PayNet Unveils Fintech Hub to Accelerate Industry Innovation

Payments Network Malaysia (PayNet), the national payments network supplier and a crucial player in the country’s digital economy, has launched the PayNet Fintech Hub, portrayed as Malaysia’s first dedicated community and accelerator for fintech startups.

Intended to flare up fintech innovation, the initiative goals to support local startups with direct access to funding, industry networks, mentorship, and strategic partnerships. According to Farhan Ahmad, Group CEO of PayNet, a strong fintech ecosystem is necessary for Malaysia’s drive toward future-ready, comprehensive financial services.

“The PayNet Fintech Hub is a strategic move to cultivate local innovation and make sure Malaysia remains competitive during the rapid progression of financial technology, specifically with the rise of AI,” said Farhan.

The Hub offers selected startups an inclusive support system. Entrepreneurs will gain access to a collaborative network of founders, investors, and corporate leaders, over 450 hours of mentorship from seasoned professionals, strategic introductions to main players in banking, tech, and payments, and guidance from investors and potential funding opportunities.

Participants will also profit from financial incentives, including RM1 million (US$238,000) in PayNet credits, RM600,000 (US$141,000) in supported professional services, up to RM3 million (US$706,000) in cloud infrastructure support, and access to a fully sponsored co-working space.

The standout startups from this community will be selected for the leading Catalyst track, an international accelerator program developed by Imperial College London. PayNet also declared a reinforced partnership with AWS, allowing Catalyst participants access to AWS’s Malaysia-based cloud infrastructure and the upcoming Fintech Innovation Sandbox.

By combining mentorship, funding, and global exposure, the PayNet Fintech Hub is designed to transform Malaysia into a regional fintech powerhouse and a launchpad for world-class innovation.