PayNet eyes 50 fintech firms in its programme
Payments Network Malaysia Sdn Bhd (PayNet) group chief executive officer Farhan Ahmad
KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) aims to onboard more than 50 local financial technology (fintech) firms into its community and accelerator programme, PayNet Fintech Hub.
'There are about 300 fintech firms in Malaysia. For the programme to be competitive, we want about 50 to be in our programme,' said group chief executive officer Farhan Ahmad at the launch of the fintech hub here yesterday.
The programme aims to accelerate fintech growth in Malaysia by providing firms with direct access to capital, key industry connections, financial incentives, and the ability to learn from and work alongside global powerhouses.
On the once vibrant startup ecosystem in Malaysia, Farhan said among the reasons why local startups have yet emerged as unicorn companies are due to them not being able to find good venture capital and not having a natural liquidity option.
'It's hard to go into an initial public offering and there is no acquisition in the market.
'So we learned that and thought about how we connect fintechs that want to work with banks and interested investors – there is no place for them to meet each other,' he said, adding that PayNet is trying to play a role in creating the fintech community.
'If you are a small startup and you cannot find anybody to partner you, maybe PayNet can help you.
'I think we looked at all these little problem statements faced by the fintech startups,' he added.
When asked how PayNet is looking to further scale the startups involved, Farhan said the group's role is to provide inspiration, support and international exposure, including access to global venture capital and partners like Amazon Web Services.
This will allowa the startups to scale beyond Malaysia while ideally staying rooted in Malaysia.
The PayNet Fintech Hub initiative features two tracks, namely community and catalysts, and offers about more than RM4mil in support.
According to PayNet, the fintech hub community members will get exclusive financial support in the form of more than RM1mil in PayNet value-added credits and over RM600,000 worth of sponsored advisory services across legal, finance, human resources and market research.
The members will be granted up to RM3mil in cloud credits and support from major cloud service providers, as well as access to a fully sponsored co-working space.
Community members will also be provided direct access to a vibrant community of founders, expert mentors, corporate partners, and fintech investors offering over 450 hours of hands-on guidance, collaboration and funding opportunities.
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