LESS than two years since the launch of its savings application, Malaysian fintech company HelloGold recorded another milestone when it won Best Islamic Wealth Management Fintech Company at the World Islamic Fintech Award (Wifa) 2018 in Manama, Bahrain.
Wifa honours exceptional and deserving fintech providers in the Islamic finance space for their outstanding work in driving syariah-compliant financial services through disruptive and collaborative technologies.
In winning the award, HelloGold’s unique proposition as a provider of a syariah-compliant and asset-backed savings solution was its competitive advantage.
HelloGold is a mobile application that allows users to save through gold. It is not only the first digital startup to have its gold product certified syariah-compliant according to Accounting and Auditing Organisation for Islamic Financial Institutions’ (AAOIFI) syariah-standard on gold, but it also built the world’s first syariah-compliant gold mobile application.
HelloGold chief executive officer Robin Lee said: “Receiving this award from Wifa is a testament to our efforts in democratising asset-based savings and lending products for the underserved and the unbanked in emerging markets, including those in the Islamic world.
“HelloGold uses blockchain technology to enable our customers to access affordable financial products and services starting with gold.”
Co-founded by Robin Lee and Ridwan Abdullah in 2016, HelloGold prides itself in changing the way people save, borrow and transfer through physical gold, providing the opportunity for any individual to purchase investment-grade gold for as low as RM1 (US25 cents), making gold as a savings option not only attractive, but also affordable and accessible to all.
Since the debut of its application in April last year, HelloGold has won many awards, namely the Most Innovative Islamic Retail Product in 2017 by Islamic Retail Banking; TechMatch ASEAN 2017; and the 2018 Prominent in Wealth, Asset and Investment Management of the Year by Malaysia Fintech Awards.
HelloGold was also nominated by The Asean Rice Bowl Startup Awards for the Best Fintech Startup in Malaysia. It has also been selected to be part of SuperCharger Malaysia and D-Next Thailand in 2018.
Ita Jalaluddin, the product lead of HelloGold, who accepted the award on behalf of the company in Bahrain, attributed this latest achievement to the HelloGold team that has been focused on its mission to make gold savings accessible to everyone, putting customers first in its ongoing product development.
In selecting the winners, Wifa judges looked at many factors, including the ingenuity and quality of service to the nominee’s ability to serve the needs of its customer base.
“At HelloGold, we use technology to make our application as user friendly as possible so that everyone can start saving in gold in a faster, easier and safer manner.
“Saving in gold, one of the oldest and most durable assets in the world, should not be an intimidating experience and should be accessible to anyone who would like to explore this option,” said Ita.
HelloGold now has more than 33,000 Malaysian customers and the company has gone beyond Malaysian shores into new markets such as Thailand.
It is also in the midst of venturing into Indonesia and UAE with further market launches into the Middle East and Africa planned in the near future. Earlier this year, HelloGold launched GOLDX, a fully operational syariah-compliant Ethereum ERC20 token representing ownership of fully allocated investment-grade gold on blockchain technology.