FIKRA ACE, an extension of the Securities Commission Malaysia's (SC) Islamic Capital Market (ICM) ecosystem efforts since 2021, is dedicated to advancing Islamic fintech through systematic approaches by identifying innovative fintech companies, supporting their growth, and fostering connections within the ICM ecosystem.

The Fikra Ace Accelerator Demo Day 2023 was held on 9 Nov. Organized by the Securities Commission Malaysia in collaboration with accelerator partner 1337 Ventures and ecosystem partner MDEC, the Demo Day provided a stage for promising startups to showcase their groundbreaking ideas, said 1337 Ventures in a statement issued in mid Dec.

Twenty startups were shortlisted from the total submissions to be part of the eight-week program with 10 selected as finalists ie; EPC Blockchain, Eversustain, Global Psytech, Pewarisan, Pod, HalalStocks, GreenArc Capital, Refundway, Sampul, and W Vault by Wahine Capital, with Global Psytech and Pewarisan emerging winners to earn a combined total cash prize of up to US$17,360 (RM80,000). (The SC did not reveal the split between the winners.)

"Winning the Fikra Ace program has been a transformative experience for Global Psytech," said its founder and CEO, Dr Haniza Yon. "It allows us to progress positively to support Malaysia’s financial market, Islamic finance, and Social Finance, with plans for significant updates and expansion strategies.”

Kamarulnizam Mustapha Kamal, founder of Pewarisan, said “Through Fikra Ace, we've undergone a transformative journey, unlocking invaluable resources and industry partnerships. This momentum fuels our ambitious expansion plans for Pewarisan.com and MasjidNetwork.my.”

Cash prizes for the two winners aside, the Fikra Ace Accelerator also provided the 20 startups with the opportunity to embark on Proof-of-Concept (PoC) projects with industry partners, including YTL-SEA Consortium Digital Bank, KAF Investment Bank, Yayasan Waqaf Malaysia, and AEON Credit Service Digital Bank. Some startups were successful in embarking on PoC projects.

The intensive 8-week Fikra Ace program encompassed mentoring, support for market access and visibility, and engagement with Securities Commission Malaysia for regulatory guidance.

The panel of judges for the Demo Day featured Dr Wong Huei Ching, Executive Director of Digital Strategy & Innovation at Securities Commission Malaysia; Sharifatul Hanizah, Executive Director of Islamic Capital Market (ICM) at Securities Commission Malaysia; Ruslena Ramli, Director of FinTech and Islamic Digital Economy at MDEC, and Bikesh Lakhmichand, Founding Partner of 1337 Ventures.

Sharifatul said, "The Fikra Ace Accelerator is a testament to the Securities Commission's commitment to fostering innovation in Islamic fintech. We are proud to support these startups as they contribute to the transformation of our financial landscape."

Embracing the endeavor, Bikesh added, "Witnessing the remarkable innovation and unwavering commitment of these startups is truly inspiring. Fikra Ace isn't just an accelerator; it serves as a platform for startups to team up with partners and work on turning their ideas into real projects together."

MDEC, as the ecosystem partner, played a crucial role in providing startups with necessary industry connections, resources and guidance. Ts. Mahadhir Aziz, CEO of MDEC, said, “We believe in the potential of these startups to drive Malaysia's Islamic Digital Economy (IDE) forward. MDEC is proud to be part of this journey as it aligns with the national strategic initiative, Malaysia Digital (MD), to transform the nation’s digital capabilities and boost the digital economy by fostering an environment that nurtures creativity and innovation.”

Top 10 Finalist of FIKRA ACE startup with details: