Last month, a Memorandum of Understanding (MoU) was signed by MIMOS Bhd (MIMOS) and the International Centre for Education in Islamic Finance (INCEIF), to develop a blueprint for an Islamic finance-based investment technology platform.

INCIEF was established in 2005 by Bank Negara Malaysia, the Central Bank of Malaysia to develop and nurture talents and expertise in the area of Islamic finance under the MIFC (Malaysia International Islamic Finance Centre).

MIMOS, a strategic agency under the Ministry of Science, Technology and Innovation (MOSTI), is Malaysia’s premier Applied Research and Development Centre in Information and Communications Technology, Industrial Electronics Technology and Nano-Semiconductor Technology.

The MOU was signed by INCEIF President & CEO Prof. Dato’ Dr Azmi Omar and MIMOS President & CEO, Mr Ahmad Rizan Ibrahim.

The collaboration is expected to drive greater Islamic Finance development and facilitate exploration of its potential. Under the MOU, INCEIF and MIMOS will collaborate in research and development of information and communications technology (ICT), in particular the areas of Big Data Analytics, Deep Learning and Fintech.

The two institutions would seek to exchange personnel for a range of purposes including teaching, research, training, study visits, internships or attachment.

Further, INCEIF and MIMOS may also cooperate in undertaking other activities such as field-testing, technology transfer and commercialisation of technological products.

Dato’ Azmi said, “This collaboration is a fine example of like-minded partners building on each other’s strengths and strategic focus. We look forward to translating the innovative ideas incubated through our research into a reality, be it a service or product which is of use to the society at large. As a global university specialising in postgraduate studies and applied research in Islamic finance, we are encouraged by this development and look forward to be part of the Fintech movement.”

“Fintech – much less Islamic Fintech – is still in its infancy and growing in Malaysia.  MIMOS has established a couple of Fintech collaborations during the past few years, but the technologies behind it, in particular Big Data Analytics, Deep Learning and Artificial Intelligence have been some of the key thrust areas at MIMOS for quite some time.  Today we’re only building on the successful work that we have done in the past,” commented MIMOS CEO, Mr Ahmad Rizan.

Some of the previous Fintech collaborations MIMOs has entered into previously include a MOU with Kenanga Investment Bank for collaboration on the development of Fintech applications in March 2017. The two parties would design, develop and commercialise homegrown technologies in the areas of information security and intelligent informatics for the capital markets.

In December 2016, MIMOS signed an MoU with Securities Commission Malaysia to jointly develop an advanced analytics platform for capital market.