Building Malaysia’s first unified halal ecosystem
“Both parties aim to revolutionise the local consumer market.” Tham Lih Chung
Halal-certified logistics and ride-hailing operator, Faszz Technology (M) Sdn Bhd, is acquiring a 51% stake in Incite Foodtech Sdn Bhd (IF), paving the way for the establishment of the country’s first unified halal ecosystem.
The acquisition is expected to be completed by year-end. Faszz founder Datuk Ishak Mohd Ishtiaq says the acquisition will enable the company to advance its ambition of building a first-of-its-kind unified halal ecosystem, from food delivery service, grocery marketplace and ride sharing to Islamic financial technology.
He says the move will further strengthen Malaysia’s position as the nucleus of the global halal industry, and at the same time, diversify Faszz’s offerings while still adhering to the principles of Halalan Toyyiban and syariah guidelines. Halalan Toyyiban means something lawful and good.
In addition to that, equity crowdfunding (ECF) player, Pitch Platforms Sdn Bhd (pitchIN), will be roped in as one of the key collaborators to attract more investors to come on board.
The halal industry, which is a strategic and high-impact sector in the 12th Malaysia Plan, would help Malaysia improve its ability and skills at promoting the development of halal products and services, hence catalysing the industry development.
According to the Halal Development Corp, the domestic halal industry market value is expected to reach Us$147.4bil (Rm654bil) by 2025.
IF is a fast-growing food tech venture that owns various quick-serving-beverage-andfood (QSBF) brands such as Union Artisan Coffee, Hope Coffee, Eggdicted, Wondermama and others.
The food tech venture has grown to own nine brands under its QSBF brand portfolio, operating in more than 25 locations across the Klang Valley. Recently, IF has also expanded into the India market, partnering with Indiabased co-fooding provider Village Groupe.
Faszz will be tapping into IF’S big data to understand the F&B market trends and expertise to expand the holistic ecosystem to its full potential.
Meanwhile, Tham Lih Chung, founder and director of IF, adds: “Both parties aim to revolutionise the local consumer market and expand halal services beyond Malaysia. It couldn’t have arrived at a better moment for us to join forces to create a full-fledged halal ecosystem. It has the potential to be the first of its kind in the world.”
The introduction of halal offerings will come in phases, Faszz says. As for this year, the focus will be on enhancing the existing halal food delivery platform and launching a halal grocery marketplace. E-wallet, ride-sharing, and fintech solutions will follow in 2023 and 2024, respectively.
The group aims to hit Rm100mil in revenue within 24 months and plans to expand its business in Asean and the Middle East. “We aim to offer something that would address the current food supply issues, service standards, and value-for-money to consumers and merchants,” Ishak says.