Latest news with #PayNet
The Sun
04-08-2025
- Business
- The Sun
PayNet joins MIT CSAIL's research initiative to advance AI-driven financial innovation
PETALING JAYA: Payments Network Malaysia Sdn Bhd (PayNet) has become the sole Malaysian founding member of MIT CSAIL's research initiative, FinTechAI@CSAIL, reinforcing its leadership in artificial intelligence-driven financial innovation. 'The rise of AI presents both an opportunity and a responsibility. As Malaysia's national payments infrastructure provider, we're committed to shaping technology that safeguards trust and financial sovereignty. Collaborating with MIT CSAIL allows us to contribute to AI advancements that are ethical, inclusive, and resilient, which will define the next generation of financial systems globally,' said group CEO Farhan Ahmad. He added that FinTechAI@CSAIL reflects the growing importance of AI across financial ecosystems, an evolution that aligns with their own trajectory at PayNet. 'We're integrating AI into the core of our national payments infrastructure, strengthening fraud analytics, enhancing operational resilience, and accelerating digitalisation. Our goal is to build intelligent, secure, and future-ready financial platforms for all Malaysians,' Farhan said. FinTechAI@CSAIL will facilitate cross-sector collaboration by connecting researchers with regulators, startups and international financial institutions. The initiative builds on the successful track record of applied research and knowledge transfer between the Massachusetts Institute of Technology and global financial bodies, aiming to shape the next generation of financial technologies responsibly. Potential areas of study include efficiency and productivity, regulation compliance and governance, personalisation and customer experience, democratisation of gains and opportunities, fraud detection and cybersecurity, and data processing and utilisation. 'I am excited to work with our initiative members to advance the foundations of AI and enable new capabilities for the fintech industry,' said MIT CSAIL (Massachusetts Institute of Technology Computer Science and Artificial Intelligence Laboratory) director Professor Daniela Rus. 'Together, we aim to develop intelligent, trustworthy, and transformative fintech AI solutions that can shape the future of global finance.' PayNet's commitment to meaningful AI innovation is also evident in local initiatives such as Program Akar, a collaboration with Microsoft aimed at equipping young Malaysians with skills in AI and data science. Within its DuitNow ecosystem, the company utilises AI-driven, real-time risk monitoring to maintain robust security and performance at scale, demonstrating how strategic applications can deliver lasting value. In expanding its global research partnerships, PayNet has formed a partnership with Imperial College London to explore the ethical dimensions and governance of AI in the payments sector. This collaboration builds on PayNet's practical experience with AI implementation, ensuring that a robust ethical and regulatory framework guides innovation.
BusinessToday
04-08-2025
- Business
- BusinessToday
PayNet Partners MIT CSAIL To Drive Global Fintech AI Innovation
Payments Network Malaysia Sdn Bhd (PayNet) has joined the prestigious FinTechAI@CSAIL initiative by MIT's Computer Science and Artificial Intelligence Laboratory (CSAIL), becoming the only Malaysian founding member. The move reinforces PayNet's role in advancing responsible, artificial intelligence (AI)-powered financial innovation on a global stage. The collaboration unites leading financial institutions committed to developing AI technologies that are ethical, secure and inclusive. For PayNet, it's a strategic step in embedding AI deeper into Malaysia's national payments infrastructure. 'As Malaysia's payments backbone, we have a duty to harness AI in ways that uphold trust and financial sovereignty,' PayNet Group CEO Farhan Ahmad said, while highlighting that working with MIT CSAIL allows the organisation to help shape the next generation of resilient and intelligent financial systems. Ahmad added that AI is already transforming PayNet's core operations by strengthening fraud detection, boosting resilience and accelerating digitalisation. 'Our goal is to build future-ready platforms that benefit every Malaysian,' he stressed. This partnership reflects Malaysia's rising influence in digital finance and positions PayNet as a key contributor to the future of global fintech innovation.
The Star
28-07-2025
- Business
- The Star
Paydibs named direct FPX acquirer by PayNet
KUALA LUMPUR: Paydibs, a homegrown digital payments provider, has been officially onboarded as a direct third-party acquirer for the financial process exchange (FPX) by Payments Network Malaysia Sdn Bhd (PayNet), making it one of only 10 non-bank acquirers directly connected to PayNet's FPX infrastructure. In a statement, Paydibs said the direct access enables it to process FPX transactions independently, eliminating the need for intermediaries and allowing merchants nationwide to benefit from faster settlements, improved cost efficiency and greater control. Paydibs chief commercial officer, Tee Kean Kang, said the direct connection reinforces the company's position as a merchant-first solutions provider, delivering a seamless and transparent payment experience that supports Malaysia's rapidly evolving digital economy. "At the heart of this milestone is our commitment to building a more inclusive and resilient payments ecosystem. Being directly connected to PayNet allows us to offer merchants greater control, faster access to funds and enhanced features," he said. The company stated that the development complements its ongoing strategic initiatives, including the launch of Paydibs NEO-Malaysia's first all-in-one payment terminal, which integrates QR, card, buy now pay later (BNPL), and soundbox payment features into a single device for seamless in-store transactions. Paydibs added that its role as a Digital Partner under the BSN MSME Digital Grant MADANI allows eligible businesses to adopt digital payment solutions at subsidised rates, in support of the government's push for wider digital adoption and financial inclusion. Looking ahead, the company plans to introduce embedded financing options and enhance integration with national payment infrastructure to support business continuity, operational efficiency, and long-term growth. For more information, visit - Bernama
Barnama
28-07-2025
- Business
- Barnama
Paydibs Named Direct FPX Acquirer By PayNet
KUALA LUMPUR, July 28 (Bernama) -- Paydibs, a homegrown digital payments provider, has been officially onboarded as a direct third-party acquirer for the financial process exchange (FPX) by Payments Network Malaysia Sdn Bhd (PayNet), making it one of only 10 non-bank acquirers directly connected to PayNet's FPX infrastructure. In a statement, Paydibs said the direct access enables it to process FPX transactions independently, eliminating the need for intermediaries and allowing merchants nationwide to benefit from faster settlements, improved cost efficiency and greater control. Paydibs chief commercial officer, Tee Kean Kang, said the direct connection reinforces the company's position as a merchant-first solutions provider, delivering a seamless and transparent payment experience that supports Malaysia's rapidly evolving digital economy.
The Sun
10-07-2025
- Business
- The Sun
PayNet, Alipay+, and Weixin Pay Join Forces to Boost Tourist Spending across Malaysia
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 9 July 2025 - National payments network, Payments Network Malaysia Sdn Bhd (PayNet), has teamed up with top Asian payment platforms, Alipay+, and Weixin Pay (commonly known in Malaysia as 'WeChat Pay'), to drive Chinese and regional tourist spending across Malaysia. As the summer travel season begins, both Alipay+ and Weixin Pay are rolling out targeted campaigns to promote Malaysia as a top destination. The campaigns will boost cross-border spending via PayNet's DuitNow QR ecosystem and make travel in Malaysia more seamless and rewarding for visitors. Connecting Tourists with Malaysian Businesses Tourists using AlipayCN, Alipay+ partner payment apps, and Weixin Pay can pay with ease in Malaysia by scanning DuitNow QR – no extra apps needed. It's the same e-wallet they use at home, accepted at more than 2.5 million merchants in Malaysia. From restaurants and hotels to souvenir kiosks and tour operators, this enhanced interoperability makes travel hassle-free. It also increases visibility for merchants, helping micro, small and medium enterprises (MSMEs) tap into tourist spending. Alipay+ currently enables 15 international payment apps in Malaysia, including Alipay for Chinese tourists. During the December 2024 travel peak, Alipay+, via DuitNow QR, drove a six-fold revenue increase for Malaysian merchants' year-on-year. 'This is what smart tourism looks like, seamless for travellers, transformative for our MSMEs. By enabling tourists to use their home wallets via DuitNow QR, we are opening up more than 2.5 million Malaysian businesses, many of them small and family-run, to global spending power. It's a digital solution with real-world economic impact,' said PayNet Chief Marketing Officer, Gary Yeoh. Empowering MSMEs, Strengthening the Economy This multi-partner initiative aims to increase sales by 20% for participating merchants during the summer campaign period. In the long run, the campaign underpins Malaysia's goal of becoming a cashless tourism leader, while helping more businesses tap into digital payments. Tourism Malaysia Director General, Datuk Manoharan Periasamy, highlighted that the summer campaigns play a vital role in reaching the target of six million Chinese tourist arrivals this year. 'We believe that making travel simple, welcoming, and convenient is the key to attracting more visitors,' he said. 'With DuitNow QR accepted via Alipay+ and Weixin Pay, tourists can enjoy a smoother, more enjoyable travel experience. This initiative not only adds comfort and familiarity for our guests but also creates meaningful opportunities for local businesses and boosts the overall tourism economy'. China Summer Campaign Highlights PayNet, Alipay+, and Weixin Pay are launching three targeted campaigns that reward spending, celebrate local experiences, and deepen tourism-driven economic impact: As tourist arrivals to Malaysia continue to grow, the partnership between PayNet, Alipay+, and Weixin Pay showcases the power of digital payments to fuel economic growth. In line with this momentum, the target for 2025 is to increase DuitNow QR transactions through Alipay+ and Weixin Pay by more than 130% year-on-year. By empowering local businesses and simplifying how tourists pay via trusted mobile payment methods, this summer campaign marks a meaningful step forward in strengthening Malaysia's tourism economy and boosting regional economic integration. ¹Tourists using Alipay+ from the countries listed below are eligible to participate in the contests: Alipay (China), AlipayHK (Hong Kong SAR, China), MPay (Macao SAR, China), TrueMoney, Kbank (Thailand), Changi Pay (Singapore), Hipay (Mongolia), HelloMoney, GCash (Philippines), Tinaba (Italy), Kaspi (Kazakhstan), BigPay (Singapore, Thailand), Kakao Pay, Naver Pay, and Toss (South Korea).
