CelcomDigi, PayNet Partner to Boost Digital Security in Finance

The national payments network Payments Network Malaysia Sdn Bhd (PayNet) and Malaysian telecommunications company CelcomDigi Berhad have launched an inter-industry agreement to give Malaysians easier and safer access to digital financial services through CelcomDigi's Open Gateway.

According to a statement from CelcomDigi, this partnership supports Malaysia's drive for increased digital security by utilizing open application programming interface (API) integration to enable safe and convenient financial transactions for both individuals and businesses while promoting a more interconnected digital ecosystem.

This partnership's primary goal is to proactively combat the growing risks of online fraud and scams, which continue to be a major obstacle in the current digital financial environment. It has been observed that scammers frequently take advantage of holes in user security procedures, targeting weaknesses in access and authentication procedures.

By strengthening digital safeguards and drastically lowering such dangers, this alliance hopes to eradicate these vulnerabilities. According to the Open GSMA Initiative, this collaboration allows PayNet to use secure SIM-based authentication to validate DuitNow transactions by utilizing CelcomDigi's Open Gateway API.

This security measure guarantees that the registered account holder is the owner of the mobile number associated with a DuitNow user ID. This strategy works especially well with DuitNow, which employs business registration numbers, MyKads, or cellphone numbers as user IDs for transactions. Malaysians are more inclined to use mobile devices for financial transactions as a result of the platform's increased security.