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.
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.
Participants will be able to understand the concept of financial inclusion better from experts and industry players.
Participants will be exposed to examples of case studies of financial inclusion in various countries including Peru, India and Zimbabwe.
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.
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.
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).
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.
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.
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.
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!
Workshop 1 is a synchronous session scheduled during the times mentioned above. Attendance is compulsory.
An optional synchronous workshop and check-in to further improve your solution with your facilitators before Workshop 2 begins.
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.
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:
Below are the important dates of the program.
Each team will be presenting their solutions in the following 2 formats.
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.
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.
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.
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.
The FFL Financial Inclusion Challenge is organised by FWD Takaful and powered by Arus Academy.
By joining the FFL Financial Inclusion Challenge, participants will be able to:
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:
Participants must submit the following:
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.
Yes. Winning teams of the FFL Financial Inclusion Challenge stand to win cash prizes of RM5000, RM3000 and RM2000 respectively.
Below are the dates of the program.
The FFL Financial Inclusion Challenge will be conducted on 3 major digital platforms:
Internet subsidies will be provided as necessary.
Do let us know of any technical difficulties and we will try our best to help you overcome the issue.
Yes, you can!
No. Participants must have experience with or at least be interested in hese fields to join the challenge.
Yes! Participants will undergo a crash course in design thinking and policy-making through a series of workshops and talks throughout the challenge.
Solutions can be focused on the following but not limited to:
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.
You can drop us an email at firstname.lastname@example.org and send over your questions.