PayNet, FAOM collaborate to drive Malaysian fintech innovation and growth
PETALING JAYA: Payments Network Malaysia Sdn Bhd (PayNet), a payments network and central infrastructure provider, has signed a memorandum of understanding (MoU) with the Fintech Association of Malaysia (FAOM), the country's financial technology industry body, to collaboratively advance innovation and drive growth within Malaysia's fintech landscape.
The MoU marks the set up of PayNet Fintech Hub, a platform to empower fintech startups and foster collaborative opportunities that support the development of innovative financial technologies and solutions.
Through the partnership, PayNet and FAOM will leverage their respective networks, expertise and industry insights to promote regulatory engagement, regional collaboration and market access for Malaysian fintech players.
'This partnership with FAOM is about making it easier for fintechs to turn ideas into real solutions,' PayNet chief marketing officer Gary Yeoh said, adding that the hub gives startups a place to build, test and connect with the ecosystem that powers Malaysia's financial services.
'It's a step towards a more open and innovative ecosystem, where new players can grow and make a real difference,' he said.
Through PayNet Fintech Hub, startups gain a direct line to the systems, players and infrastructure powering Malaysia's financial services. The hub aims to build a more open, collaborative ecosystem where new innovation can thrive and scale.
FAOM will serve as a critical conduit between its members and the hub community, offering valuable pathways for networking, mentorship and participation in joint initiatives involving regulators such as Bank Negara Malaysia and Securities Commission Malaysia.
'We are extremely pleased to have signed this MoU with PayNet. This is the first step in an evolving partnership where we can leverage our individual strengths to serve the fintech community,' said FAOM president Anil Singh Gill. 'We have worked closely with the team from PayNet and we are confident of delivering value to our membership through this collaboration. We look forward to many more announcements in due course as we take steps to bring this partnership to life.'
The initiative aligns with Malaysia's broader ambition of becoming a regional fintech hub, leveraging advanced infrastructure, strategic partnerships, and progressive regulations. By fostering innovation and collaboration, PayNet Fintech Hub aims to strengthen the competitive edge of Malaysian fintech firms and attract global players to contribute to the ecosystem.
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