Financial Innovation Lab, FinLab (UNCDF)
Highlights from Wakaful’s Participation in the UNCDF Organised Bootcamp
On the 11-15th March, the UNCDF hosted 18 startups from across the country to attend the Financial Innovation Bootcamp B40 Challenge as their first cohort. This was organised in partnership with Bank Negara Malaysia (BNM), Malaysian Digital Economy Corporation (MDEC), and the Metlife Foundation. Wakaful was invited to be one of the participants.
The bootcamp brought together startups from the Insurance and Takaful industry, P2P lending startups, a savings platform, ondemand jobs (gig economy), and even remittance which made up the 18 startups.
The bootcamp was centered around Human Centered Design (HCD) which we found was a unique fit to our product and a necessary approach to targeting B40 communities. HCD is a creative approach to problem solving, putting people first in the process of designing your product or solution.
Wakaful from a HCD Perspective
Wakaful will incorporate HCD principles as part of our service to B40 communities. More-so, Wakaful aims to bring access of Takaful products to the B40 communities by bringing together stakeholders on to our platform. An example of such stakeholders can be NGOs, Takaful Providers, Coporate Donors, and Fund Managers brought together on our digital waqf governance platfrorm.
Wakaful uses a Waqf (an endowment) governance framework to always prioritize the B40 communities interest. According to Labuan IBFC, “Waqf” or Waqf means holding a certain property and preserving it in order to ensure that its benefits continuously flow to a specified group of beneficiaries for charitable or philanthopic purposes as recognised by the Shariah.
Implementing HCD is a perfect match in building our Waqf based governance protocols between stakeholders on the Wakaful Platform. Wakaful aims to solve the problem of making insurance or Takaful products more inclusive and easily accessible to B40 communities and will continously ideate, iterate, and impliment to achieve its goal.
Wakaful’s involvement in the UNCDF financial Innovation bootcamp #B40challenge is not over yet. Wakaful will partake in the second bootcamp happening on the 22nd – 25th April 2019. Below are some highlights if the program. Follow our social media accounts to keep up with Wakafuls progress !