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.

Interbank GIRO (IBG)

A funds transfer system that allows account-to-account credit transfers between 42 participating banks in Malaysia.


Direct-to-bank Internet payment gateway, which facilitates Internet payments and e-commerce purchases using savings and current accounts.


Malaysia’s domestic debit card scheme, which allows point-of-sale payments using ATM cards issued by banks in Malaysia.

Direct Debit

Allows billers and merchants to debit a consumer’s bank accounts on a periodic basis to collect recurring payments.


Malaysia’s national bill payment scheme where customers can pay any registered biller from Internet or Mobile banking by drawing funds from Current, Savings or Credit Card accounts. Billers need only sign up with one bank to collect payments via 42 banks.


Pay instantly to any account or to a DuitNow ID such as mobile number or NRIC number.

DuitNow QR

Malaysia’s National QR Standard where any compliant QR Code can take payments from any participating Banks and e-Wallets mobile apps.

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.

Programme Schedule

Programme Launch
January 2022

Submission Period
7 February 2022 – 30 April 2022

Filtration and Evaluation
1 March 2022 – 31 May 2022

Pitching Event and Award Ceremony
June 2022

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:

Adoption of ePayments

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

Improvement of Existing Products*

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

Introduction of New Business Solutions

Suggest new business solutions, including new use cases of existing products for markets to adopt or utilise ePayments more

Programme Benefits

Why participate in the FinTech Accelerator Programme 2022?

Business Acceleration

The selected proposal will be incentivised with funds up to RM 500,000 to support the execution of the Proof of Concept (POC)

Access to Partnership

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

Panel of Judges

In addition to PayNet’s internal team, the panel of judges will be from among PayNet’s ecosystem participants – both banks and non-banks. The judges will review and evaluate the submissions and identify those which addresses any of the problem statements that fits their business needs and strategic direction

Pitching Event

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.

The Journey

  • 1
    Launching of the programme
  • 2
    Attend the programme briefing session
  • 3
    Attend the PayNet’s product briefing session
  • 4
    Crack your head and submit your idea
  • 5
    Be patient and wait for the notification
  • 6
    Present your idea and try your best to get selected
  • 7
    Collaborate with PayNet’s participant to execute the POC

Submission Form

Frequently Asked Questions

Can I apply if my company is not based in Malaysia?
Only FinTech incorporated in Malaysia is allowed to participate the programme.
Will this programme be run in English?
Yes, this programme will only be run in English.
What is Proof-of-Concept?
Proof-of-Concept (POC) serves to demonstrate the feasibility of a solution / business plan. Typically, it involved technical and/or commercial outcome. Selected FinTech will collaborate with the Participant to deliver the POC.
What is the pitching process like?
A physical pitching event will be held. Shortlisted FinTech will be given 10 minutes to present their proposal and convince the judges (Participants) to select the proposal. FinTech may prepare presentation slide, video or demo their solution to the judges.
Who will be the judges to the pitching?
The judges will be PayNet’s Participants. PayNet’s Participants referred to the Banks and Non-Banks who subscribe to PayNet’s services
Can I submit more than one proposal?
Yes, you can submit more than one proposal.