According to the Dinar Standard the fourth industrial revolution has driven tremendous innovation in the global financial services industry, with over 12,000 startups emerging globally to disrupt every aspect of finance. The Islamic Finance industry has begun experiencing unprecedented innovation, but Islamic Fintech has a long journey ahead.
The Global Financial services industry has seen unprecedented change bought about
by three core technological drivers, all linked closely to the fourth industrial revolution – automation, disintermediation and decentralization. Young, digitally native customers are the main stakeholders driving change, and startups are responding – there are now over 12,000 startups globally, with fintech investments reaching $57.9 billion in the first half of 2018.
The large established financial institutions are embracing the change, with 74% of financial institutions investing in data analytics, 34% in Artificial Intelligence (AI), and with 77% expecting to
adopt blockchain by 2020.