LABUAN — The Faculty of International Finance Labuan (FKAL) at Universiti Malaysia Sabah (UMS) won five gold, 19 silver and seven bronze awards at the Grand Finale of PEREKA 2026, held in conjunction with the Borneo Festival of IDEAS 2026 from Oct 13 to 14.
The faculty participated through three contingents comprising 106 researchers and team members, with all 31 research and innovation projects receiving awards at the event held at UMS’ Second Central Lecture Complex.
The achievement highlights FKAL’s growing research capabilities in Islamic finance, financial technology (FinTech), corporate governance, artificial intelligence (AI), digital entrepreneurship, financial education, sustainable development and community empowerment.
PEREKA is one of the key innovation programmes under the Borneo Festival of IDEAS, bringing together researchers, academics, innovators, entrepreneurs, government agencies and industry representatives to strengthen collaboration between universities, the government, industry and communities.
The five gold-winning projects were IHARAM GOLDVR™: Smart Umrah & Hajj Ecosystem by Dr Haneffa Muchlis Gazali; MASJIDFIN 1.0: Mosque Financial Governance Self-Assessment and Improvement Support System by Dr Rio Erismen Armen; Advancing Digital Transformation for Competitive Sustainable Asnaf Entrepreneurship by Dr Noor Hassanah Husin; Multiple Blockholders and Governance Through Voice: Evidence from Blockholder Board Representation by Dr Ooi Ai Yee; and Stock Trading Competition (STC): Trading Beyond the Classroom by Dr Aminah Shari.
The projects showcased innovations in digital technology, financial governance, entrepreneurship, corporate governance and experiential learning.
Among the 19 silver-winning projects was From Thread to Heritage: Conceptualising a Community-Based Heritage Innovation Framework for Women Empowerment and Sustainable Futures, led by Associate Professor Dr Geoffrey Harvey Tanakinjal, together with Dr Alesia Sigang Gugkang, Dr Chia Yee Ee, Dr Salumah Nain, Dr Jaludin Janteng and Nurlisa Shamsudin. The project integrates heritage preservation, women’s empowerment, entrepreneurship and sustainable livelihoods.
Other silver-winning projects included ECOPAY-SABAH by Dr Mohd Ashari Bakri, which combines Islamic finance and environmental sustainability through a green FinTech platform concept, as well as Debt Guardian AI and FOREXPOLY by Dr Siti Nur Aqilah Ab Wahab, focusing on predictive household debt management and game-based foreign exchange learning, respectively.
Additional silver award recipients included FINCOMIC SQUAD, LADDERIO, ACC-SIM and ECONOSEARCH, which use gamification and digital learning to improve students’ understanding of finance, accounting and economics.
Other recognised projects covered Islamic finance and sustainability, including The Triple-Helix Islamic Agri-Finance Model, MAQ-ESG Score, BNPL-SMART, P2P Social Microfin, FINDEC, GREEN-ACCESS, SMARTSTAY Adoption Blueprint and WAQF4SDGs. Further projects included international trade simulation packages, inclusive smart school modules, industrial training guides and research into developing a commercially oriented occupational safety and health training academy in Labuan.
The seven bronze-winning projects included CROWD-IMPACT™ by Dr Suzillah Sidek, a crowdfunding ecosystem designed to support community empowerment and the development of micro, small and medium enterprises, and PRICE-GUARD by Dr Nur Shahirah Azman, which develops a framework for assessing household debt vulnerability.
Other bronze award recipients were OPTION DUUK, an AI-based experiential learning ecosystem for options hedging developed by Dr Ricky Chia Chee Jiun; RISKQUEST WHEEL, a gamified corporate finance learning tool introduced by Samsulbahri Mohd Nasir; Nurturing the Digital Mind by Dr Raini @ Anne Laipan; AR-RAHNU EDUKIT by Fithriah Ab Rahim; and FIQH FINANCE by Dr Imran Mehboob Shaikh.
FKAL Dean Associate Professor Dr Geoffrey Harvey Tanakinjal said the achievement reflected the faculty’s creativity and growing research capabilities, with an emphasis not only on academic publications but also on translating knowledge into practical solutions for industry, financial institutions, entrepreneurs and communities.
He said FKAL would continue to strengthen university-industry-government collaboration, promote commercialisation and intellectual property development, and leverage innovations in Islamic finance, FinTech, sustainable finance, education and governance.
These efforts, he added, aimed to support Labuan’s development while enhancing UMS’ impact and international recognition.
