By 2045, Malaysia is projected to become an aged population with about 15% of the Malaysian population
(5.7 million people) aged 65 years old and above (1).

With evolving lifestyles of the older and younger generation, evolving family structure and various socio-economic factors, close to 10% of the Malaysian senior community may live on their own (2) and some may be unable to afford the necessary care to help them age with dignity.

In line with Khazanah’s role to generate economic returns as well as sustainable value for Malaysians; we see the need to enhance and improve services that assist the aging community to age-in-place; and obtain access to affordable care and support wherever they are.
Sources:
1. UN Population Division, World Bank.
2. 2000 Census Report, Department of Statistics Malaysia.

What is KIIC?
Khazanah Impact Innovation Challenge (KIIC) is a platform for Khazanah to discover and support new business models that assists Khazanah to create strategic value based on the theme of the challenge.

With the theme “Enhancing Ageing Services for Malaysians”, this business competition is aimed at supporting the growth and scaling-up of affordable services for Malaysian ageing community; towards increasing their quality of life and enabling "ageing-in-place".
The Award
Winner or winners of KIIC stand a chance to receive an award of up to RM300,000 each in project development grant and a potential follow-on investment by Khazanah.

Eligible participants may also be selected to participate in the MaGIC Social Impact Challenge Accelerator Programme (SICA) for further capacity building and funding opportunities.
KIIC is an initiative of Khazanah, in partnership with Malaysian Global Innovation and Creativity Centre (MaGIC)
and supported by Endeavor.

Solutions We Are Looking For

The KIIC is looking for submissions from Malaysian-based business entities with innovative and unique solutions which deliver:

Measurable impact
for Malaysians

A sustainable
business model

Solutions that can
be replicated across
Malaysia

Proposed solutions could be any of the following:

  1. “Ageing-in-place” models that enable Malaysians to age in their own homes or within their current community with access to social, health and care services;
  2. Addresses the needs of the middle-income community – affordable prices and expanded coverage of support in Malaysia;
  3. Innovative non-technological or technology-enabled solutions;
  4. Any other services that also address the problem (e.g. other ancillary services, financing services, services that reduce cost of healthcare for the aged, etc.).

We see KIIC as a fresh platform for us to identify new strategic investments that can deliver impactful economic potential for the country, in addition to playing a role to help address the needs of the growing ageing population in Malaysia.

Datuk Shahril Ridza Ridzuan
Managing Director
Khazanah Nasional Berhad