Case Studies of Malaysia
Etiqa, the Insurance and Takaful arm for Malayan Banking Berhad (Maybank), introduced Etiqa Digital Solution (EDS) as the digital lab for the organization, to enable the capability of capturing new value from digital initiatives. EDS established Escapade program in 2019, incubator and accelerator for takaful and insurance startups. Located in the heart of Bangsar at Level 16 of Menara Etiqa.
Etiqa Digital Solution (EDS) is led by its Chief Executive Officer; Amran Hassan. The company ventures into the realm of fintech operators; focusing on, but not limited to, insurtech and takafultech startups comprising of multidisciplinary teams that are experienced in Design Thinking, Design Sprints, User Interface & User Experience (UI/UX), and Agile methodology; to name a few. The company works hand-in-hand with startups across the region to bring digital capabilities to the organization and also introduce new products and services to the market.
The business model behind the initiative was a hybrid between ‘Incubator’ and ‘Accelerator’. Incubators typically ‘incubate’ disruptive ideas in hopes that the idea will develop into a viable business model. Accelerators on the other hand ‘accelerate’ the growth of established startups by scaling their businesses. As both incubators and accelerators have similar goals of helping out startups in growing their businesses. The programs and initiatives were modelled to mimic the framework of an incubator and also an accelerator, but not entirely. The assimilation of the two models allows Etiqa to tap into the strength of each model and at the same time reduce the high average number of program drop-outs, which remains one of the pressing issues for incubator and accelerator programs.
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This report “Islamic Fintech in Malaysia: Reality & Outlook” is a cooperative work of INCEIF, ISRA and MDEC. It is a product of the staff of INCEIF, ISRA and MDEC with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of INCEIF, ISRA and MDEC.Download Report