to see more of the “platformification of banking” that kicked off in 2016. Platformification is a strategic partnerships between existing banks and startups toward becoming banking platforms. Platformification concept originates from the platform idea of plug-and-play business model that allows multiple participants (producers and consumers) to connect to it, interact with each other and create exchange value.