KUALA LUMPUR: RHB Islamic Bank Bhd (RHB Islamic) will be developing an e-commerce financing platform aimed to serve the digital entrepreneurs in Malaysia.
RHB Islamic managing director and chief executive officer Datuk Adissadikin Ali said the new platform, which will be introduced next year, is developed with a financial technology company (FinTech).
He said the new funding platform is a new initiative for the bank to leverage on the rapidly growing industry growth.
"With the existence of Digital Free Trade Zone (DFTZ) that offers business opportunities to local entrepreneurs, we are aware of the many needs in the financing that can be offered to them.
"This venture is also an important step in view of the funding potential as we believe many entrepreneurs in e-commerce space are facing difficulty in getting financing due to the status of their new company," he told the media after chairing the CEO Forum in conjunction with the International Halal Showcase Malaysia MIHAS) in Kuala Lumpur yesterday.
Also present at the panel were Maybank Islamic Bhd's chief executive officer Datuk Mohamed Rafique Merican Mohd Wahiduddin, Standard Chartered Saadiq Malaysia chief executive officer Ali Allawala, Malaysia External Trade Development Corporation (MATRADE) chief executive officer Dr Mohd Shahreen Zainooreen Madros and the Dean of the Faculty of Economics and Muamalat Universiti Sains Islam Malaysia (USIM) Associate Professor Dr Amir Shaharuddin.
OCBC Al-Amin Bank Bhd chief executive officer Syed Abdull Aziz Syed Kechik acted as moderator of the forum.
Adissadikin said the financing platform is something new in the financial institutions, noting that RHB Islamic developing it systematically to serve at optimum for local entrepreneurs.
"Given that it's something new in the industry, we are implementing various references including risk management to ensure it can be implemented successfully.
"As such, I have not been able to assure that the real time period can be realised, but it is expected by next year.
"This is a great opportunity for RHB Islamic to explore the potential of shariah-compliant financing which is expected to grow rapidly in line with the government's desire to drive the digital economy," he said.