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This is an allusion to the giving of what one is morally obliged to give, whether it be in charity or in satisfaction of rightful claims on the part of one's fellow-men, including such intangible "gifts" as the dispensing of justice.
It is reported in an authentic narration collected by At-Tirmiⱬi that ’Ȃishah, the Prophet’s wife, asked him (ﷺ) if this verse refers to those who steal or drink ˹alcohol˺. The Prophet (ﷺ) answered, “No, it refers to those who pray, fast, and donate, but are afraid that their deeds are rejected because they are not good enough.” Then he (ﷺ) recited the last part of the verse: “It is they who race to do good deeds, always taking the lead.”
Their hearts are full of reverence for Allah and fear lest their charity or their hearts be not good enough for acceptance before their Lord; for they have the certainty of a future life, in which they will stand before the Judgment Seat. They fear for their own worthiness, but they hope in Faith.