The third day of the Malaysian Tech Week 2019 (MTW’19) saw a wide array of activities and events conducted concurrently throughout the city of Kuala Lumpur, from open talks, workshops to networking and pitching sessions.
Entrepreneur Insight is honoured to participate in a role-play simulation case-study by Fintech Lab, where participants are able to experience first hand the challenges and obstacles within Islamic Digital Economy (IDE) ecosystem and reacting by making smart business decisions.
Abdullah Hidayat Mohamad, Co-Founder & Managing Director at Fintech Lab, explains that IDE is an entirely new industry altogether, and there is a lot of money to be made in the sector. “Plenty of startups looking to venture into IDE need capital, but they also need extensive knowledge of how to be shariah compliant as well. This is where we come in,” said Abdullah.
Abdullah shares his vision of turning Malaysia into a global IDE hub, explaining that Malaysia’s startup ecosystem, trusted Halal industry, and Islamic Banking solutions, put Malaysia in the sweet spot of having the necessary framework to become the largest IDE hub in the world.
Entrepreneur Insight also attended a PropTech Pitch-Pit session hosted by UEM Sunrise, where tech startups in the property sector are able to pitch their ideas and business model in order to pursue business opportunities with the developer.
The goal of the session is to explore the possibilities of using tech and innovation to improve homeownership in Malaysia. Plenty of solutions were being presented, including the tokenisation of the rights to a property using blockchain technology, short term and long term rental solutions and an Own-To-Rent business model.
The winner of the Pitch-Pit session is Homecrowd, represented by their legal advisor Kevin Koo.
Homecrowd is a platform that tracks a homebuyer’s spending habits while factoring in their alternate sources of income, providing banks with a much more accurate picture of their credit reliability.
“I give all the credit to the founders and the team that made the company what it is today. I am just a lawyer, ” commented Kevin jokingly.