Page 82 - SC SCAR 2023 ENGLISH Flipbook
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 reimbursement basis upon completion of agreed-upon milestone deliverables, which includes a presentation of the completed solution and accomplishment of its intended outcomes.
The DIGID initiative has unearthed promising solutions that cut across various capital market segments including financial planning, investment advisory, fund management, ECF, P2P financing, bond market, unit trust, PRS and digital assets segments. These projects seek to adopt technologies including artificial intelligence (AI), data analytics, distributed ledger technology (DLT) and API integrations that enable new sources of growth, enhanced process efficiency, improved customer delivery, and enhanced risk management and regulatory compliance.
DIGID continues to encourage more technology- enabled solutions which can push market boundaries, drive further efficiency, and spur greater inclusion to serve markets or segments which are underserved.
Facilitating Innovation in ICM
The SC seeks to promote innovation and efficient delivery of ICM products and services through fintech. By leveraging fintech as an enabler, the SC endeavors to facilitate the growth and expansion of innovative solutions, focusing on the halal economy, SRI, and social finance.
While digital and fintech adoption in the ICM has expanded across Islamic ECF, P2P financing and DIM sercives – there is a need to spur growth in these areas. In 2021, the SC, in collaboration with the United Nations Capital Development Fund (UNCDF), introduced FIKRA, Malaysia’s first regulator-led Islamic fintech accelerator. FIKRA, which translates to ‘ideas’, aims to identify and scale relevant and innovative Islamic fintech solutions that can help address three main challenge areas, namely, new ICM offerings, accessibility and social finance integration.
As part of the SC’s continuous effort to develop a vibrant Islamic fintech ecosystem in Malaysia’s ICM, FIKRA ACE – the enhanced, three-year fintech initiative,
was introduced in June 2023. Expanding from FIKRA which adopts a single accelerator approach, the newly launched FIKRA ACE consists of three components:
The overarching goal of FIKRA ACE is to 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.
The first component of FIKRA ACE, i.e. the Accelerator programme, commenced on 5 September 2023, which was organised in collaboration with Malaysia Digital Economy Corporation (MDEC). The 8-week programme concluded with a Demo Day held on 9 November 2023, of which 10 startups were selected as finalists to pitch their ideas to a panel of judges and potential investors and industry partners. The 10 finalists were EPC Blockchain, Eversustain, Global Psytech, Pewarisan, Pod, HalalStocks, GreenArc Capital, Refundway, Sampul, and W Vault by Wahine Capital. Global Psytech and Pewarisan emerged as winners for the 2023 cohort and earned a combined total cash prize of RM80,000.
Subsequent to the conclusion of the Accelerator programme, the second component of FIKRA ACE – Excel, which involves collaboration programmes with higher learning institutions, will be launched in 1H 2024.
  Accelerator, an Islamic-solutions focused accelerator programmme
Circle, a networking platform to connect relevant stakeholders of the ICM and fintech industry
Excel, a platform for collaborations with higher learning institutions for capacity building

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