By KEVIN WONG / Pic By ISMAIL CHE RUS
Financial technology (fintech) savings platform HelloGold has received Shariah certification for its latest product, HelloGold Token, the company’s third initiative that is deemed Shariah-compliant by the Shariah Supervisory Board of Amanie Advisors Sdn Bhd.
Amanie Advisors founder Datuk Dr Mohd Daud Bakar said in a statement that the group aims to empower more innovative solutions providers like HelloGold in Islamic finance with specialisation in financial services, Shariah advisory and consultancy.
“More and more banking institutions are embracing Shariah to reach those who remain excluded from conventional bank accounts and investment opportunity, and it is a great step forward financial inclusion,” he said.
Earlier this year, HelloGold had launched the world’s first tokenised gold product, GOLDX, an ERC20 token which represents ownership of fully allocated investment grade gold on blockchain.
HelloGold also received recognition at the recent World Economic Forum on Asean 2018 in Hanoi, Vietnam.
The fintech platform was chosen by a panel of judges from start-up accelerators venture capital funds, technology experts and media leaders for its dynamism and innovative contribution to financial and economic inclusion.
HelloGold CEO Robin Lee (picture) said in a statement that HelloGold’s mission is to democratise asset-based savings and lending products for the underserved and the unbanked in emerging markets through digitisation.
“In addition, Shariah compliance crucially ensures no one is excluded regardless of religion and culture,” he said.
He added that HelloGold uses blockchain technology to enable their customers to access affordable financial products and services, starting with gold.
HelloGold’s products revolve around a business model that allows users to buy and sell gold, and eventually other financial assets, using an app. The gold is placed in secure, insured vaults in locations like Singapore and soon, in Dubai, and can be used for savings or as collateral for loans.
With a strong presence in South-East Asia, HelloGold’s mobile app is the world’s first Shariah-compliant fintech gold app used to buy and sell gold.
To date, HelloGold has more than 85,000 downloads, while being awarded Independent Regulatory Board for Auditors’ Most Innovative product.
Islamic fintech needs a synchronised, focused initiative to penetrate rural areas