Entrepreneurs Urged To Explore New Fundraising Methods Via Digital Platforms

KUALA LUMPUR, March 23 (Bernama) -- There is a growing interest among Muslim entrepreneurs in exploring new fundraising platforms instead of the traditional way of obtaining financing to scale up their business and operations. One of the fundraising methods that is gaining popularity is the blockchain-enabled smart contract, which is a highly interesting model, said Gould Studio executive officer, Peter Gould. Smart contracts are programmes stored on a blockchain that run when predetermined conditions are met. They are typically used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary's involvement or time loss. “Some people are exploring this method now, and I really would encourage people to think about its potentials. “Then we’ll see new models of fundraising really starting to gain traction,’’ he said, adding that entrepreneurs should also explore the digital platform for fundraising modes such as non-fungible tokens (NFTs). Gould was one of the panel speakers during the ‘Building Businesses in A Digital Age: Lessons from Tech Leaders’ session today -- part of the Maybank Islamic Bhd Global Connect Forum. Gould Studio is an international firm that develop brands, experiences and products. Meanwhile, Maybank Islamic executive vice-president and head of Customer Experience Management and Business Enablement, Akram Mackeen said businesses should also incorporate environmental, social and governance (ESG) principles into their operations to make it easier for them to obtain funding. He said most corporate and Islamic banking sectors are now ESG-friendly and are on the lookout for new growth opportunities, thus providing a vast platform for entrepreneurs to secure funding support. -- BERNAMA