Payments Network Malaysia Sdn Bhd (PayNet), which manages the country’s payment systems and helps grow Malaysia’s digital economy, has started a new project called the PayNet Fintech Hub. This is Malaysia’s first Community and accelerator focusing only on fintech (financial technology).
PayNet said on Monday that this platform will help fintech companies in Malaysia grow faster by giving them easier access to funding, important industry contacts, financial support, and chances to learn from and work with leading global companies.
“A thriving fintech industry is the key to delivering future-ready and inclusive 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 PayNet Fintech Hub marks a decisive step forward in enabling this vision,” said Farhan Ahmad, Group Chief Executive Officer of PayNet.
The Hub is a special program that carefully selects who can join. It has two main parts: Community and Catalyst.
Fintech companies chosen to join the Community will get direct access to a group of founders and industry experts where they can share ideas and learn from each other. They will receive over 450 hours of hands-on guidance from successful business founders and experts. On top of that, they’ll have chances to connect with big companies in banking, payments, and technology for possible partnerships and meet investors who can give advice, review their business, and possibly invest in them.
All members of the Fintech Hub Community will also get exceptional financial support, including over MYR 1 million (about $240,000) in credits from PayNet. They’ll receive more than MYR 600,000 (around $141,760) of free expert advice in law, finance, hiring, and market research. On top of that, they can get up to MYR 3 million (about $710,000) in cloud service credits and help from major cloud companies. They will also have access to a fully sponsored co-working space from which to work.
These carefully selected and valuable benefits help startup founders save money, solve problems, improve their business plans, strengthen their marketing strategies, attract investors, and plan for long-term success or a smooth exit from the business.
The most promising startups in the Community will be specially chosen to join the exclusive Catalyst program.
The Catalyst program works with top global organizations to help the best Malaysian fintech startups grow internationally. These selected fintechs will get expert advice, valuable resources, and international opportunities. As part of the program, they will join a fully sponsored 10-week accelerator course run by Imperial College London, one of the world’s leading startup programs.
The program also includes a one-week trip to London, where participants will meet with experts from Imperial College and connect with startups from Europe and the United States.
Participants will receive practical coaching and guidance from Imperial College experts. The program will end with a demo day, where they can present their ideas to investors and possible business partners.
This accelerator is designed to meet Malaysian fintechs’ needs and is completely funded by PayNet.
The statement says that the new partnership with AWS gives participants in the Catalyst program credits to use AWS cloud services and tools through the newly launched AWS Asia Pacific (Malaysia) Region. They will also get access to the upcoming Fintech Innovation Sandbox, which will help them grow their business securely and efficiently.
“The PayNet Fintech Hub is a unique and transformative initiative dedicated to scaling startups beyond the foundational stage. It addresses the key issues faced by fintech in Malaysia, and we expect it to accelerate fintech growth in the country significantly,
“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,” Farhan added.
The statement says that by providing direct access to important resources, the PayNet Fintech Hub will help drive innovation, build strong partnerships, and make Malaysia a top fintech destination in the region.
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