23-05-2025
PayNet, FAOM tie up to drive innovation, growth in Malaysia's fintech sector
KUALA LUMPUR: Payment Network Malaysia Sdn Bhd (PayNet) and Fintech Association of Malaysia (Faom) have signed a memorandum of understanding (MoU) to advance innovation and drive growth within Malaysia's financial technology (fintech) landscape.
In a joint statement, PayNet and Faom said the MoU, signed on April 25, marks a significant step towards establishing the PayNet fintech hub, a dedicated platform to empower fintech startups and foster collaborative opportunities to support innovative financial technologies and solutions.
"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,' they said, adding that this would make it easier for fintechs to move from idea to execution.
"Through the PayNet fintech hub, startups gain a direct line to the systems, players, and infrastructure powering Malaysia's financial services and the hub aims to build a more open, collaborative ecosystem where innovation can thrive and scale,' they said.
Furthermore, Faom will serve as a critical conduit between its members and the PayNet fintech hub community, offering valuable pathways for networking, mentorship, and participation in joint initiatives involving regulators such as Bank Negara Malaysia and the Securities Commission.
"Under the MoU, the parties will also explore joint activities such as knowledge-sharing sessions, regulatory sandbox engagements, strategic planning forums, and co-branded events to uplift Malaysia's fintech ecosystem.
"This MoU represents a unified commitment to accelerate Malaysia's evolution as a fintech leader in ASEAN with an emphasis on inclusivity, shared prosperity, and responsible governance,' they added. - Bernama
