Khazanah Impact Innovation Challenge marks successful completion in unearthing innovative solutions to enhance ageing services for Malaysians

Six finalists win grants, while five others will undergo MaGIC’s Social Impact Challenge Accelerator programme

The Khazanah Impact Innovation Challenge (“KIIC”) came to a close with the successful completion of the KIIC Pitch Day where 30 finalists showcased their business propositions on enhancing ageing services for Malaysians.

The KIIC Pitch Day marked the end of an intense 10-week challenge comprising multiple phases, where participants were provided with the opportunity to network with industry experts and undergo scale-up interviews to prepare for their final pitch. The challenge also provided them with insights and ideas to strengthen their business fundamentals, as well as refine their go-to-market plans.

KIIC Panel Judges

Associate Professor Dr. Rahimah Ibrahim
Deputy Director of the Malaysian Research Institute on Ageing (MyAgeing), Universiti Putra Malaysia
Artak Melkonyan
UNDP Financial Sector Hub, SDG Finance, Global Lead for UNDP IVA
Shahin Farouque Jammal Ahmad
Executive Director,
Head, Special Situations
Khazanah Nasional Berhad
Amran Hafiz Affifudin
Executive Director,
Head, Energy & Infrastructure
Khazanah Nasional Berhad
Six finalists were selected to receive a RM300,000 grant each. The grant winners will also proceed to enhance their capabilities through the Endeavor ScaleUp Programme. In addition, five other finalists will receive RM20,000 each and get exclusive access to MaGIC’s Social Impact Challenge Accelerator (“SICA”) programme, an impact-focused and SDG driven accelerator created in partnership with United Nations Development Programme (“UNDP”), to further enhance the market adoption of their solutions.

Congratulations to our grant winners and accelerator finalists!

KIIC Grant Winners

Hire.Seniors provides online recruitment platform that connects mature & experienced professionals, seniors & retirees to companies in need of experienced & skilled resources.

Their aim is to provide seniors a fighting chance at employment, in becoming self-sufficient to age with dignity.

Managedcare is in the business of coordinating a variety of healthcare and long-term care services as well as the administration of these services to achieve optimum value in terms of quality and affordability.

They aim to implement an integrated care ecosystem with a digital health platform to deliver affordable home care packages and care management designed around people with stroke, dementia and frailty.

Meaningfull Life’s main focus is to design products & services and build ecosystems to help the elderly in Asia age meaningfully.

They aim to provide a convalescent care and daycare for the elderly to lessen the burden on families with a goal to become the “Montessori of Eldercare”.

MISZ Home Physiotherapy’s mission is to ensure the ageing community are able to obtain home care services as well as create employment opportunities for youth.  

They aim to scale up their affordable and Shariah-compliant home care services with physiotherapy and nursing capabilities for the elderly, catered for the rural M40 and B40 community.

CARE Concierge specialises in providing post-hospitalisation recovery & eldercare through their proprietary digital health platform and network of Nurses, Therapist & Caregivers.

They aim to provide integrated services (i.e. Homecare, Assisted Living Facilities, Daycare, Training and Technology) for ageing in place, as well as scale up their CARE Guardian platform to support the elderly across the spectrum of care services.

SmartPeep is an AI health-tech company that develops automated monitoring system to prevent accidents and assist healthcare professionals to respond better towards patients and elderly.

They aim to revolutionise elderly care by leveraging AI technology to provide better health, safety and well-being for the seniors through their AI monitoring system which monitors, tracks and detects anomalies via deep tech, to prevent/detect falls; and provide real time reports.

Accelerator Winners

Firegent uses A.I. to capture data from various documents so users can use it, share it and chart it.

Their aim is to build the pipes to connect dementia patients’ data from various platforms to a single “Go-To” source; as well as scaling up the use of music therapy for dementia assessment.

IMM Carehub is a private research-based Senior Lifestyle Centre specialised in preventive care, healthy aging and geriatric rehabilitation.

They aim to provide comprehensive care for older adults to lead a healthy, independent and fulfilling life in their golden years through their state-of-the-art center which is equipped with advanced technology on preventive and rehabilitative solutions.

Nova Engineering Services focuses on technology R&D to enhance the quality of life.

They aim to support ageing services through their Smart Medicine Dispenser System (SMDS), a self-managed dispenser for medication compliance which is able to: record and review medicine utilisation for analysis on compliance, set prescription time & other information.

Robopreneur is a fast-growing service robotics company, providing robotics products and services for professional and domestic use, empowers digital transformation through adaptation of robotics, automation and AI solutions in businesses.

They aim to introduce their Robotic Wheelchair Arm System to improve the quality of life of elderly persons as well as enhance their independence and autonomy.

Teman Malaysia is a social enterprise that provides care companionship services for elderlies and those in need to assist them in their daily activities and increase their quality of life.

They aim to further expand their short-term support and care assistance for the elderlies by matching the elderlies with their trained caregivers to assist in daily activities ranging from health appointments to running errands.


This (affordable ageing service) is an area which we can play a role in; as it is currently underserved especially for the lower income bracket, while the demand for ageing services will continue to increase. We hope we are able to discover innovative solutions from our KIIC finalists to provide services we will need as we age

Tengku Dato’ Sri Azmil Zahruddin
Khazanah Chief Investment Officer


The demand for ageing services will continue to increase as we become an aged nation. I am pleased to see the quality of proposals from the finalists, and I look forward to seeing the winners innovate solutions that promote dignity in old age, enable ageing-in-place, develop caregiver capacity, and support informal caregivers. I applaud Khazanah’s effort in discovering solutions that can enhance ageing services for Malaysians.

Associate Professor Dr. Rahimah Ibrahim
Deputy Director of the Malaysian Research Institute on Ageing (“MyAgeing”), Universiti Putra Malaysia


About KIIC

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.).