Bank Rakyat Names TNEX, Unbraided AI and Carbon AI Top Picks in Its 2026 Fintech Accelerator
Bank Rakyat, the Malaysian Islamic bank, has named the winners of its 2026 fintech accelerator. Out of 79 applications, 11 start-ups finished the programme, and TNEX Malaysia took the top prize. The bank says the best ideas could now move to live trials inside its operations.
Key facts
- The Bank Rakyat Fintech Accelerator Programme 2026 (BRFAP 2026) drew 79 applications; 11 companies completed it.
- TNEX Malaysia won the grand award, Unbraided AI took silver and Carbon AI took bronze.
- The other finalists were PowerCred Technologies, Dataverse, Finology, IntelliLabs AI Solution, Codebase Technologies, GBG (Malaysia), Vespid and Wazzap Me.
- The programme is run with Plug and Play and the Fintech Association of Malaysia (FAOM), with support from PayNet, the operator of Malaysia’s national payment network.
- Selected solutions may go on to a proof-of-concept (PoC) stage, a small test to see whether an idea works in real banking conditions.
How the programme worked
Instead of asking start-ups to pitch whatever they had built, Bank Rakyat set out specific “problem statements” drawn from its own banking operations and customer service. Applicants had to show how their technology could solve those problems.
The 11 finalists went through orientation sessions, workshops, mentoring, pitch training and industry-sharing sessions before a final assessment. Along the way, they adjusted their products using feedback from bankers and industry experts. Group chief executive Ahmad Shahril Mohd Shariff said the programme lets fintech firms tailor their solutions to practical banking needs, with the aim of turning new ideas into working services that improve the customer experience.
The bank has not disclosed the value of the prizes or which problems each winner tackled. Several of the finalists, judging by their names, focus on artificial intelligence (AI), data and identity checks, which are areas where many Malaysian banks are spending heavily.
Part of a bigger digital push
The accelerator builds on a fintech community hub that Bank Rakyat set up in May 2026 with the same three partners. The hub was designed to give the bank a steady pipeline of tested digital solutions and a standard way to sign deals with start-ups, so that good ideas reach customers faster.
One early result of that approach is already live: Bank Rakyat’s Shariah-compliant Personal Financing-i can be applied for directly inside the BigPay app. That kind of tie-up, where a bank’s products appear inside a fintech’s app, is often called embedded finance. The bank says these efforts support its LEAD30 plan to make its digital banking more competitive.
What it means for Malaysians
- Bank Rakyat customers: if the winning ideas pass their trials, customers could see faster applications, better self-service and fewer manual steps when dealing with the bank. Nothing changes for now, as PoC tests usually take months.
- Local start-ups: a large Islamic bank opening its problems to outside firms gives young Malaysian fintechs a route to a real banking client, which is often the hardest step for a start-up.
- Other banks: traditional lenders are under pressure from Malaysia’s new digital banks, such as AEON Bank and GXBank. Structured programmes like this are one way older banks try to move faster without building everything in-house.
What to watch
- Which of the 11 solutions move into a formal proof-of-concept with Bank Rakyat, and when.
- Whether more partner products, like the BigPay financing link, appear inside other Malaysian apps.
- Whether the bank runs another accelerator round in 2027 and shares results from this year’s trials.
Related: PayNet and the regulators · How Malaysia’s payment system works
Sources: NST via KLSE Screener (October 2026) · TVS (October 2026) · Fintech News Malaysia (May 2026)
