Latest news with #GaryYeoh
The Star
03-06-2025
- Business
- The Star
PayNet, Bank of China team up to simplify financial flows
KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) and Bank of China (Malaysia) Bhd (BOC Malaysia) have inked a memorandum of understanding (MoU) to explore solutions that simplify financial flows between Malaysia and China. The MoU was signed by PayNet chief marketing officer, Gary Yeoh and BOC Malaysia deputy chief executive officer (CEO), Datuk Alvin Tay on May 27, 2025, witnessed by PayNet group CEO, Farhan Ahmad and Bank of China (Hong Kong) vice-chairman and chief executive, Sun Yu. The collaboration aims to enhance cross-border transaction efficiency, leveraging Paynet's robust domestic infrastructure and Bank of China's expertise in international settlement and renminbi clearing. Tay said the MoU represents a step forward in both countries' broader strategy to enhance settlement solutions and strengthen financial collaboration. "By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China," he said in a statement today. Meanwhile, Farhan said the partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable. "We see this as a vital step toward realising greater financial interoperability and inclusion across the region,' he added. The partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia. - Bernama
The Sun
03-06-2025
- Business
- The Sun
PayNet, Bank of China team up to simplify financial flows
KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) and Bank of China (Malaysia) Bhd (BOC Malaysia) have inked a memorandum of understanding (MoU) to explore solutions that simplify financial flows between Malaysia and China. The MoU was signed by PayNet chief marketing officer, Gary Yeoh and BOC Malaysia deputy chief executive officer (CEO), Datuk Alvin Tay on May 27, 2025, witnessed by PayNet group CEO, Farhan Ahmad and Bank of China (Hong Kong) vice-chairman and chief executive, Sun Yu. The collaboration aims to enhance cross-border transaction efficiency, leveraging Paynet's robust domestic infrastructure and Bank of China's expertise in international settlement and renminbi clearing. Tay said the MoU represents a step forward in both countries' broader strategy to enhance settlement solutions and strengthen financial collaboration. 'By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China,' he said in a statement today. Meanwhile, Farhan said the partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable. 'We see this as a vital step toward realising greater financial interoperability and inclusion across the region,' he added. The partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia.
The Sun
23-05-2025
- Business
- The Sun
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.
Yahoo
17-03-2025
- Business
- Yahoo
Alipay+ Empowers New Growth Opportunities for Malaysian SMEs, Contributing More Than 80% of Inbound QR Payments via DuitNow
PayNet and Ant International enabled Alipay+ payment partner acceptance via DuitNow in October 2023; number of partners have since more than doubled, bringing more global customers to Malaysian businesses Alipay+ is the biggest contributor to cross-border QR payments via DuitNow, reflecting a successful public-private partnership in building a more connected payments ecosystem Transaction trends reveal Malaysia as a foodie and cultural haven, with growing appreciation for its nature hotspots, as well as for wellness and beauty SINGAPORE, March 17, 2025--(BUSINESS WIRE)--In their first full year of partnership in 2024, Payments Network Malaysia Sdn Bhd (PayNet) and Ant International, a leading global digital payment, digitisation and financial technology provider, brought new economic opportunities to Malaysian SMEs, with Alipay+ making up more than 80 percent of cross-border inbound QR payments via DuitNow. In the peak travel season in December 2024, the partnership enabled 6 times growth in revenue for Malaysian merchants, compared to the same period in 2023. In October 2023, Alipay+, a unified wallet gateway with cross-border payment and digitisation services under Ant International, went live on DuitNow QR, enabling Malaysian SMEs to accept QR payments from international travellers. Today, the number of Alipay+ payment partners that can make payment via DuitNow QR, has more than doubled to 15 international apps, bringing even more customers to Malaysian SMEs. The Alipay+ partners enabled for use in Malaysia are: Alipay (Chinese mainland), AlipayHK (Hong Kong SAR, China), MPay (Macao SAR, China), TrueMoney and KBank (Thailand), Changi Pay (Singapore), Hipay (Mongolia), HelloMoney and GCash (The Philippines), Tinaba (Italy), Kaspi (Kazakhstan), BigPay (Singapore, Thailand), Kakao Pay, Naver Pay, Toss (South Korea). "As Malaysia's national payments network, PayNet is committed to building an open and seamless payment ecosystem that enables businesses to thrive," said Gary Yeoh, Chief Marketing Officer of PayNet. "Our partnership with Ant International has significantly enhanced cross-border payment acceptance for local merchants, helping them tap into a growing wave of global travellers. With Alipay+ as a key driver, DuitNow QR is empowering SMEs to compete on an international scale, reinforcing Malaysia's position as a premier travel and shopping destination." Gateway to growth for Malaysian businesses Enabled by Alipay+, travellers from 10 countries and regions can now pay using their home payment app at more than 2.5 million DuitNow QR touchpoints in Malaysia simply by scanning the DuitNow QR. In 2024, the number of Alipay+ transactions on DuitNow QR has on average increased by 50 percent quarter-on-quarter, making Alipay+ the biggest contributor to cross-border inbound QR payment, and empowering Malaysian merchants to benefit from the growth in travel. "We have always believed in the power of travel, for connectivity, cultural exchange and as an economic driver," said Edward Yue, General Manager for Southeast Asia, Australia and New Zealand, Ant International. "With Alipay+, we offer local businesses a gateway to global customers, driving more inclusive growth in local communities. PayNet has built the infrastructure and partnerships to enable this, and we're proud to collaborate and bring international users into this ecosystem. We're just getting started, and in the years ahead, we can make an even greater impact together, positioning Malaysia as a global tourism hub and generating more growth for Malaysian businesses." According to Tourism Malaysia, the country welcomed more than 25 million visitors in 2024, with a goal of 35.6 million for the Visit Malaysia 2026 campaign. VM2026 aims to increase tourism revenue, strengthen Malaysia's global tourism competitiveness, and ultimately position the sector as one of the largest contributors to the country's GDP. With the extensive merchant coverage of DuitNow, travellers are enjoying the convenience and seamless experience, paying with their own payment app across Malaysia, with the number of visitors using an Alipay+-enabled payment app increasing five times year-on-year in Q4 2024. Top visited cities include: Kuala Lumpur, Malacca, Penang, Johor Bahru and Kota Kinabalu. Travel like a local with seamless payments Malaysia is known as a foodie and cultural haven. Other than shopping, local food including kopitiams (coffee shops), bakeries, and shops selling bak kut teh, satay and locally-produced confectionary accounts for the most transactions amongst travellers. Travellers are also visiting bars and cocktail lounges, cementing Malaysia's status as a hub for local and international cuisine. Museums like the Baba and Nonya Heritage museum and Sun Yat Sen museum are some of the most visited attractions. Also on the rise are outdoors and wellness activities, with travellers visiting sporting and recreation camps, diving, fishing and fitness centres, and massage and beauty salons. They enjoy the convenience of day-to-day travel, with one of the highest transactions at convenience stores, pharmacies, supermarkets and vending machines. In 2025 and beyond, PayNet and Ant International will continue to collaborate through merchant connectivity, marketing and educational campaigns to bring even more growth to Malaysian SMEs. About Payments Network Malaysia Sdn Bhd Payments Network Malaysia (PayNet) is the national payments network and central financial infrastructure for Malaysia with the vision to empower Malaysia's digital economy. Our extensive retail payments suite, DuitNow (QR and P2P), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS (ATM), and IBG (Interbank GIRO) has near ubiquitous coverage across the nation and is part of the daily fabric of life in Malaysia. In addition, PayNet's real time retail QR payments network, DuitNow, is also interoperable with domestic schemes in Singapore, Thailand, and Indonesia to enable seamless cross-border transactions with those countries. PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia, and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses. For more information, please visit About DuitNow Learn more at: About Alipay+ Ant International's Alipay+ is a unified wallet gateway with cross-border payment and digitisation services that help connect global merchants to consumers. Consumers enjoy seamless payment, a broad choice of deals and the convenience of digital services using their preferred payment app while travelling abroad. Small and medium-sized businesses may use Alipay+ digital tools to enhance efficiency and achieve omni-channel growth. View source version on Contacts Scott Sign in to access your portfolio
