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Malaysia and United Nations Agency Launch Islamic FinTech Accelerator Seeking Financial Market Solutions | Salaam Gateway

By on May 25, 2021 0

The Malaysian Securities Commission and the United Nations Capital Development Fund have launched an Islamic FinTech Accelerator focused on solutions for the Islamic capital market.

The joint initiative will give startups regulatory guidance, a structured mentoring process and access to a network of experts from industry and other fields, UNCDF said in a statement released Tuesday, May 25.

FIKRA was designed from a development perspective to boost the Islamic fintech ecosystem, according to SC and UNCDF in an FAQ sheet.

This is reflected in the criteria for evaluating solutions which include degree of innovation, sustainability and commercial viability, as well as social impact and achievement of sustainable development goals.

The program focuses on three challenges:

  1. New Islamic Capital Market Products or Services
  2. Provide access to the Islamic capital market
  3. Technological solutions to integrate traditional instruments of Islamic social finance into the capital market.

FIKRA is open to Malaysian and international applicants from other countries who can apply independently or as a consortium.

The accelerator program for 10 participants will last three months and applications are now open until June 30.

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