Malaysian tech startup Freya Capital Sdn. Bhd. has signed a Memorandum of Understanding (MoU) with the United Arab Emirates’
(UAE’s) National Bonds, the private joint stock shareholding company under the Investment Corporation of Dubai, the investment arm of the Dubai government.
The MoU aims to foster the growth of the Islamic digital economy in Malaysia and Southeast Asia and is set to open doors to collaboration with regulators, financial institutions, and corporations.
The agreement will facilitate the expansion of the Al Manassah sukuk trading platform solution in Malaysia and Southeast Asia. Al Manassah is a digital investment tool by National Bonds, which can be customised to meet specific requirements of a region’s financial institutions. It serves to address the gap in user-friendly and secure Shariah-compliant financial products within the Islamic financial market.
The technology-based solution adheres to Islamic financial guidelines and supports liquidity management through its efficient portal to potential partner government institutions and financial institutions in the region.
“The National Bonds-Freya partnership is a powerful combination, bringing together deep skills in business and technology strategy. We are confident that this will help accelerate the growth of the Islamic digital economy not just in Malaysia but also in Southeast Asia to enhance and improve access to finance and the efficiency of markets,” said Amelia Tan, Founder and CEO of Freya Capital.
The agreement is also set to pave the way for future joint ventures and to expand global presence for both entities. The MoU was signed during the Malaysia Digital Economy Week, held at the Malaysian Pavilion of Expo 2020 Dubai from 9 to 15 January 2022.
Freya Capital was part of a delegation of 22 Malaysian tech companies to the world expo led by the Malaysian Communications and Multimedia Ministry (KKMM) together with Malaysia Digital Economy Corporation (MDEC), Malaysia’s lead digital economy agency.
“MDEC is proud to have supported this partnership between Freya Capital and National Bonds. Their collaboration will no doubt bring further innovation and growth to Malaysia’s Islamic FinTech sector and further elevate Malaysia’s status as the digital hub of ASEAN. We look forward to seeing how this powerhouse duo will transform the Islamic digital economy of the region.
“The digital economy of Malaysia relies not just on the technology we craft, but the collaborations forged to bring shared knowledge across the world. The Digital Economy Week at Expo 2020 Dubai has served its purpose in creating such meaningful interactions that will bring further inclusivity and shared prosperity to the people,” said Mahadhir Aziz, CEO of MDEC.
The Malaysia Digital Economy Week at Expo 2020 Dubai has garnered RM1.295 billion worth of qualified trade and investments to Malaysia. This is derived from 110 business leaders, 138 business matchings and 16 Memoranda of Understanding among the 22 Malaysian technology companies and the global participants of the Expo.