Asia Pacific Investment Bank will be launching an Islamic Digital Finance Fund in Malaysia to invest in syariah-compliant financial technology start-ups.
APIB director Datuk Foo Yong Hooi said the bank is an advocator and is committed to fintech. It has been in collaboration with Ripple to explore ways to facilitate cross-border transactions more efficiently. Foo also believes that the impact of investing in digital finance goes beyond the financial industry.
Investing in fintech start-ups could be perceived as too risky and lack of substance. These investments come with high risk and some fintech start-ups have lofty ambitions without strong fundamentals. This is where the collaboration between APIB and OUD comes into play, said Foo.