The Securities Commission Malaysia (SC) launched FIKRA ACE, a fintech initiative that aims to enhance the Islamic capital market (ICM) ecosystem by facilitating the development of Islamic fintech through a structured approach.
FIKRA ACE is the enhanced, three-year initiative following the launch of SC’s inaugural Islamic fintech accelerator programme – FIKRA, in May 2021.
From a single accelerator approach, FIKRA ACE now consists of three components:
a) Accelerator which is an Islamic-solutions focused accelerator programmme;
b) Circle, a networking platform to connect relevant stakeholders of the Islamic capital market and fintech industry and;
c) Excel, a platform for collaborations with higher learning institutions for capacity building.
The initiative will identify companies with fintech solutions to nurture, grow, and connect with the ICM ecosystem in various segments. The initiative also aims to support the Islamic fintech space by building capacity and a talent pipeline for the industry.
For the 2023 cohort, three focus areas of FIKRA ACE are Islamic social finance, Shariah compliant sustainable and responsible investment (SRI) and Islamic fund and wealth management.
The SC Chairman Dato’ Seri Dr. Awang Adek Hussin said: “Malaysia has the capability to sustain a thriving Islamic fintech ecosystem by capitalising on its global leadership in the Islamic capital market.”
“As we witness the remarkable growth and innovation in Islamic fintech, we are reminded of the potential it holds for both the Islamic finance industry and the broader global economy,” he added.
In 2021, Islamic fintech transactions in Organisation of Islamic Cooperation (OIC) countries totaled USD79 billion. While this represents 0.8% of global fintech transaction volume, this segment is projected to grow to USD179 billion by 2026 at a 17.9% compounded annual growth rate (CAGR).
FIKRA ACE is organised in collaboration with the Malaysia Digital Economy Corporation (MDEC) as the ecosystem and strategic partner. The accelerator programme for 2023 cohort is expected to commence in August.
Companies with innovative fintech solutions are invited to submit applications, which are open until 4 August 2023.
For more information on the FIKRA ACE pillars, please visit https://www.sc.com.my/fikraace. For inquiries, please write in to [email protected].
