Malaysian firm HelloGold receives Islamic certification for its cryptocurrency

Bitcoin, cryptocurrency & electronic finance

Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said.

Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho.

Unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period, Ho said.

This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions – important principles in Islamic financial contracts.

The move highlights how fintechs, companies that use new technology to revamp banking services, are extending their influence to Islamic finance markets spanning the Middle East and Southeast Asia.

Over the past year, the firm has rolled out a mobile app in Malaysia that is based on blockchain, the system that first emerged to facilitate digital currencies such as bitcoin.

That mobile app, which allows users to buy and sell physical investment grade gold, was also certified by Amanie Advisors.

HelloGold plans to expand its gold platform into Thailand in coming months, while potentially adding a third market by the end of the year, said Ho.

The firm is also exploring other unspecified assets for its blockchain technology, which involves a shared electronic ledger that allows parties to track transaction information through a secure network.

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Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.