Latest news with #PayNet
The Star
2 days ago
- 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
2 days ago
- 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.
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 Star
23-05-2025
- Business
- The Star
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
