Malaysian youths compete in the Digital Financial Inclusion Challenge 2021

FWD Takaful together with Arus Academy held the Digital Financial Inclusion Challenge 2021 in December 2021 for Malaysian youths to develop, discuss, and present their ideas on how to use digitalisation in the takaful industry to promote inclusivity for customers. The 2021 DFIC competition was participated by just under 40 Malaysian youths in total. This competition is now in its second year.

The competition sought to improve financial inclusion and security for the B40 community by empowering youths to explore financially inclusive solutions in the form of policies, initiatives, campaigns, social movements, business plans, alternative channels, and more. During the 2-week challenge, youths aged 18-30 developed their ideas and understanding of the challenges facing financial inclusion in Malaysia and proposed their own plans and digital solutions which are both financially inclusive and sustainable.

The winners of the DFIC 2021 were three students from Universiti Utara Malaysia (UUM) who combined their knowledge in takaful & shariah studies with their compassion to help B40 communities create their winning solution, ‘Sempurna’. Created by Ahmad Bukhari, Wan Ain Adlina, and Muhammad Azamuddin, ‘Sempurna’ is an app which will allow customers to customise their takaful plans based on the exact coverage needed, which may vary based on individual circumstances typically faced by B40 communities.

The proposed app featured rewards for behaviours (such as having a healthy lifestyle) which could lower their risk profiles in the long-term. The team behind ‘Sempurna’ also suggested payment options through mobile prepaid credit and post offices, which are some of the most accessible and commonly available options in urban and rural areas.

As part of the initiative’s belief in engaging youths in generating advocacy initiatives and solutions to tackle financial inclusion in Malaysia, participants in the Challenge will also have the opportunity to be a part of the first-of-its-kind Financial Inclusion Youth Committee (Committee). The Committee is a coalition of Malaysian youths who are eager to transform the takaful and insurance landscape, allowing them to build their network and capitalise on digitalisation to achieve the common goal of reimagining financial inclusion.

Alina Amir, co-founder of Arus Academy said, “Our finalists in this competition represented more than 10 different majors across 8 higher education institutions. All of them were passionate about making the world a more inclusive place for everyone and this includes access to financial services. We’re happy to provide them with opportunities and a platform to allow for their ideas to be heard by all”.

For more information about DFIC and the 2021/22 Youth Committee, please visit