MICROCAPITAL BRIEF: Securities Commission Malaysia, UNCDF Accepting Applications Through June 30 for Fikra Islamic Fintech Accelerator

Securities Commission (SC) Malaysia, the regulator of capital markets in the country, in collaboration with the UN Capital Development Fund (UNCDF), which promotes access to finance in countries with the lowest incomes, recently began taking applications for the Fikra Islamic Fintech Accelerator Programme, which is intended to develop Islamic capital markets in Malaysia by supporting the development of financial technology (fintech) firms. The accelerator will take participants “through the entire value chain from ideation, solutions validation, prototype building, creating a fundraising pitch deck, to preparing applicants for an effective pitching to potential investors and more.” Applications close on June 30, 2021, and the program is to launch the following month.

SC Chair Datuk Syed Zaid Albar argued that, “Islamic fintech in the Malaysian capital market is still at a nascent stage, but there is great potential for exponential growth with the right ecosystem. The accelerator and future initiatives under Fikra will advance the development of Islamic fintech while creating an ecosystem that nurtures talent, funds innovation, commercialises ideas and solutions, and creates jobs and opportunities.”

Established in 1993, SC is a self-funded body tasked with: developing the overall capital market, spurring innovation, facilitating a “sustainable financing ecosystem,” ensuring the integrity of markets, promoting “good corporate governance practices” and enabling cross-border collaboration on regulation.

Established in 1996 and headquartered in the US city of New York, UNCDF endeavors to create opportunities for poor people and their businesses by increasing access to microfinance and other forms of investment capital. The organization operates in 47 countries in Africa, Asia and the Pacific with a particular commitment to countries emerging from crises. For 2020, UNCDF had a budget of USD 75 million and supported initiatives providing financial services to 3 million unbanked and underbanked clients.

By Bradley Shulman, Research Associate

Sources and Additional Resources

UNCDF press release
https://www.uncdf.org/article/6785/sc-uncdf-driving-islamic-fintech-innovation-ecosystem-with-fikra

About Fikra
https://www.uncdf.org/finlab/fikra-islamic-fintech

SC homepage
https://www.sc.com.my/

UNCDF homepage
https://www.uncdf.org/

Previous MicroCapital article on UNCDF
https://www.microcapital.org/microcapital-brief-igad-uncdf-to-research-harmonize-remittance-policies-in-east-africa/

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