SC’s FIKRA ACE Accelerator 2024 Onboard 24 Startups

Kuala Lumpur, 26 August 2024 - After a rigorous selection process, the FIKRA ACE Accelerator proudly announces 24 startups shortlisted applicants for Cohort 2024. This year, the FIKRA ACE Accelerator programme received over 800 applications from both local and international startups. These applications represent a wide range of industries, underscoring the programme's global appeal and the diverse innovation it fosters within the Islamic Capital Market (ICM). This programme spans 5 to 6 months, featuring an array of workshops, mentorship sessions, and networking activities. This structured approach ensures that startups receive the guidance and resources necessary to develop their ideas into viable products and solutions.

The 24 startups participating in FIKRA ACE – Accelerator Cohort 2024 include:

• nextAML - an AI-driven platform that helps investors and regulators screen for Shariah-compliant investments, track portfolios, and access research and news.
• Ntime - NTime is an AI forecasting tool that simplifies stock market chart analysis by providing precise date and price movement forecasts with 85% accuracy.
• VGMSecurity - We provide cutting-edge WAF technology that detects, blocks, and adapts to cyber threats in real-time, ensuring high-performance, user-friendly protection for your web applications.
• DiGold - We provide cost-effective, transparent financial products with low fees, competitive rates, and flexible terms to meet the unique needs of this demographic.
• Goldframer - Goldframer is an Islamic fintech platform offering fractional investment in Islamic artworks.
• DashAdd - We offer an easy-to-use app that helps business owners gain clarity on their finances, understand their current and future business position, and focus on increasing profit and cash flow.
• FinDoc - An online loan eligibility screening and advisory platform to improve efficiencies in the loan application process and offers personalized advice to enhance credit health and address financing needs.
• Securifi - Enhancing Digital Security for a Better Quality of Life.
• Masverse Sdn Bhd - Masverse is a layer 1 blockchain infrastructure that simplifies blockchain for governments and businesses, with a focus on developing Islamic digital technology and a POC for Zakat distribution with Lembaga Zakat Selangor.
• Products2U Sdn Bhd - Connect reseller agents to seller products, and help the users make more money by selling digitally.
• BASE Fund - BASE Fund revolutionizes the Islamic capital market with revenue-based, non-interest financing for businesses, supported by AI assessments and community evaluations while adhering to Islamic financial principles.
• Lokein - Lokein empowers service-based SMEs to triple their sales and reduce operational costs by threefold.
• GoBarakah - GoBarakah is a revolutionary, Shariah-compliant e-voucher platform for social assistance to the distribution of donations, CSR, zakat funds, ensuring 100% of donations reach verified beneficiaries.
• D.I.C.E - Digitalizing Islamic Crowdfunding Experience (acronym: "D.I.C.E") - Malaysia's first Shariah-compliant hybrid crowdfunding platform that supports SMEs and startups with Equity Crowdfunding and P2P lending, and offers a Secondary Market for enhanced liquidity and ethical investment opportunities.
• World's First Islamic Social Stock Exchange - Creating the world's first Islamic Social Stock Exchange.
• Automated Islamic Loan Payment System - We enhance access to the Islamic capital market for underserved groups by revolutionizing loan servicing with automated salary deductions, ensuring higher repayment rates and reducing defaults.
• Credore - Credore simplifies trade documentation and finance, making transactions faster and more efficient for banks, shipping lines, and exporters.
• Xtractify Sdn Bhd - Xtractify transforms business automation with Gen AI that performs manual, time-consuming tasks, boosting efficiency and allowing human resources to focus on higher-value activities.
• DataMoneytizer - an advertising platform which enables you to monetize your website very easily.
• Paster Pasarternate - We market and sell products from farmers, fishermen, and SMEs, enhancing their global and international market access through our B2B and B2C business model.
• Playfolio technologies pvt ltd - Playfolio is a gurukul for traders.
• Collo - Collo is a property management platform for the Philippines that streamlines rental operations and enhances the experience for managers and residents with features like tenant management, billing, and maintenance.
• Willwali Sdn Bhd - Willwali offers secure and accessible estate planning for Islamic Wasiyats, Hibah, and conventional wills, serving both local citizens and expatriates worldwide through advanced AI and blockchain technology.
• BlueJ - BlueJ is a sharing economy platform, aiming to redefine convenience and support the gig economy through a comprehensive and innovative digital ecosystem.

The participating startups will have an opportunity to pitch to an audience of potential investors and fintech enthusiasts in a Demo Day, scheduled to be held in conjunction with SC’s Fintech Summit in October. They will stand a chance to win potential cash prizes from the Securities Commission Malaysia (SC) and investment opportunities ranging from RM50,000 to RM250,000 from potential investors such as venture capital firms, fintech focused private equities, crowdfunding and P2P investment platforms, angels and private investors. In total, up to RM2,000,000 worth of benefits are available to support these startups in scaling their businesses.

Ben Lim, Founder and CEO of NEXEA, expressed his enthusiasm as Accelerator Programme Partner to the SC for the programme's impact: "I am pleased to see that there’s over 800 startups applied for this programme. We are thrilled to see such a diverse and talented group of startups participating in this year's cohort. The quality and innovation demonstrated by these entrepreneurs are truly inspiring, and we are committed to supporting their journey towards transforming the Islamic Capital Market."

For more information please visit https://fikraaccelerator.com/.

About FIKRA ACE Accelerator

FIKRA ACE is an enhanced three-year initiative, succeeding the Securities Commission Malaysia's (SC) inaugural Islamic fintech accelerator programme, FIKRA, which was launched in May 2021. The programme comprises three main components: Accelerator, Circle, and Excel. Following the success of the 2023 cohort, the FIKRA Accelerator continues to provide a robust platform for startups to develop their solutions from ideation to minimum viable products. This platform is designed for fintech companies to develop innovative solutions that contribute to the advancement of Islamic finance, with a particular emphasis on the Islamic capital market. Through a structured six to eight-week accelerator programme, FIKRA ACE provides the necessary tools, guidance, and network to support fintech innovators in making significant contributions to the sector.

The Malaysia Digital Economy Corporation (MDEC) serves as the strategic local ecosystem partner for the programme, providing startups with essential infrastructure, resources, and market knowledge to scale their businesses. The SC also collaborates with the Islamic Development Bank as the global ecosystem partner, enriching the programme's content with international insights and perspectives. Participating startups will benefit from business matching opportunities with industry partners, facilitating crucial last-mile connections to scale their businesses to higher stages.

About NEXEA

NEXEA is a Malaysian Venture Capital and Startup Accelerator firm specializing in supporting and funding technology companies that can potentially be the next technology giants. NEXEA also has services for investors and Corporates that want to invest or work with future technology giants.

NEXEA is known for its mentors who are successful ex-entrepreneurs or C-levels who own or sell their businesses (IPO, M&A). The combination of experienced mentors, experts, and partners proves potent as the top companies out of 35+ Startups invested by NEXEA have grown 3 to 16 times yearly. NEXEA is based in Bandar Sunway, Selangor. For more information, visit us at www.nexea.co.

Media Contact Person:

Soo Shee Chien

sheechien@nexea.co

Marketing Executive