KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) has launched a fintech-focused accelerator, PayNet Fintech Hub, which is expected to unlock RM5 billion in intangible value for 50 selected fintechs through mentorship, funding access and global exposure.
PayNet Group CEO Farhan Ahmad said the hub is built to address key issues faced by fintechs in Malaysia to scale beyond the foundational stage.
“There are about 300 fintechs in Malaysia, but we expect fewer than 50 to join this programme. We will be very selective and we’ll choose fintechs we believe are at the right stage and they will get the benefits and will get close to RM5 billion intangible value benefits,” he said at the launch today.
Farhan said the hub is expected to “significantly accelerate” fintech growth in the country.
“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,” he added.
Farhan disclosed that PayNet is also developing an Open Data and Open Banking initiative for Malaysia. “This would be a massive catalyst and enabler to fintech success. When we launch that project as well, this will really help this project.”
Farhan said a thriving fintech industry is the key to delivering 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 hub is a programme with two pillars – Community and Catalyst. Fintechs selected into Community will get direct access to founders and ecosystem players to exchange ideas and share learnings, 450 hours of mentorship by a network of founders and domain experts, corporate players from banking, payments, and tech for partnership opportunities, and a pool of fintech investors who can mentor, evaluate and invest in Fintech Hub members.
All Fintech Hub Community members will also receive financial support in the form of more than RM1 million in PayNet value-added credits, over RM600,000 worth of advisory services across legal, finance, HR, and market research, up to RM3 million in cloud credits and support from cloud service providers, and access to a co-working space.
PayNet said these benefits are designed to help founders preserve cash burn, navigate challenges, refine business models, sharpen go-to-market strategies, raise funds, and define a clear path towards a successful exit.
The most promising startups from the Community will be picked for the Catalyst programme. This Catalyst track is in partnership with global institutions to give top Malaysian fintechs international exposure, mentorship, resources, and access.
Fintechs in the Catalyst programme will join a fully sponsored 10-week accelerator programme in partnership with Imperial College London. This programme includes a trip to London to meet with the Imperial faculty, as well as European and American startups.
Participants will get coaching and mentoring by the Imperial faculty, culminating in a final demo day that offers exposure to venture capitalists and potential corporate partners.
The accelerator has been curated for the needs of Malaysian fintechs and is fully funded by PayNet.
