FIKRA ACE, an extension of the Securities Commission Malaysia’s (SC) Islamic Capital Market (ICM) ecosystem efforts since 2021, is dedicated to advancing Islamic fintech through systematic approaches by identifying innovative fintech companies, supporting their growth, and fostering connections within the ICM ecosystem.
The FIKRA ACE Accelerator Demo Day 2023 unfolded on 9 November 2023, signaling a pivotal moment in the development of Islamic fintech in Malaysia. Organized by the Securities Commission Malaysia in collaboration with accelerator partner 1337 Ventures and ecosystem partner MDEC, the Demo Day provided a stage for promising startups to showcase their groundbreaking ideas.
The finalist teams that captivated the audience included EPC Blockchain, Eversustain, Global Psytech, Pewarisan, Pod, HalalStocks, GreenArc Capital, Refundway, Sampul, and W Vault by Wahine Capital. These teams presented their innovative solutions and entrepreneurial prowess to an esteemed panel of judges, featuring Dr. Wong Huei Ching, Executive Director of Digital Strategy & Innovation at Securities Commission Malaysia, Sharifatul Hanizah, Executive Director of Islamic Capital Market (ICM) at Securities Commission Malaysia, Ruslena Ramli, Director of FinTech and Islamic Digital Economy at MDEC, and Bikesh Lakhmichand, Founding Partner of 1337 Ventures.
Securities Commission Malaysia’s Executive Director of Islamic Capital Market, Sharifatul Hanizah Said Ali , said, “The FIKRA ACE Accelerator is a testament to the Securities Commission’s commitment to fostering innovation in Islamic fintech. We are proud to support these startups as they contribute to the transformation of our financial landscape.”
Embracing the endeavor, Bikesh Lakhmichand of 1337 Ventures expressed, “Witnessing the remarkable innovation and unwavering commitment of these startups is truly inspiring. FIKRA ACE isn’t just an accelerator; it serves as a platform for startups to team up with partners and work on turning their ideas into real projects together.”
MDEC, as the ecosystem partner, played a crucial role in providing startups with necessary industry connections, resources and guidance. Ts. Mahadhir Aziz, CEO of MDEC, said, ‘We believe in the potential of these startups to drive Malaysia’s Islamic Digital Economy (IDE) forward. MDEC is proud to be part of this journey as it aligns with the national strategic initiative, Malaysia Digital (MD), to transform the nation’s digital capabilities and boost the digital economy by fostering an environment that nurtures creativity and innovation.”
The highlight of the event was the announcement of the winning teams: Global Psytech and Pewarisan. These two startups showcased exceptional potential and secured their positions as frontrunners in the Demo Day, earning a coveted total cash prize of up to RM80K.
“Winning the FIKRA ACE program has been a transformative experience for Global Psytech,” stated Dr. Haniza Yon Founder and CEO of Global Psytech. “It allows us to progress positively to support Malaysia’s financial market, Islamic finance, and Social Finance, with plans for significant updates and expansion strategies.” Nizam, Founder of Pewarisan, added, “Through FIKRA Ace, we’ve undergone a transformative journey, unlocking invaluable resources and industry partnerships. This momentum fuels our ambitious expansion plans for Pewarisan.com and MasjidNetwork.my.”
In addition to the accolades, the FIKRA ACE Accelerator provides startups with the opportunity to embark on Proof-of-Concept (POC) projects with industry partners, including YTL-SEA Consortium Digital Bank, KAF Investment Bank, Yayasan Waqaf Malaysia, and AEON Credit Service Digital Bank.
The intensive 8-week program encompasses mentoring, support for market access and visibility, and engagement with Securities Commission Malaysia for regulatory guidance.
The success of the Demo Day was further amplified by the active participation of industry partners who collaborated with the startups during the program. Their involvement signifies a collective effort to drive innovation in Islamic fintech and contribute to Malaysia’s position as a hub for financial technology.
