KUALA LUMPUR: The International Centre for Education in Islamic Finance (INCEIF) has launched the i-Connect Fintech in Islamic Finance collaboration to create and nurture a conducive innovation Islamic finance ecosystem in Malaysia.
In a statement yesterday, INCEIF said the initiative is expected to enable new economic opportunities in disruptive innovation and lay the foundation for Malaysia to be a global hub for Islamic fintech.
INCEIF has been appointed as the neutral entity for i-Connect, which is an industry-led collaborative network that involves quadruple helix (industry, research community, government and civil society) for disruptive innovation, by the Academy of Sciences Malaysia (ASM) which is under the purview of the Ministry of Science, Technology and Innovation.
"As a neutral entity, INCEIF aims 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, " it said.
The i-Connect Fintech in Islamic Finance collaborative network is helmed by 17 founding members who represent the industry, academia, government and civil society.
Founding members chairman Umar Munshi said by establishing the collaborative network and 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 to create positive social and financial impact.
INCEIF invites the research community and Islamic fintech start-ups 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. - Bernama