Digital Financial Inclusion Challenge 2020

Digital
Financial Inclusion
Challenge 2020

"The vision of the financial inclusion framework is to create an inclusive financial system that best serves all members of society, particularly the underserved, to have access to and usage of quality, affordable essential financial services to satisfy their needs towards greater shared prosperity."

- Central Bank of Malaysia
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Malaysia's first virtual innovation challenge to achieve financial inclusion through microtakaful.

The problem: Can microtakaful end the cycle of poverty?

For you and I and for the rakyat’s benefit, Malaysians are unanimous in wanting to see the country’s transformation into a high income economy. However, we are only as strong as our weakest link. True prosperity can only be achieved with a financially-inclusive system (comprising products and services) that serves all members of the society, including and especially for, the underserved like the B40s.

The B40s make up 40% of the population with the lowest income in the country and out of this, more than 6 out of 10 of them are at risk of suffering from financial shocks caused by death or illness of the family breadwinner. A safety net (in the form of microinsurance or microtakaful) which provides temporary relief and enables households to weather financial emergencies can be the impetus to keep them out of the cycle of poverty. The role of microtakaful must therefore be viewed alongside government provision of basic health services, employment and education, etc., all of which go towards alleviating poverty.

As of 2017, takaful penetration rate remains low at 14.8%, far below compared to BNM’s target at 25%.

We challenge the youth to collaboratively create innovative solutions to make takaful available to all Malaysians.

Accept the Challenge and be a part of a systemic solution.

Digital Financial Inclusion Challenge 2020

The Digital Financial Inclusion Challenge gets 30 youths who are passionate about nation building to virtually take part in the conversation and exploration of innovative solutions to achieve financial inclusion through microtakaful.

This 3-week online course and competition aims to push youths to think about long term solutions as well as advocacy strategies in meeting our financial inclusion goals through microtakaful.

The competition's coursework includes the following:

Explore the financial inclusion framework.

Participants will be able to understand the concept of financial inclusion better from experts and industry players.

Research and analyse case studies from all over the world.

Participants will be exposed to examples of case studies of financial inclusion in various countries including Peru, India and Zimbabwe.

Approach the challenge through Design Thinking.

Participants will go through an iterative process which seeks to understand the user, challenges assumptions, and redefines problems in an attempt to identify alternative strategies and solutions that might not be instantly apparent with an initial level of understanding.

Work with teams and a mentor from the industry.

Participants learn to work collaboratively towards creating innovative solutions regarding financial inclusion. They will also receive expert insights and feedback from mentors, who are established figures in the financial industry. 

Program timeline

The program includes 2 weeks of asynchronous pre-work (1st - 10th Dec 2020) and 2 weekends of synchronous workshops (11th - 13th Dec & 18th - 20th Dec).

15th November 2020, 11:59PM
Application must be submitted by 11:59PM on Sunday, 15th November.

Applications are open from now till 15th November! We are looking for teams of 5 aged between 18-30 years old who are passionate about eradicating poverty and is interested to learn more on how we can achieve a financially inclusive nation.

30th November 2020
30 finalists (6 top teams) based on the application will be announced.

You and your team will receive an email on whether you are selected to join the challenge. If your application falls below 5 members, the organizers reserve the right to assign you to a team with less than 5 members.

1st - 10th December 2020
Pre-work course

Once selected, you will receive an email with instructions on how to get started on the pre-work. The pre-work course will be conducted via Canvas LMS asynchronously. You can complete it at your own time and pace within the duration of the pre-work. Facilitators will contact you to provide further support.

4th December 2020, 8:30PM - 10:00PM
Onboarding & networking event with mentors, facilitators and partners.

You are invited to meet with your mentors, facilitators and other team members via a virtual networking event. Say hello and get to know each other!

11th - 13th December 2020
Workshop 1
Friday: 8:00PM - 10:00PM
Sat: 10:00AM - 1:00PM
Sun: 10:00AM - 1:00PM

Workshop 1 is a synchronous session scheduled during the times mentioned above. Attendance is compulsory.

15th December 2020, 8:30PM - 10:30PM
Optional workshop & check-in to finalise end product.

An optional synchronous workshop and check-in to further improve your solution with your facilitators before Workshop 2 begins.

18th - 20th December 2020
Workshop 2
Friday: 8:00PM - 10:00PM
Sat: 10:00AM - 1:00PM

Final exhibition & presentation:
Sun: 10:00AM - 1:00PM

Workshop 2 is a synchronous session scheduled during the times mentioned above. The final exhibition and presentation will be live streamed on social media. Attendance is compulsory.

Will you take on the challenge?

We are looking for teams of 5 aged between 18-30 years old who are passionate about eradicating poverty and is interested to learn more on how we can achieve a financially inclusive nation.

Potential solutions include but not limited to the following areas:

  • increasing awareness and understanding of takaful
  • alternative channels to provide access to microtakaful
  • strategic planning that helps in maintenance of contribution
  • hacking the process of accessing and maintaining microtakaful
  • literacy required to break out of poverty

Below are the important dates of the program.

Each team will be presenting their solutions in the following 2 formats.

1. Interactive online campaign and site to increase awareness and advocacy for microtakaful.

Using an easy to use website template, teams will design an advocacy platform to showcase the issues they have chosen to tackle and the solutions they are proposing. This site is meant for the public to visit and understand the problem further without having to attend the live presentation.

2. A virtual presentation of solution on how B40 can have better access to microtakaful.

Each team will be given 5 minutes to present the problem and solution they have identified to a panel of judges. This presentation will be live streamed on multiple social media platforms. There will be a 5-min Q&A session allocated at the end of the presentation.

The winning team will walk away with RM5,000 for first prize, RM3,000 for second prize and RM 2,000 for third prize. Consolation prizes up to RM500 will be given to runner ups.

Apply by 11:59PM, 15th November 2020.

Apply today

Program FAQ

What is the FFL Financial Inclusion Challenge?

The Digital Financial Inclusion Challenge is a 3-week online course & challenge to push 30 youths to think about long-term solutions as well as advocacy strategies in meeting the nation's financial inclusion goals through microtakaful.

Will this program be conducted fully in english?

Yes. The pre-work course and workshops are designed in english. However, application, pre-work assignments, workshop tasks and final presentation and solution can be bilingual (in English or Bahasa Melayu or both). Facilitators and mentors will also be able to communicate in both languages to further support the participants.

Who are the organisers?

The FFL Financial Inclusion Challenge is organised by FWD Takaful and powered by Arus Academy.

Why should I join the FFL Financial Inclusion Challenge?

By joining the FFL Financial Inclusion Challenge, participants will be able to:

  • Empower the B40 community in Malaysia through innovative problem-solving
  • Learn transferrable advocacy, design thinking and policy skills from Arus Academy
  • Receive expert insights and feedback from mentors
  • Network with a diverse set of Malaysian youth leaders/influencers
  • Receive a certificate of achievement from FWD Takaful & Arus Academy
  • Have the opportunity to pitch their solutions to judges who are also industry experts from financial institutions and organisations.
  • Be in the running to win cash prizes totalling RM10,000!

What is the selection criteria for FFL Financial Inclusion Challenge?

FFL Financial Inclusion Challenge is open to Malaysians aged between 18-30 years old. Participants are encouraged to join as a team. Selected teams should consist of 5 members. However, if your application falls below 5 members, the organizers reserve the right to assign you to a team with less than 5 members.

Participants must be interested in or have prior experience in:

  • economics
  • finance
  • Islamic finance
  • Actuarial science
  • Public policy
  • Syariah law
  • Fintech
  • Takaful tech

Participants must submit the following:

  • Online application form
  • Short description of relevant work or study experience

Participants may join as a team of 5 or individually. Shortlisted individual applicants will be teamed up with other successful applicants by the organising committee.

Is this a competition?

Yes. Winning teams of the FFL Financial Inclusion Challenge stand to win cash prizes of RM5000, RM3000 and RM2000 respectively.

What are the important dates I need to take note off?

Below are the dates of the program.

How will the FFL Financial Inclusion Challenge be carried out?

The FFL Financial Inclusion Challenge will be conducted on 3 major digital platforms:

  • Canvas LMS
  • Zoom
  • Google Site/ Google Forms

What if I don’t have a stable Internet connection?

Internet subsidies will be provided as necessary.

What if I am selected but do not have the necessary devices to use for this program?

Do let us know of any technical difficulties and we will try our best to help you overcome the issue.

What if I am interested in but do not have experience in Economics/ Finance/Islamic finance/Actuarial Science/Public Policy/Syariah Law/ Fintech/ Takaful tech. Can I apply?

Yes, you can!

I don’t have any experience with or am interested in economics/finance/Islamic finance/actuarial science/public policy/Syariah law/ fintech/ takaful tech. Can I apply?

No. Participants must have experience with or at least be interested in hese fields to join the challenge.

I don’t have any prior design-thinking/policy-making experience. Can I apply?

Yes! Participants will undergo a crash course in design thinking and policy-making through a series of workshops and talks throughout the challenge.

What are some examples of solutions I am expected to present?

Solutions can be focused on the following but not limited to:

  • Policies
  • Initiatives
  • Projects
  • Campaigns
  • Movements

Do I have to be online all day throughout December 11th-20th, 2020?

No. Participants are only required to be online on weekends on December 11 - 13 and December 18 - 20, 2020 for the series of workshops and talks to prepare for the final presentation. You may refer to our Program Calendar for the scheduled activities.

I have more questions. Who do I reach out to?

You can drop us an email at hello@fundfor.life and send over your questions.

Our past programs

As outlined in Malaysia’s Financial Inclusion Framework, innovative products and services offered (such as micro-Takaful) need to work in tandem with underserved communities who are well-informed and responsible. 

Through our Fun(d) for Life programme, Arus Academy supported by FWD Takaful has been championing multi-platform initiatives to increase the financial literacy levels of the B40 community; through Financial Literacy camps for the youths, complemented by an online financial literacy portal (www.fundfor.life) accessible to all. 

The Financial Inclusion Challenge will further complement this systemic solution.