iSunOne-MPC Partnership to Develop First-Ever Islamic Financial Blockchain System in Malaysia
iSunOne, a financial services company, has collaborated with Malaysia Productivity Council (MPC) to develop the first-ever Islamic financial network based on blockchain technology. Explicitly, MPC was created as a joint undertaking between the Malaysian federal government and the United Nations Special Fund.
iSunOne is expected to be allocated more funds for the project, whereas MPC will be mandated with carrying out technological tests and proof-of-concept inquiries. MPC will also be tasked with motivating the government and the financial services sector to support and embrace blockchain technology.
According to Tian Chua, a noteworthy confidant of the Works Minister of Malaysia, Muslims comprise 24% of the global population. Nevertheless, 71% of them do not hold financial bank accounts.
“The financial system of the Islamic world is still very traditional and backward. In this promising market, iSunOne provides global digital banking services on blockchain and delivers an innovative solution for both Islamic finance and conventional finance. iSunOne protects personal privacy and can make a difference in Islamic finance.”
Chairman of iSunOne, Chen Ping, stipulated that Malaysia is a multi-ethnic nation and by selecting the company in steering the nation’s blockchain financial system depicted iSunOne’s expertise in this sector. As a result, iSunOne has an advantage due to the fact that it will deal with Islamic finance, a unique area, where interest is prohibited as risk/profit sharing is necessitated.
MPC is instigating the development of blockchain expertise in Malaysia as it has to come up with amicable strategies. Blockchain is set to be part of the fourth industrial revolution or 4IR based on its distribution and decentralized network.
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