Shariah-focused technopreneurs can expect an Islamic fintech accelerator out of Malaysia as one of its financial regulators is partnering with the United National Capital Development Fund (UNCDF) to roll out the program.
The Securities Commission Malaysia (SC) has revealed during a recent webinar that it will be unveiling the Islamic fintech accelerator program over the next few weeks as part of measures to nurture a robust fintech ecosystem.
SC has made Islamic fintech and Islamic capital markets a strategic focus. In recent years, the regulator has had multiple engagements with the industry on developing the Islamic fintech ecosystem including through the Islamic Fintech Dialogue series supported by Malaysia Digital Economy Corporation and organized by REDmoney, the parent company of IFN Fintech.
“The key objective in creating the accelerator program is to encourage more local and international providers to come to our place to continue to spur innovation within the whole Islamic fintech area,” explained Chin Wei Min, SC’s executive director for digital strategy and innovation. “By 2021 we will have a dedicated stream on Islamic fintech, so this is something we are working through and all are coming together quite well.”
The formation of a dedicated accelerator program was one of the many suggestions made during the Islamic Fintech Dialogue series, which saw the participation of the SC, UNCDF and other key stakeholders. The high-level series identified key strategic priority areas to drive Malaysia’s Islamic fintech proposition. Findings from the reports can be downloaded here.