[REPLAY] Faith, Finance, & Technology w/ Fara Abdullah, Bitsmedia

Billion Dollar Moves™ with Sarah Chen-Spellings | Global Venture Capital

Muslims are projected to constitute more than 25% of the world's total population this year. To many in the industry, this isn't just a statistic; it represents a vast array of opportunities for the markets.

This week, we are revisiting our conversation with Fara Abdullah, CEO of Bitsmedia, the brains behind the immensely popular Muslim lifestyle app, Muslim Pro.

With a fresh injection of $20 million from its Series A funding round, featuring participation from Gobi Partners, alongside continued backing from existing investors CMI Capital Partners and Bintang Capital Partners, Bitsmedia is poised to enhance the faith experience through cutting-edge technologies. Our discussion delves into various aspects, including the business landscape, the potential in faith-driven markets, and the interception of faith, finance, and technology.

TIMESTAMPS

0:00 - Intro

02:52 - Market opportunities in the Muslim community; Bitsmedia’s business model

07:39 - Challenging the misconceptions and templatization of Muslims

10:49 - Thesis behind the 160 million annual downloads of Muslim Pro: faith in challenging times and the modern Muslim lifestyle

15:13 - Bitsmedia’s ideal consumer profile and the growth of user base

20:30 - Business models and the biggest revenue drive for Bitsmedia

24:11 - Decision making and resource distribution as the CEO

26:52 - The role of technology in shaping faith and vice versa

30:31 - The idea of moderation and ethical interpretations with use of technologies

32:41 - Bitsmedia’s role in the interception of faith, finance and technology

34:35 - Observed trends of religious behaviors and attitudes; the socialization of faith

37:01 - Fundraising and choosing the right partners

39:46 - Billion dollar questions

3 Key Insights:

1/ The market is HUGE and there’s something for everyone.

With the global Muslim population surpassing 2 billion as we’re speaking now, the market needs continue to evolve.

Beyond facilitating religious practices, there's a plethora of avenues to explore, from educational content for children to virtual community building and financial services.

2/ Infusion of technology is inevitable in today’s world; we cannot simply steer away from it.

“Regardless of how afraid we are of it, how much we want to preserve certain things, this technology wave is coming,”

Despite concerns, the inevitable wave of technology presents significant opportunities.

According to Fara, embracing this wave requires courage while prioritizing community safety and moderation.

3/ See the market potential beyond complexity.

While the complexity of faith-related businesses may deter some, more and more investors recognize the immense potential within this market.

And just like any business, expertise and strategic vision are essential to harnessing these opportunities effectively.

ABOUT BITSMEDIA

Bitsmedia is a Singapore-based, technology company known globally as the developer and publisher of the Muslim Pro app – a highly-rated and comprehensive Muslim lifestyle app with more than 150 million downloads globally to date.

The company is also the publisher of Qalbox, a global subscription video on demand (SVoD) entertainment streaming service aimed at the global Muslim community.

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