SC Launches FIKRA ACE Accelerator to Spur Islamic Capital Market Growthby Fintech News Malaysia June 27, 2023 0 comments
The Securities Commission Malaysia (SC) announced the launch of FIKRA ACE, a fintech initiative that aims to enhance the Islamic capital market (ICM) ecosystem.
FIKRA ACE is the enhanced, three-year initiative following the launch of SC’s inaugural Islamic fintech accelerator programme FIKRA in May 2021.
The initiative now consists of 3 components; an accelerator programme focused on Islamic-solutions; a networking platform Circle to connect relevant stakeholders of the Islamic capital market and fintech industry; and the Excel platform for collaborations with higher learning institutions for capacity building.
FIKRA ACE 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) as well as Islamic fund and wealth management.
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. Applications are open until 4 August 2023.
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.”