USM PENANG, 23 April 2024 – The Computer Science Society of Universiti Sains Malaysia (USM) in collaboration with the Securities Commission Malaysia (SC), recently held the Varsity Hackathon (V HACK) 2024 as a platform to cultivate the next generation of fintech (financial technology) talents.

V HACK, held on 20 April 2024 at the USM Main Campus, is the inaugural event of the SC’s FIKRA ACE – Excel, a capacity-building initiative to support the development of Islamic fintech through a structured approach, by building skillsets and talent by partnering with higher learning institutions.

SC chairman Dato’ Seri Dr. Awang Adek Hussin said in a statement released yesterday that the regulator had, in 2021, launched the fintech initiative FIKRA to enhance the Islamic capital market ecosystem and FIKRA ACE is the enhanced, three-year initiative.

Awang Adek, who is also the USM Board of Governors Chairman said further that VHACK 2024 showcases the innovative spirit of Malaysian undergraduates.

"This can be a call to action for stakeholders across academia, industry and government to collaborate, innovate and propel Malaysia towards becoming a global leader in Islamic fintech,” he added.

Meanwhile, the Deputy Vice-Chancellor, Student Development Affairs and Alumni, Professor Dr. Shaharum Shamsuddin in representing the USM Vice-Chancellor said, USM highly encourages events like Varsity Hackathon which are related to the Sustainable Development Goals (SDGs), as USM is also deeply committed towards promoting sustainability and addressing global challenges.

Focusing on solving curated SDGs related to real-life issues, the programme received over 900 applications from 90 higher learning institutions around the world, such as Canada, China, Ghana, Indonesia, Japan, South Africa, Saudi Arabia, Taiwan, United Kingdom, United States, India, Singapore and Malaysia.

On the final pitching day, 10 teams from multiple public and private universities were crowned winners, bringing home a total of RM37,500 in cash prizes.

Among those present were the Executive Director of Islamic Capital Market at SC, Sharifatul Hanizah Said Ali; Dean of the USM School of Computer Sciences, Professor Dato’ Dr. Bahari Belaton; Advisor of the USM Computer Science Society, Assoc. Professor Dr. Ahmad Sufril Azlan Mohamed; and Project Director of Varsity Hackathon 2024, Lim Qian Yun.

SC continues to spearhead fintech initiatives through its SCxSC programme to support the growth of the capital market and ensure that Malaysia remains competitive.

For more information on FIKRA ACE programme, please visit https://www.sc.com.my/fikra-ace.

Note: Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. ​​​At its core, fintech is utilised to help companies, business owners, and consumers better manage their financial operations, processes, and lives.

Text: Tan Ewe Hoe