About Payments Network Malaysia
Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central payment infrastructure for financial markets in Malaysia.
As the national provider of financial market systems, PayNet envisions inclusive and accessible payment systems for all. The Company heeds this aspiration through continuous innovations and enhancements in its services to offer cutting edge global payment systems and financial market utilities to all. These services are safe, reliable and efficient in developing the country’s financial ecosystem.
Playing a vital role in empowering Malaysia’s digital economy, PayNet provides a solid platform in harnessing the collaborative efforts of its Participants (financial institutions and service providers such as Banks, eWallet and Third-Party Acquirer) to accelerate the adoption of electronic payments (ePayments) in the country.
FinTech ePayment Accelerator Programme 2022
Aligned with its mission as a trusted enabler of an inclusive and collaborative financial ecosystem, PayNet has developed the FinTech ePayment Accelerator Programme 2022. The programme is designed to provide incentivised opportunities and to support the implementation of promising digital innovations by FinTech companies. These innovations will be tested and validated in partnership with PayNet’s Participants.
7 February 2022 – 30 April 2022
Filtration and Evaluation
1 March 2022 – 31 May 2022
Pitching Event and Award Ceremony
Areas of Opportunity
The programme empowers FinTech companies to submit attainable ideas and collaborate with PayNet's Participants in addressing the following areas of concern:
Suggest ways to support and encourage Unbanked Customers (without bank account), as well as/or Customers that Do Not Utilise Online or Mobile banking systems to adopt ePayments
Suggest enhancements/improvements on Existing Products in the market (i.e.: e-wallets, mobile and online banking) that appeal to specific target groups to adopt and utilise ePayments more. These products should be unique and user friendly with innovative features
*Refer to DuitNow and MyDebit for existing products
Suggest new business solutions, including new use cases of existing products for markets to adopt or utilise ePayments more
Why participate in the FinTech Accelerator Programme 2022?
The selected proposal will be incentivised with funds up to RM 500,000 to support the execution of the Proof of Concept (POC)
Selected Fintech companies will collaborate with PayNet’s Participants to execute the POC, and will have the opportunity to work together with PayNet’s Participants to commercialise the idea
Shortlisted FinTech companies will present their proposed ideas to the panel of judges at a physical pitching event. These Participants will be the judges at the event.
The judges will review and evaluate the presented ideas. A decision will be made according to the alignment of proposed ideas with the judges’ innovative direction, organisational strategy or service rendered. The judges may select the proposed ideas and collaborate with the particular FinTech company to execute the POC, potentially enabling the commercialisation of the end product.
The FinTech company is free to choose which judges to work with should more than one judges be interested in the proposed idea.
PayNet will allocate up to RM 500,000* for each selected idea to support the execution of the POC.
*PayNet will evaluate the cost and decide the maximum amount allocated.