PayNet hub aims to unlock RM5b in intangible value for local fintechs
KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) has launched a fintech-focused accelerator, PayNet Fintech Hub, which is expected to unlock RM5 billion in intangible value for 50 selected fintechs through mentorship, funding access and global exposure.
PayNet Group CEO Farhan Ahmad said the hub is built to address key issues faced by fintechs in Malaysia to scale beyond the foundational stage.
'There are about 300 fintechs in Malaysia, but we expect fewer than 50 to join this programme. We will be very selective and we'll choose fintechs we believe are at the right stage and they will get the benefits and will get close to RM5 billion intangible value benefits,' he said at the launch today.
Farhan said the hub is expected to 'significantly accelerate' fintech growth in the country.
'The hub is our response to a global call for smarter collaboration and accelerated innovation, uniting the fragmented fintech ecosystem and creating real, scalable outcomes, and we are very excited about its possibilities,' he added.
Farhan disclosed that PayNet is also developing an Open Data and Open Banking initiative for Malaysia. 'This would be a massive catalyst and enabler to fintech success. When we launch that project as well, this will really help this project.'
Farhan said a thriving fintech industry is the key to delivering financial services that can advance Malaysia's growth and innovation goals. 'Successful fintech innovation is one of the best ways to ensure that Malaysia keeps up with the fast-evolving nature of financial services due to the rapid growth of AI.'
The hub is a programme with two pillars – Community and Catalyst. Fintechs selected into Community will get direct access to founders and ecosystem players to exchange ideas and share learnings, 450 hours of mentorship by a network of founders and domain experts, corporate players from banking, payments, and tech for partnership opportunities, and a pool of fintech investors who can mentor, evaluate and invest in Fintech Hub members.
All Fintech Hub Community members will also receive financial support in the form of more than RM1 million in PayNet value-added credits, over RM600,000 worth of advisory services across legal, finance, HR, and market research, up to RM3 million in cloud credits and support from cloud service providers, and access to a co-working space.
PayNet said these benefits are designed to help founders preserve cash burn, navigate challenges, refine business models, sharpen go-to-market strategies, raise funds, and define a clear path towards a successful exit.
The most promising startups from the Community will be picked for the Catalyst programme. This Catalyst track is in partnership with global institutions to give top Malaysian fintechs international exposure, mentorship, resources, and access.
Fintechs in the Catalyst programme will join a fully sponsored 10-week accelerator programme in partnership with Imperial College London. This programme includes a trip to London to meet with the Imperial faculty, as well as European and American startups.
Participants will get coaching and mentoring by the Imperial faculty, culminating in a final demo day that offers exposure to venture capitalists and potential corporate partners.
The accelerator has been curated for the needs of Malaysian fintechs and is fully funded by PayNet.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysian Reserve
31 minutes ago
- Malaysian Reserve
Rapid On-Demand introduces 13 new zones this Monday
RAPID Bus Sdn Bhd will introduce 13 new zones for its Rapid KL On-Demand service as well as a new booking application, Rapid On-Demand on Monday. Rapid Bus Sdn Bhd group chief operations executive (operations) Amir Hamdan said that 11 new zones will be available for booking on the Rapid On-Demand app, including MRT Semantan-KTM Segambut, MRT Bukit Dukung-Sungai Sekamat, MRT Sungai Buloh-Bandar Rahman Putra, MRT Serdang Raya Selatan-Taman Bukit Serdang, MRT Metro Prima-Taman Botani Kepong (FRIM), MRT Kentonmen-Malaysian Internaitonal Trade and Exhibition Centre (MITEC), MRT Sungai Jernih-Taman Puncak Saujana, MRT Serdang Raya Utara-Pavilion Bukit Jalil, MRT Taman Equine-Lestari Perdana, MRT Metro Prima-Taman Bukit Maluri and MRT Sri Delima-Sri Segambut. The remaining two zones, Kota Kemuning-Gamuda Walk Mall and LRT Alam Megah-Alam Megah can be booked on the Kummute app, he added. He also said that the Rapid On-Demand app aims to make bookings easier for users and to boost the quality of their experience. 'With this innovation that emphasizes on sustainability, responsiveness and is user-friendly, we aim to make public transport the main choice of residents in the Klang Valley,' he said in a statement today. Rapid KL On-Demand services now cover 47 zones, and is open for booking daily from 6 am to 11.30 pm, at a promotional price of RM1 per trip. Those who wish for further information can check out Rapid KL's official social media channels or — BERNAMA
Focus Malaysia
an hour ago
- Focus Malaysia
Madani slammed for EV perks to rich, burden on poor
THE Madani government's push for electric vehicles (EVs) was initially praised, as EVs are seen as better for the environment than fuel-powered cars. However, the high prices of EVs have made them unaffordable for most Malaysians — especially since almost 35% of formal workers earn less than RM2,000 a month. Under current policies, EVs are exempt from import and excise duties until the end of this year. This has triggered criticism on social media. Some users on X pointed out that while EV buyers — often the wealthy — get to enjoy tax-free benefits, regular Malaysians who buy fuel-run cars must still pay high taxes. One user said that someone buying a locally made car like the Proton Saga would still pay around RM15,000 in excise and sales taxes. Many Malaysians need a car just to go to work, especially in a car-dependent country like Malaysia. Meanwhile, luxury EVs like the Porsche Taycan — which costs RM675,000 — are completely tax-free. When a low-income M'sian buys a Proton Saga, he pays RM15,375 in excise & sales tax. But when a rich man buys an EV Porsche Taycan, he pays zero — saving over RM600,000. Tesla Model 3 saves RM225k. BYD Dolphin saves RM120k. Well done, Madani. Reward the rich, tax the poor. — khalid karim STEMKITA (@khalidkarim) June 6, 2025 To put things into perspective, that car costs nearly as much as the median house price in the Klang Valley, which is around RM745,000. Another user pointed out that even if Malaysians pay less income tax than in some countries, they still end up paying a lot of 'indirect' taxes on daily goods and services. Malaysia's income tax may be lower than many countries but we pay a lot more indirect taxes — 1negara (@1negara1) June 7, 2025 Many Malaysians online feel that the current EV policy seems to benefit the rich while leaving the poor behind. There's growing frustration over why Malaysia has set an RM100,000 minimum price for EVs — especially since brands like BYD offer much cheaper EVs in places like Thailand and China. This price gap has raised concerns about fairness and accessibility in Malaysia's EV market. — June 7, 2025 Main photo credit: Shutterstock
The Star
3 hours ago
- The Star
Govt's data collection directive sparks privacy concerns, says Dr Wee
PETALING JAYA: The government's efforts to collate detailed records of phone calls and internet usage from telecommunications firms are a violation of the people's right to their personal data, said Datuk Dr Wee Ka Siong. He also said there is no need to have such detailed information for facilitating policymaking in the information, communications and technology (ICT) sector, and the tourism sector, as clarified by the Malaysian Communications and Multimedia Commission (MCMC). 'This is not a question of whether we trust in the current government or not. The question is, why does the government want to collect such detailed information on its citizens? 'Today, we say it's to study tourism statistics. We don't know what it'll be for tomorrow. 'You want to calculate tourists? You want to calculate active broadband users? You don't need the people's personal data. Aggregate data is enough,' Dr Wee said in a posting on his Facebook page on Saturday (June 7). It was previously reported that, according to industry sources, the government in April had ordered telcos in Malaysia to hand over detailed records of phone calls and internet logs for the first three months of this year, supposedly for the government's 'Mobile Phone Data' project. The records demanded purportedly include information about call logs, IP call records, location, latitude and longitude. It was also reported that if the telcos failed to comply, it would be considered an offence under the Communications and Multimedia Act, carrying a penalty of RM20,000 fine or six months' jail. MCMC has since explained that this move is to support evidence-based policymaking in two key sectors, i.e. the ICT and tourism sectors. The commission also stressed that the data will be anonymised before it is submitted to them and that no individual subscriber can be identified through the data collected. 'In both cases, no individual subscriber can be identified through the data collected,' MCMC said. However, Dr Wee said anonymising the data is not enough to maintain the privacy of the users, especially in an increasingly connected world. 'If you're collecting data on who we call, how long we talk, our Internet IP, and our location, including latitude and longitude - with such consistent location data showing the exact time and day, anyone with access to this data can easily match it back to our identities. 'Our identities can be uncovered very easily,' he said. On top of that, he added, there is also data from the mobile app MySejahtera, e-wallets, CCTVs, Touch n' Go and bank records which can be cross-checked to identify someone. MCMC had also previously said they engaged extensively with all telcos over the past two years on the safe handover of the data, but Dr Wee questioned the need to threaten the telcos if this is true. 'If it is true that this is all safe and it has all been agreed upon for two years, why is there a need to threaten the telcos?' Ultimately, he said, this is not about politics but about the rights of the people. 'Our personal data is not the right of any government, whether today, tomorrow or those to come. 'When the government starts collecting such detailed data, that has already crossed the line. 'The Malaysian people must raise this issue. Our data is not a plaything.'
