Kuala Lumpur, Dec 15: In a significant stride for Islamic fintech, the FIKRA ACE Accelerator 2023 crowned Global Psytech and Pewarisan as its champions during the Demo Day held on Nov 9.
This initiative, an extension of the Securities Commission Malaysia’s (SC) Islamic Capital Market (ICM) ecosystem efforts, has been instrumental in identifying and nurturing innovative fintech companies since 2021.
The event, organized by the Securities Commission Malaysia in collaboration with 1337 Ventures and MDEC, provided a platform for startups to present their innovative solutions.
Among the finalists were EPC Blockchain, Eversustain, Global Psytech, Pewarisan, and several others, all demonstrating their groundbreaking ideas and business acumen.
Dr. Wong Huei Ching, Sharifatul Hanizah, Ruslena Ramli, and Bikesh Lakhmichand were among the esteemed judges evaluating the presentations.
Sharifatul Hanizah, Executive Director of Islamic Capital Market at Securities Commission Malaysia, emphasized the Commission’s commitment to fostering innovation in Islamic fintech.
Bikesh Lakhmichand of 1337 Ventures also highlighted the inspiring innovation and commitment of the participating startups.
MDEC played a pivotal role as the ecosystem partner, offering essential industry connections and support.
Ts. Mahadhir Aziz, CEO of MDEC, expressed confidence in the potential of these startups to propel Malaysia’s Islamic Digital Economy forward.
Global Psytech and Pewarisan emerged as the winners of the Demo Day, securing a total cash prize of up to RM80K.
Dr. Haniza Yon of Global Psytech shared that winning the program marked a significant milestone for the company, aligning with their expansion strategies.
Nizam, Founder of Pewarisan, also expressed how the program catalyzed their growth, unlocking valuable resources and partnerships.
The FIKRA ACE Accelerator program, spanning an intensive eight weeks, included mentoring, market access support, and regulatory guidance from the Securities Commission Malaysia.
It also provided opportunities for startups to engage in Proof-of-Concept projects with notable industry partners like YTL-SEA Consortium Digital Bank and AEON Credit Service Digital Bank.
The Demo Day’s success reflected a collaborative effort to drive innovation in Islamic fintech, bolstering Malaysia’s position as a financial technology hub.
As FIKRA ACE continues to nurture the Malaysian fintech ecosystem, it lays a robust foundation for future innovation and collaboration in the Islamic finance sector.
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