MalaysianUpdates

Tag: #PayNet

  • The PayNet Fintech Hub Fuels the Next Phase of Malaysia’s Ecosystem Growth

    The PayNet Fintech Hub Fuels the Next Phase of Malaysia’s Ecosystem Growth

    Payments Network Malaysia Sdn Bhd (PayNet) is accelerating the growth of Malaysia’s fintech ecosystem through the PayNet Fintech Hub, a structured, impact-driven initiative designed to help local fintech startups build, test and scale innovative solutions. Launched in May 2025, the Hub has strengthened the visibility of Malaysian fintechs both locally and internationally by providing direct access to industry partners, capital support and hands-on mentorship, positioning it as a key enabler of sustainable fintech growth in the country.

    In less than a year, the PayNet Fintech Hub has delivered measurable impact to 50 fintech startups, supported by an extensive network of 50 ecosystem partners spanning banking, technology, investment and shared services. Collectively, participating fintechs have received more than RM5 million in value-added support, including RM3 million in cloud credits and over 450 hours of mentorship. These startups have also raised more than US$1 million in funding, with solutions that have the potential to benefit over eight million underserved Malaysians and approximately 800,000 micro, small and medium enterprises (MSMEs).

    According to PayNet Chief Marketing Officer Gary Yeoh, the Hub is designed to translate innovation into real-world outcomes. Through proof-of-concepts developed alongside industry partners, fintech solutions are already addressing everyday financial challenges, from smart contracts that improve trust and operational efficiency, to cashback programmes on essential items and buy now, pay later services tailored for convenience stores. These initiatives reflect the Hub’s focus on advancing financial inclusion for MSMEs while enhancing access to practical, consumer-centric financial services.

    The Hub has facilitated 11 collaboration opportunities involving 26 fintechs, including seven fintech-corporate pilots and four fintech-to-fintech partnerships. Among the initiatives supported through the RM1 million PayNet Credit Fund are Buzz’s optical character recognition-powered cashback engine developed with Touch ’n Go, as well as Fluid’s payment digitalization project in collaboration with a global fast-moving consumer goods brand. These pilots underscore the Hub’s role as a bridge between innovation and industry adoption.

    Community engagement remains a cornerstone of the Hub’s strategy. Its flagship TGI Friday (TGIF) event held in October 2025 attracted more than 200 founders, investors, financial institutions and ecosystem partners, highlighting the growing momentum and collaborative spirit within Malaysia’s fintech landscape. Such platforms have reinforced the Hub’s position as a convenor for meaningful dialogue, partnership-building and ecosystem development.

    Operating across three core tracks—Community, Catalyst and Collaboration—the PayNet Fintech Hub supports startups at different stages of growth, from scaling and global exposure to real-world deployment. A major milestone in its evolution is the launch of the Catalyst phase on 1 December 2025 through a bespoke immersive programme at Imperial College London. Under the PayNet x Imperial Catalyst Programme, 10 Malaysian fintechs are currently participating in a first-of-its-kind, 10-week curriculum tailored specifically for Hub founders.

    The programme offers hands-on exposure to global best practices, market insights and mentorship, while ensuring relevance to Malaysia’s fintech, regulatory and banking environment. Participants completed a week-long series of curated lectures and mentorship sessions at Imperial’s London campus, followed by nine weeks of virtual sessions focused on translating global learnings into Malaysian use cases. The programme will culminate in a Demo Day in March 2026, marking a significant step in preparing Malaysian fintechs to scale and compete on the global stage.

    As a not-for-profit initiative under PayNet, which serves as the backbone of Malaysia’s national payments infrastructure, the Fintech Hub reflects PayNet’s broader mission to enable secure, efficient and inclusive financial services for the rakyat. By applying this purpose to the fintech ecosystem, the Hub aims to strengthen the national fintech pipeline while supporting Malaysia’s long-term goals in digital finance and financial inclusion.

    For more information on the PayNet Fintech Hub, please visit: https://fintechhub.paynet.my/ 

  • PayNet Rolls Out Digital Aid Programme to Support Flood-Affected Communities in Sabah

    PayNet Rolls Out Digital Aid Programme to Support Flood-Affected Communities in Sabah

    Payments Network Malaysia Sdn. Bhd. (PayNet) has partnered with Gobarakah Tech Sdn. Bhd. to deliver targeted digital flood relief to rural communities affected by floods and landslides in Penampang, Sabah. The initiative supported more than 140 individuals from 47 households across severely impacted areas, including Kampung Madsiang, Kampung Sogumau, Kampung Inobong, Kampung Limbata, and Country Heights, providing timely assistance during the challenging monsoon season.

    This initiative marks PayNet’s first digital aid deployment in rural Sabah and its second relief effort in Penampang. Eligible beneficiaries were verified and onboarded onto Gobarakah’s digital aid platform, where they received e-vouchers that could be redeemed for essential goods. The vouchers were utilized through Koperasi Wawasan Rakyat Sabah’s mobile supply trucks as well as selected local grocery stores, ensuring that aid reached communities efficiently despite logistical challenges. Earlier this year, PayNet also contributed to repairing the Madsiang Community Learning Centre, which was damaged during the 2024 floods.

    According to PayNet Group CEO Farhan Ahmad, the digital approach was designed to provide greater flexibility and dignity to affected residents. By allowing beneficiaries to choose the items they need most, the initiative not only empowers communities but also gives donors confidence that contributions reach the intended recipients. The programme further reflects PayNet’s commitment to leveraging technology for meaningful social impact, particularly in underserved and disaster-prone areas.

    The collaboration leverages Gobarakah’s digital aid platform, which enables transparent, traceable, and needs-based distribution of assistance. This approach helps minimize leakages and mismatched supplies often associated with traditional cash handouts or pre-packed food baskets. Gobarakah is also a participant in PayNet’s Fintech Hub programme, which aims to work with fintech innovators to develop safe, reliable, and practical solutions that address real-world challenges faced by Malaysians.

    Gobarakah CEO and Co-Founder Firdaus Mohamed said the partnership ensures end-to-end traceability of aid distribution while preserving the dignity and choice of beneficiaries, alongside promoting digital and financial inclusion. Meanwhile, local distribution coordinator Juddy Lasius expressed heartfelt appreciation for the collaboration, noting that the support had significantly eased the burden of flood and landslide victims at the temporary evacuation center in Penampang.

    Farhan added that Penampang was selected under PayNet’s PayNet Cambah East Malaysia social impact initiative due to the resilience shown by the local community. Despite recurring natural disasters, unstable internet connectivity, and intermittent power disruptions, residents continue striving to grow their businesses. PayNet’s goal, he said, is to ensure that digitalization delivers tangible and sustainable benefits, enabling rural communities to build self-sustaining cycles of shared prosperity and economic growth.

    For more details on the PayNet Cambah programme, please visit: https://paynet.my/beyond-
    payments/community-impact/paynet-cambah.html

  • PayNet Boosts Malaysia’s Financial Sector Workforce with Second Batch of Cloud-Skilled Graduates

    PayNet Boosts Malaysia’s Financial Sector Workforce with Second Batch of Cloud-Skilled Graduates

    Payments Network Malaysia Sdn. Bhd. (PayNet) recently celebrated a significant milestone with the graduation of 50 students from its Program Akar Powered by AWS re/Start, a digital upskilling initiative designed to cultivate cloud-ready talent for Malaysia’s financial services industry. Delivered through World Education Placement Services Sdn. Bhd. (WEPS), Program Akar represents PayNet’s first flagship national initiative aimed at bridging the country’s digital skills gap. The programme equips participants with globally recognized cloud technology and digital payments skills at no cost, preparing them to meet the evolving demands of Malaysia’s financial ecosystem.

    Aligned with the national agenda to strengthen digital talent, highlighted by Prime Minister Datuk Seri Anwar Ibrahim, Program Akar provides young Malaysians with practical skills beyond conventional academic learning, enabling them to thrive in technology-driven roles. Shafenaz Farouk, Chief People Officer of PayNet, emphasized that the programme is creating a robust pipeline of digital-ready talent for the financial sector, empowering participants with industry-relevant skills, hands-on experience, and confidence to contribute immediately to the workforce.

    The second cohort follows the successful pilot at Asia Pacific University of Technology & Innovation (APU), where financial institutions such as Bank Negara, Maybank, Public Bank, CIMB, and Bank Islam have expressed interest in internships and job placements for graduates. Participants underwent a 14-week intensive training programme, covering foundational cloud computing, digital payments, and a two-day on-site values-driven development workshop. Graduates received multiple certifications, including the AWS re/Start Certificate of Completion, AWS Cloud Practitioner, Digital Payments Certificate, and Values-Driven Enrichment Programme Certificate, signaling readiness for industry roles.

    Program Akar graduates shared their experiences as cohort participants during the Akar Success Story session

    Hussein Mohd. Ali, Country Manager of AWS Malaysia, highlighted the importance of cloud skills as the backbone for the nation’s next phase of AI-driven transformation in financial services. Program Akar equips participants to contribute effectively in areas ranging from modern digital payments to emerging AI applications, while strengthening Malaysia’s position in the global fintech landscape. WEPS CEO Mughilen Rathakrishnan added that the initiative provides a clear pathway for young Malaysians to enter the workforce with in-demand, future-proof skills.

    With Cohort 2 achieving strong outcomes, PayNet continues to build momentum in nurturing Malaysia’s fintech talent. Through ongoing collaboration with industry partners, Program Akar ensures alignment with sector needs, addressing critical talent gaps and supporting the country’s digital finance ambitions. Globally, AWS re/Start operates in over 60 countries, with 98% of graduates securing interview opportunities, reflecting the programme’s proven impact on shaping a highly skilled, employable workforce.

    For more information on Program Akar, please visit https://www.paynet.my/beyond-payments/community-impact/paynet-akar.html

  • PayNet Introduces Updated DuitNow QR Standee Look Across Malaysia

    PayNet Introduces Updated DuitNow QR Standee Look Across Malaysia

    Payments Network Malaysia Sdn. Bhd. (PayNet) has introduced a refreshed design for the DuitNow QR standee, marking a nationwide rollout aimed at improving the visibility and consistency of Malaysia’s national QR standard. The updated look ensures that DuitNow QR is now easier to spot at merchant locations, creating a more seamless and intuitive payment experience for both consumers and businesses. Importantly, this enhancement is purely visual — the functionality, security, and interoperability of DuitNow QR remain unchanged. Consumers can continue making payments as usual, while merchants can accept transactions with the same simplicity and reliability they are accustomed to.

    The visual refresh addresses longstanding inconsistencies caused by multiple standee designs previously issued by different banks and e-wallets. These variations often led to confusion at the point of sale. The newly standardized design resolves this by presenting a unified, clearer way of displaying DuitNow QR, firmly positioning it as Malaysia’s official QR payment method. The result is a cleaner, more uniform standee that reinforces consumer confidence and helps businesses present a professional, standardized payment touchpoint.

    Gary Yeoh, Chief Marketing Officer of PayNet, emphasized the importance of clarity as digital payments continue to embed themselves in Malaysians’ daily lives. “As digital payments become second nature for Malaysians, the trust and clarity of what people are scanning matters more than ever,” he said. “The refreshed DuitNow QR standee brings greater consistency and visibility across the country, ensuring consumers always know they are paying through Malaysia’s official and secure QR standard, while making it simpler for merchants to display and accept payments through just one QR code.”

    The rollout of the new standee began in October 2025, with early adopters such as RHB Bank, Bank Islam Malaysia Berhad, MBSB Bank, and Agrobank leading the transition among their merchant networks. A second wave—comprising CIMB Bank, Public Bank, Hong Leong Bank, AmBank, Bank Simpanan Nasional, and Bank Muamalat—will follow, with the rest of the ecosystem gradually coming on board. Merchants are encouraged to adopt the updated design as soon as their acquiring banks make it available to ensure smoother alignment across the payment landscape.

    This refreshed design underpins PayNet’s broader commitment to strengthening Malaysia’s cashless ecosystem. By making DuitNow QR more recognizable and consistent, the initiative reinforces its role as the nation’s single QR standard and supports the national agenda of driving an inclusive and progressive digital economy for all Malaysians.

  • PayNet Recognises Top Industry Performers and Exceptional Achievements at the 2025 Malaysian e-Payments Excellence Awards

    PayNet Recognises Top Industry Performers and Exceptional Achievements at the 2025 Malaysian e-Payments Excellence Awards

    Payments Network Malaysia Sdn Bhd (PayNet) sekali lagi mengukuhkan peranannya sebagai peneraju infrastruktur pembayaran negara dengan penganjuran Malaysian e-Payments Excellence Awards (MEEA) 2025, yang berlangsung dengan tema “Leading Progress, Recognising Impact”. Acara berprestij ini mengiktiraf barisan pemimpin industri yang telah memainkan peranan besar dalam memajukan ekosistem pembayaran digital Malaysia. Pada tahun ini, sebanyak 30 penerima daripada 22 kategori dianugerahkan atas komitmen, inovasi dan sumbangan mereka dalam memperkukuh penggunaan e-pembayaran di seluruh negara — merangkumi institusi kewangan, perniagaan, syarikat fintech, serta buat julung kalinya, organisasi media. Majlis turut dihadiri Gabenor Bank Negara Malaysia (BNM), Dato’ Sri Abdul Rasheed Ghaffour sebagai tetamu kehormat, menandakan sokongan bersama seluruh sektor terhadap pembangunan digital negara.

    Sebagai tulang belakang infrastruktur pembayaran Malaysia, PayNet bekerjasama erat dengan BNM dan pemain industri bagi mempercepatkan peralihan kepada transaksi tanpa tunai yang selamat, inklusif dan mudah diakses. Hasil kerjasama ini telah mencatat kemajuan penting, termasuk pertambahan titik sentuh DuitNow QR yang kini melebihi 2.9 juta di seluruh negara, memudahkan akses untuk pengguna dan perniagaan kecil. Menurut Farhan Ahmad, Ketua Pegawai Eksekutif Kumpulan PayNet, jumlah nilai transaksi yang diproses PayNet pada tahun 2024 hampir empat kali ganda daripada KDNK Malaysia—satu penanda aras kepercayaan besar rakyat terhadap sistem pembayaran digital negara. Beliau menegaskan bahawa MEEA 2025 meraikan organisasi yang telah menyumbang secara langsung kepada transformasi tingkah laku pembayaran rakyat Malaysia.

    Para penerima anugerah tahun ini terdiri daripada institusi yang memacu peningkatan perkhidmatan digital, memperkukuh integriti dan keselamatan transaksi, serta meluaskan capaian pembayaran elektronik. Antara pemenang utama ialah RHB Bank (Best e-Payments Bank), TNG Digital (Best e-Wallet & Digital Transformation Leadership), Agrobank dan BSN (Financial Inclusion & Rural Community programmes), serta Shopee dan TikTok Shop (Best Online Merchant). Kategori Tadbir Urus & Integriti turut mengiktiraf usaha institusi dalam meningkatkan ketelusan dan pemulihan tadbir urus, sementara kategori keselamatan menghargai komitmen bank seperti RHB, Hong Leong Bank dan Maybank dalam mempertahankan keselamatan pengguna melalui NSRC dan inisiatif anti-mule. Buat pertama kali, media seperti Fintech News Malaysia, Star Media Group dan The Edge Media Group turut diiktiraf atas peranan penting mereka dalam memperkukuh literasi dan kesedaran e-pembayaran.

    Keseluruhan pencapaian ini mencerminkan momentum kukuh yang sedang menggerakkan ekonomi digital negara. Seiring kemajuan tersebut, PayNet komited untuk terus mempertingkatkan infrastruktur pembayaran negara melalui kerjasama berterusan dengan BNM dan pemain industri bagi memastikan setiap rakyat Malaysia menikmati pengalaman pembayaran digital yang lebih selamat, dipercayai dan mudah diakses—setiap hari, di mana sahaja.