i-Connect Fintech in Islamic Finance: Establish a Collaborative Network and Grant To Spur Innovation in Islamic Fintech

Kuala Lumpur, 14 July – i-Connect Fintech in Islamic Finance programme has been launched today to create and nurture a conducive innovation ecosystem and provide funds to support and foster innovation in Islamic Fintech in Malaysia. This will enable Malaysia to leverage on new economic opportunities in disruptive innovation and lay the foundations for Malaysia to be a global hub for Islamic Fintech.

INCEIF has been appointed as the Neutral Entity for i-Connect by Academy of Sciences Malaysia (ASM), under the purview of the Ministry of Science, Technology and Innovation. As the Neutral Entity, INCEIF is steering a consortium, consisting of 17 Founding Members who represent the industry, academia, government and civil society to catalyse innovations, nurture talent and develop home-grown high-value innovations in Fintech for Islamic finance.

Towards that end, i-Connect has set up a fund to foster innovation in Islamic Fintech with two key focus areas, Social Financing Smart Solutions and Digitalisation of Shariah-Compliant Financial Solutions. The research community and Islamic Fintech start-ups are invited to submit proposals on innovations in Islamic Fintech, particularly projects which are in the development and deployment phases, at http://www.inceif.org/i-connect.islamicfintech.

INCEIF President & CEO Prof Dato’ Dr Azmi Omar, who is one of i-Connect founding members, said: “INCEIF as a thought and knowledge leader in Islamic finance is proud to be part of i-Connect. Together, the consortium aims to develop home-grown high-value innovations in Fintech for Islamic finance by bridging the gap between R&D and business through knowledge-based innovation.”

The i-Connect Fintech in Islamic Finance collaboration network is helmed by 17 founding members who represent the industry, academia, government and civil society.

 

“By establishing the collaboration network and the research grant, the founding members aim to enhance Malaysia’s innovation capacity in Islamic Fintech and accelerate the rollout of new solutions into the market that can create positive social and financial impact,” said Umar Munshi, the Chairman of i-Connect’s founding members, and Ethis Group Managing Director.

The grant is currently open for applications, in particular by research community and Islamic Fintech players. Further information on the i-Connect Fintech in Islamic Finance can be obtained here: http://www.inceif.org/i-connect.islamicfintech

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