Latest news with #FarhanAhmad
The Star
23-05-2025
- Business
- The Star
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.
The Sun
06-05-2025
- Business
- The Sun
PayNet hub aims to unlock RM5m 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 million 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 million 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.
Rakyat Post
06-05-2025
- Business
- Rakyat Post
PayNet's ‘Fintech Hub' Wants To Build Malaysia's Next Grab, Google Or Apple
Subscribe to our FREE What if the next big tech unicorn didn't come out of Silicon Valley or Shenzhen, but right here in Malaysia? Well, PayNet wants to help build the next Google, Apple, or Grab — and it's just launched a platform to do exactly that. Called the PayNet Fintech Hub — or just The Hub — this new initiative is designed to support Malaysian fintech startups with access to funding, mentorship, strategic partners, and essential resources to help them succeed. 'We're looking for those with ambition to build the next Google or Apple — We can build a Grab, and hope this time it doesn't leave Malaysia and go somewhere else,' said Farhan Ahmad, Group CEO of PayNet, during The Hub's launch event on Monday. So What Is The Hub, Exactly? In short, The Hub is a platform for Malaysian fintechs to scale fast, smart, and globally. It's backed by over 45 strategic partners — including banks, investors, tech players, and even legal and HR firms. The Hub's panel of Corporate Partners and Investors features heavyweights like Maybank, RHB Bank, AmBank, Bank Islam, Touch 'n Go eWallet, GX Bank, Xendit, Finexus, FassPay, CloudMile, Cradle, FirstMove, Gobi Partners, Nexea, and Artem. (Credit: PayNet) Farhan noted that local fintechs often hit roadblocks when it comes to growth. 'They were getting stuck because they weren't able to find good VCs (venture capital).' He added that the scene's missing a real support system — and that's exactly what The Hub is here to fix. 'Fintechs in Malaysia don't have natural liquidity options, it's hard to go IPO, and there are no acquisitions in the market.' But this initiative isn't just about backing fintechs. As Gary Yeoh, PayNet's Chief Marketing Officer, puts it: 'The agenda isn't just to help Malaysian fintech — it's about helping the Malaysian people,' he said, making the financial ecosystem better for everyone. The Hub's panel of Shared Services, Cloud, and Ecosystem Partners brings together key players like Grace S Nathan Advocates & Solicitors, FinKnight, One People Team, WORQ, AWS, Google Cloud, Alibaba Cloud, Microsoft Azure, Tencent Cloud, Cradle, MDEC, FAOM, Lestari, and the Asia School of Business. (Credit: PayNet) Two Tracks, One Goal: Growth The Hub is structured around two main tracks, depending on where participating startups are at. 1. Community Track The Community track offers resources and support to help startups scale sustainably and offers: A network of like-minded founders 450+ hours of mentorship Access to partner banks, payment providers, and tech companies as well as a pool of investors Over RM1 million in PayNet credits RM600,000 in profesional services (legal, HR, finance) Up to RM3 million in cloud credits A fully sponsored co-working space Guidance from the best — mentors include big names like Lester Leong (Cloud Mile Inc.), Cherie Huang (INF AI), Robin Ang (Finology), and many more top minds driving the future of fintech and innovation. (Credit: PayNet) 2. Catalyst Track This one's for the high-flyers. Startups that excel in the Community track may be selected for the Catalyst track, which offers a 10-week accelerator programme in collaboration with Imperial College London, complete with: A week-long immersion trip to London, including meetings with European and American startups Mentorship and coaching by Imperial College faculty A final demo day with venture capitalists and global corporate partners Participants will also get access to cloud tools and services through AWS Malaysia's new Asia Pacific Region, plus eligibility for the Fintech Innovation Sandbox, giving startups the room to test, scale, and grow securely and efficiently. 'Our Catalyst programme is designed to take you global,' says Farhan. 'The PayNet Fintech Hub truly is a unique and transformative initiative dedicated to scaling startups beyond the foundational stage.' And Yes, AI Is a Big Part of the Picture At the launch, Farhan also spoke passionately about the future, especially the role of AI. 'AI is much bigger than the internet — much more transformational. It will affect every single person and every single company,' he said, offering his advice to entrepreneurs. If you're thinking, 'How do I incorporate AI into my business?' — you're wrong. You should be asking, 'How do I rebuild my business with AI?' This mindset — bold, forward-thinking, and unapologetically ambitious — is exactly what The Hub hopes to inspire. A thriving fintech industry is the key to delivering future-ready and inclusive 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. Read More: Who Can Join The Hub? Got a startup that's been running for a year and has the potential to make an impact? If it's in or around the payments space, then you could be a fit for The Hub. 'It doesn't have to be payments-focused. It could be personal finance, smarter ways to manage cash flow, or even netting solutions. Not sure? Just write in to The Hub. We'll take a look,' says Yeoh. The programme plans to onboard 50+ fintechs, aiming to support those creating real value for Malaysians. So if you've got the drive, the idea, and a fintech product that's already in motion, Share your thoughts with us via TRP's . Get more stories like this to your inbox by signing up for our newsletter.
The Sun
05-05-2025
- Business
- The Sun
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.
The Sun
05-05-2025
- Business
- The Sun
PayNet launches accelerator to spur growth of fintech sector in Malaysia
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.
