Securities Commission Malaysia’s FIKRA Excel Attracts Global Talent For FinTech Industry
The Securities Commission Malaysia (SC), in collaboration with the Computer Science Society of Universiti Sains Malaysia (USM), held the highly anticipated Varsity Hackathon (VHACK 2024) on 20 April 2024.
VHACK is the inaugural event of the FIKRA ACE - Excel, a key component of the SC’s FIKRA ACE1. The FIKRA ACE - Excel is a capacity building initiative for the SC to support the development of Islamic fintech by building skillsets and talent for the industry through collaborations with higher learning institutions.
The SC Chairman Dato’ Seri Dr. Awang Adek Hussin said that VHACK 2024 is a platform for cultivating the next generation of fintech talents.
“It showcases the innovative spirit that thrives within undergraduates of Malaysia. This can be a call to action for stakeholders across academia, industry and government to collaborate, innovate and propel Malaysia towards becoming a global leader in Islamic fintech,” he said.
Focusing on solving curated Sustainable Development Goals (SDG) related real-life issues, the programme received an overwhelming response of over 900 applications from 90 higher learning institutions around the world.
In the final pitching day that was held at USM in Penang, 10 teams from multiple public and private universities were crowned winners2, bringing home a total of RM37,500 in cash prizes.
The winners and participants showcased the ability to assimilate technical knowledge into real-life applications empowered by technology, with proposed solutions ranging from interactive educational platform, investment and debt management apps to improve financial literacy to tech-powered crops management solutions.
The results underline the success of the programme’s aim to stimulate creativity and critical thinking, as well as developing digital skills among the students.
Besides FIKRA ACE, the SC also continues to spearhead fintech initiatives through its SCxSC initiative to support the growth of the capital market and ensure Malaysia remains competitive.
As a follow up to the recent SCxSC “Views from the Top: Digital Leaders' Dialogue on Emerging Techs”, the SC will engage with key industry stakeholders on 3 May3 to deliberate policy implications of asset tokenization, the institutional integration of digital assets, and the role of decentralized finance (DeFi) within the capital market.
For more information on FIKRA ACE programme, please visit https://www.sc.com.my/fikra-ace.
Appendix
|
Rank |
Winner |
University |
Solution |
|
Champion |
roadto15k |
Asia Pacific University Of Technology And Innovation (APU) |
All-in-one solution for achieving financial wellness |
|
1st runner-up |
Zetten |
Universiti Putra Malaysia (UPM) |
Smart farming app to optimize paddy farming operations |
|
2nd runner-up |
SuburbanDev |
Universiti Sains Malaysia (USM), Universiti Malaysia Sabah (UMS) |
Mobile app for oil palm plantation management |
|
4th Place |
OpenSauce |
Universiti Malaya (UM), Universiti Putra Malaysia (UPM) |
Platform for debt management and personal finances |
|
5th Place |
LetItGrow |
Multimedia University (MMU) |
Learning platform for gardening and farming |
|
Consolation Prize |
Hello World |
First City University College |
Mobile app that connects students with part-time jobs |
|
Lettuce_Win |
Universiti Teknologi MARA (UITM) |
AI-powered mobile app for hydroponic system management |
|
|
Potassium K+ |
Multimedia University (MMU), Universiti Teknologi Malaysia (UTM), Universiti Malaya (UM) |
Platform to address complexities of the modern job market and financial landscape |
|
|
InvestSim |
Universiti Malaya (UM) |
Educational game to provide users with a hands-on experience in the world of finance |
|
|
TechRookies |
Universiti Sains Malaysia (USM) |
Mobile app for crop management |
- FIKRA was launched in 2021 as part of the SC’s initiative to enhance the ICM ecosystem. In continuation, the SC is now organizing FIKRA ACE, a three-year initiative to facilitate the development of Islamic fintech through a structured approach.
- See Appendix for list of winners.
- SCxSC’s Innopolicy Roundtable on Digital Assets.