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Zhansaya: How banks and insurers are driving innovation in the age of fintechs and is there more competition to find the next big innovation?
Khairul Nisa Ismail: 10 years ago, fintech tended to be more of a disrupter because of all the innovations being done. I think the more we evolve, especially the banks in terms of digitalization, in fact, pandemic helped a lot in accelerating the journey. It is more of a collaborative effort right now. However, being an Islamic fintech driver, we need to have a bit of disruptive DNA in ourselves so we can keep innovating ourselves. That is where we come in to complement banks as well as SFI. We evolved to provide end-to-end commodity trading platform which enables digital banking to do real time trading anytime, anywhere using digital commodities.
Currently we are using airtime. It eases the life of digital landing agencies such as Grab, GCL Credit to do real time approvals and disburse anytime. This creates a good solution to digital banking customers. We are looking at ways to get more digital commodities out there so that we also can cater for the bigger transactions such as Sukuk as airtime is not enough by kilowatt hours to come in. This is the reality after 4 years of research. We are constantly looking at the right technology partners that are willing to evolve and able to do modularization and to provide open APIs, because our platform is API enabled.