Singapore Islamic Fintech RizqX Emerges 2nd In Saudi Startup Competition

Singapore, 26 February 2024 – RizqX, Singapore’s pioneering gateway to halal investments, clinched 2nd place at Venture Z, against 318 participating teams from more than 40 countries. The startup competition was organised under the esteemed patronage of His Royal Highness, Prince Mohammad bin Abdurrahman bin Abdulaziz, by Prince Sultan University as part of the 2nd International Conference on Sustainability: Development and Innovations (ICSDI) 2024. ICSDI 2024 was held in Riyadh, Saudi Arabia from 18 to 22 February 2024.  

Under the competition track 4 social entrepreneurship, RizqX aimed to promote financial inclusivity in Singapore and SEA by empowering Muslims with the knowledge and tools to make informed financial choices while adhering to the Shariah principles. This is made possible by curating an extensive range of Shariah-compliant investment options from diverse global institutions and consolidating them into an all-in-one platform. The platform also provides detailed independent reviews, as well as educational resources for the community. As of February 2024, stage 1 of RizqX is live with 44 investment options. 

“Our platform captured the panellists’ hearts as it solves a real gap in the SEA Muslim market. The community is facing monetary and time loss attempting to find investment options in harmony with Shariah values. Current options are scattered and there is no holistic comparison platform for informed decision-making. We look forward to increasing accessibility and financial literacy of the community for informed decision-making,” said Muhammad Ridhwaan Radzi, CSAA, Managing Director, RizqX. 

Muhammad Nur Salihin Bin Samsudin, COO, RizqX added, “We are honoured to be able to make Singapore proud on an international stage. This win is a significant step for the team as it highlights a real demand not just in SEA but in the Middle East as well. We look forward to growing our market steadily, starting with Singapore.” 

RizqX is grateful to NTU Entrepreneurship Academy (NTUpreneur) and NTUitive for making this trip to Riyadh possible. Thank you to Prince Sultan University for the warm hospitality.