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KUALA LUMPUR: Sedania Innovator Bhd is moving ahead with expansion plans for its Shariah-compliant fintech solutions as it strives to become a leading player in the Islamic fintech space.
Sedania's As-Sidq, a platform for real-time digital commodity trading, is central to this leap, said founder and managing director Datuk Azrin Mohd Noor.
According to him, the platform is pivotal for Tawarruq transactions that facilitate Islamic financing through commodity trading.
"Alongside, our suite of banking tools enriches our Islamic fintech ecosystem, paving the way for financial institutions to advance their digital transformation," he said in a statement.
“Our innovative approach is also set to captivate and attract a wider range of FSIs, empowering them to offer distinctive, cutting-edge products and services to their customers.
"It's not just about growth; it's about pioneering change and leading to a transformative future in the world of financial technology."
Sedania's drive in the fintech landscape is anchored in its commitment to innovate Shariah-compliant services, added CEO Daniel Ruppert.
"This commitment underpins our approach to developing products and services that resonate with the evolving market needs," he said.
Announcing its results for the third quarter of 2023, Sedania posted a net profit of RM801,000, which was more than double the net profit of RM323,000 recorded in the same quarter in 2022.
The company's earnings per share rose to 0.23 sen from 0.09 sen in the year-ago quarter.
Revenue was slightly lower at RM10.62mil in 3QFY23 compared to RM12.16mil in 3QFY22, with the biggest contribution coming from the sustainable healthcare segment at RM8.08mil.
In the fintech segment, topline grew 30% to RM2.13mil compared to the previous 2022 quarter, driven by the Tawarruq and Go Halal platforms.
On a nine-month basis, Sedania's net profit of RM3.77mil was more than three times net profit of RM1.12mil in the previous corresponding period, while revenue of RM34.45mil was improved from RM30.29mil previously.