The Securities Fee Malaysia (SC) launched FIKRA ACE, a fintech initiative that goals to boost the Islamic capital market (ICM) ecosystem by facilitating the event of Islamic fintech by a structured method.
FIKRA ACE is the improved, three-year initiative following the launch of SC’s inaugural Islamic fintech accelerator programme – FIKRA, in Could 2021.
From a single accelerator method, FIKRA ACE now consists of three elements:
a) Accelerator which is an Islamic-solutions targeted accelerator programmme;
b) Circle, a networking platform to attach related stakeholders of the Islamic capital market and fintech business and;
c) Excel, a platform for collaborations with increased studying establishments for capability constructing.
The initiative will determine corporations with fintech options to nurture, develop, and join with the ICM ecosystem in varied segments. The initiative additionally goals to help the Islamic fintech house by constructing capability and a expertise pipeline for the business.
For the 2023 cohort, three focus areas of FIKRA ACE are Islamic social finance, Shariah compliant sustainable and accountable funding (SRI) and Islamic fund and wealth administration.
The SC Chairman Dato’ Seri Dr. Awang Adek Hussin mentioned: “Malaysia has the potential to maintain a thriving Islamic fintech ecosystem by capitalising on its international management within the Islamic capital market.”
“As we witness the outstanding development and innovation in Islamic fintech, we’re reminded of the potential it holds for each the Islamic finance business and the broader international financial system,” he added.
In 2021, Islamic fintech transactions in Organisation of Islamic Cooperation (OIC) international locations totaled USD79 billion. Whereas this represents 0.8% of world fintech transaction quantity, this phase is projected to develop to USD179 billion by 2026 at a 17.9% compounded annual development charge (CAGR).
FIKRA ACE is organised in collaboration with the Malaysia Digital Economic system Company (MDEC) because the ecosystem and strategic associate. The accelerator programme for 2023 cohort is anticipated to start in August.
Corporations with progressive fintech options are invited to submit functions, that are open till 4 August 2023.
For extra data on the FIKRA ACE pillars, please go to https://www.sc.com.my/fikraace. For inquiries, please write in to [email protected].