iSunOne works with the Malaysian government to build the world’s first Islamic financial system on blockchain
KUALA LUMPUR, MALAYSIA – Media OutReach – 10 September 2019 – TideiSun Group (iSunOne) announced its partnership with Malaysia Productivity Council (MPC), making the platform the first in the world to work directly with the Malaysian government to provide Islamic financial services with blockchain technology.
Mr. Tian Chua, Chairman of MPC, expressed his welcome to this cooperation: “24% of the world’s population is Muslim, of which 71% do not have 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. MPC will promote iSunOne in the Malaysian financial industry, including banks, payment sectors, securities trading firms, and the Malaysian government. MPC will arrange proof-of-concept trials and technology testing for suitable solutions.”
Mr. Chen Ping, Chairman of iSunOne, TideiSun Group said: “With more than 5 years of experience in blockchain technology development, iSunOne provides a wide range of fintech services including e-wallet, trading, asset management to a global user base. Malaysia as a multi-ethnic country choosing iSunOne as the country’s blockchain financial services provider affirmed iSunOne’s strength in blockchain technology and finance. Especially in Islamic finance which prohibits interest and requires risk/profits sharing, iSunOne has a unique advantage.”
MPC will allocate more funding for iSunOne to build an Islamic financial system on blockchain. MPC will formulate measures to encourage the application of iSunOne by commercial organizations, and draw up in the near future strategies for training blockchain technology-related talents. To overcome the obstacles faced by iSunOne (such as financial products, registration, license application, etc.), MPC will recommend government departments to consider the need to introduce regulatory measures on such technological adoption in light of future development. MPC Chairman Mr. Tian Chua is also vice-president of Parti Keadilan Rakyat (PKR, or The People’s Justice Party) and a Special Advisor to Works Minister of Malaysia.