Deadline: 30-Jun-21
UNCDF, in partnership with the Securities Commission Malaysia, has opened applications for FIKRA Islamic Fintech Accelerator Challenge to support fintech solutions to address the needs and participation of the low-and-moderate income segment in capital markets.
FIKRA will connect innovators through a collaborative environment for mentors, investors and industry partners, along with relevant regulatory guidance, primarily through a 3-monthaccelerator programme.
Another focus area of FIKRA is to help position ICM as a lucrative segment for building a career by creating a pipeline of talent through increased awareness of opportunities in Islamic fintech.
The Programme aims to address the following key challenges through tech-enabled ideas and/or solutions:
- New Islamic Capital Market Offering
- Access to Islamic Capital Markets
- Integration of Islamic Social Finance into ICM
Benefits
- Go to market Industry Linkages
- Mentoring and Insights
- Solutions Testing
- Regulatory Guidance
- Access to a network of enablers and Investors
How is programme structured?
FIKRA is focused on driving two key engagements:
- Facilitating solution testing & pilots through the accelerator programme; and
- Growing ideas & solutions for subsequent engagement.
The FIKRA accelerator programme will run for 3-months, which will include structured support to selected 10 applicants (participants). The accelerator participants will go through curated sessions, master classes, mentoring, and linkages with industry partners for solution co-creation & testing, as well as solution showcase opportunities. Further, there will be continued post accelerator tracking and networking opportunities for the participants.
- First Month: Orientation with UNCDF will take place in the beginning of the programme. Broadly, it will focus on defining outcomes and milestones along with the support framework to achieve the outcomes. Participants will be introduced to and be acquainted with select industry partners that will work with the participants towards scoping the solution framework and engagement model.
- Second Month: Participants will work towards co-creating the solution along with their industry partners, supported by inputs from the programme’s diverse pool of mentors and investors. Participants will also receive regulatory guidance from the SC. Depending on the progress of participants; pilot testing of solution may start in second month.
- Third Month: The focus during the third month will be on solution testing and re-testing, as well as refining the solution through feedback. Participants will also be coached for the jury pitch session.
Expected Results
According to the projects and solutions presented, selected candidates must include a complete list of results, outcome indicators and targets for monitoring achievement of different results. Below is a non-exhaustive list of key performance indicators (KPIs) for the projects. Other indicators would be finalized based on the nature of the project and tracked to ensure success.
Deliverables would be derived from key project milestones to be agreed mutually between UNCDF and the selected applicant in accordance with the identified milestones, outcomes and targets of the KPIs during the programme period. For illustration, milestones can include market research conducted, and go-to-market strategy finalized. In addition to the above, the following qualitative results are expected for learning and insights:
- Level of improvement in financial health (number of customers reporting improved financial health, new financing structures or technology-enabled models implemented, along with what solution parameters led to changes that improved their financial health).
- Level of customer satisfaction (Includes level of engagement with the solution, challenges experienced along the solution-customer value chain, reasons for usage/non-usage etc.).
- Solution evaluation (includes milestones, scope changes, challenges faced, key takeaways, potential for scale / scale-up plans, if any).
Eligibility Criteria
- Any innovator (at least 18 years old) with tech-based ideas and/or solutions is eligible to apply.
- These could be individual participants, start-ups at different stages of development or other organisations including fund managers and financial services providers. The idea/solution must address at least one of the following three key challenge areas.
- New ICM Offering
- Access to ICM
- Integration of Islamic social finance into ICM
- FIKRA is open to Malaysian as well as international applicants from other countries, who can apply independently or as a consortium.
- The applicant and the proposed idea / solution must not involve any Shariah non-compliant activities including services based on ‘riba’ (interest), gambling & gaming, liquor and liquor-related activities, pork and pork-related activities, non-halal food and beverages, Shariah non-compliant entertainment, tobacco and tobacco-related activities, conventional share trading and stockbroking in Shariah non-compliant securities, and other activities deemed non-compliant according to Shariah.
For more information, visit https://www.uncdf.org/article/6782/fikra-islamic-fintech-accelerator-2021-challenge-documents-and-faq