Latest news with #PayNetFintechHub
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 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.
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.
