Malaysia’s PayNet and FAOM Collaborate to Accelerate Fintech Growth

Payments Network Malaysia Sdn Bhd (PayNet), the country’s national payments network and central infrastructure provider, has entered into a memorandum of understanding (MoU) with the Fintech Association of Malaysia (FAOM), the leading industry body representing the nation’s fintech sector. This partnership aims to jointly promote innovation and stimulate growth within Malaysia’s financial technology ecosystem.

The MoU marks an important milestone towards creating the PayNet Fintech Hub, a dedicated platform designed to support fintech startups by facilitating collaboration and providing resources to develop innovative financial technologies and solutions. The initiative seeks to strengthen Malaysia’s position as a regional fintech hub by enhancing access to infrastructure, regulatory engagement, and industry. 

Through this collaboration, PayNet and FAOM will leverage their networks, expertise, and industry knowledge to enhance regulatory dialogue, foster regional cooperation, and expand market opportunities for Malaysian fintech companies. The partnership aims to ease the journey for fintech startups in transforming concepts into practical solutions.

Gary Yeoh, Chief Marketing Officer of PayNet, emphasized that the PayNet Fintech Hub will serve as a space for startups to develop, test, and engage with the broader financial ecosystem. He highlighted that the initiative represents a move towards a more inclusive and innovative environment where emerging players can thrive and contribute meaningfully.

FAOM will play a crucial role as a bridge between its members and the PayNet Fintech Hub, facilitating access to networking, mentorship, and collaborative projects with key regulatory bodies such as the Securities Commission and Bank Negara Malaysia. This connection aims to support fintech firms in navigating regulatory frameworks and expanding their reach.

Anil Singh Gill, President of FAOM, expressed enthusiasm about the partnership, describing it as the beginning of a growing alliance that leverages the strengths of both organizations to benefit the fintech community. He also indicated that further developments and initiatives are forthcoming as the collaboration progresses.

Aligned with Malaysia’s national goal of becoming a leading fintech hub in the region, the PayNet Fintech Hub seeks to strengthen the competitiveness of local fintechs while attracting international participants. The MoU also paves the way for joint efforts, including knowledge exchange sessions, regulatory sandbox participation, strategic forums, and co-branded events to advance Malaysia’s fintech ecosystem.

The collaboration aims to enhance innovation within Malaysia’s financial industry by fostering connections between entrepreneurs and startups, while also contributing to the development of national fintech policies, regulations, and laws. It covers a wide and diverse spectrum of fintech sectors, such as payments, lending, regulatory technology, digital banking, digital insurance, digital assets, and blockchain.

According to the parties, the MoU reflects a shared commitment to fast-tracking Malaysia’s growth as a leading fintech hub in ASEAN, with a focus on inclusivity, shared prosperity, and responsible governance. This agreement marks a significant milestone in Malaysia’s fintech development, reinforcing a mutual dedication to fostering innovation, sustainability, and strong governance in the future of financial services.