Alibaba Cloud, the tech arm of Alibaba Group, announced on Wednesday that it has partnered with Payments Network Malaysia (PayNet) as a Cloud Partner for the new PayNet Fintech Hub.
This is Malaysia’s first community and accelerator focused only on fintech (financial technology).
Led by PayNet, the hub aims to boost Malaysia’s fintech sector by giving startups access to funding, industry connections, financial support, and global expertise, the two companies said in a statement.
As a main Cloud Partner of the Hub, Alibaba Cloud will help drive new ideas and support the growth of the next generation of fintech companies in Malaysia.
“Malaysia’s fintech sector is growing fast, and we’re excited to help by giving startups the cloud technology, AI tools, and global connections they need to grow,”
“Through our advanced cloud infrastructure and AI capabilities, we are committed to shaping the future of intelligent fintech in Malaysia,” said Kun Huang, General Manager of Malaysia, Alibaba Cloud Intelligence.
As part of this partnership, startups and members of the Fintech Hub Community will get access to the Alibaba Cloud Startup Catalyst Program and its benefits.
This includes up to $120,000 in cloud credits, three months of global technical support for the price of one month, a 12-month membership to Alibaba Cloud Academy, and access to the AI Alliance Community. Startups will also be invited to special events like global startup showcases and meetings with investors hosted by Alibaba Cloud.
“Having Alibaba Cloud as a Cloud Partner for the PayNet Fintech Hub gives Malaysian fintech companies access to top-quality tools, expert technical support, and global visibility,”
“This partnership will help accelerate the growth of Malaysia’s fintech ecosystem, creating new opportunities for startups to innovate and scale faster and smarter, as well as compete on a global level，” said Gary Yeoh, PayNet’s Chief Marketing Officer.
Founded in 2009, Alibaba Cloud provides a full range of cloud services to customers worldwide. These include computing power, databases, storage, virtual networks, large-scale data processing, security, big data tools, machine learning, and AI services.
PayNet is Malaysia’s national payment network. Its goal is to speed up the country’s payment systems by making digital payments more straightforward, widely available, and safer for everyone.
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