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PayNet Malaysia launches new accelerator programme for fintech platforms

Malaysia – Payments Network Malaysia (PayNet), the payments network and central infrastructure for financial markets, has launched a three-month programme, aimed at supporting and advancing high potential fintech’s capabilities to further accelerate e-payments adoption in the country. 

Called the ‘FinTech ePayment Accelerator Programme’, the initiative is in line with PayNet’s mission to be a trusted enabler of inclusive and collaborative financial ecosystems. Moreover, this is in collaboration with the Fintech Association of Malaysia (FAOM), which features briefing sessions, and PayNet’s products will be held for interested fintech.

The new programme focuses on the ideas and solutions that can address fintech problems, including the adoption of e-payments, which addresses the conversion of the unbanked and underbanked population towards e-payments utilisation, as well as the improvement to existing products, which should determine specific target groups and how can fintech platforms innovate enhancements for their existing retail products to be more appealing and effective for customer use.

And lastly, the introduction of new business solutions, which should tackle the new and innovative use cases should be introduced to ensure it offers an inclusive financial ecosystem and address the e-payment needs of new markets.

According to PayNet, applicants for the programme will be shortlisted based on the ideas and solutions submitted, and these shortlisted applicants will advance to a pitching session in June 2022, where they will present to a panel of judges on why their ideas should progress to a proof-of-concept (‘POC’). Successful fintech platforms will be awarded a grant of up to RM500,000 to support the execution of the POC and will have the opportunity to work with PayNet’s extensive ecosystem of banks, e-wallets, and third party acquirers.

Peter Schiesser, PayNet’s group CEO, shared that the programme is timely and relevant as part of their efforts to develop a future-ready digital payments infrastructure and help Malaysia transition towards a digital economy. 

“I urge potential fintech [platforms] to seize this opportunity to showcase their solutions and partake in expanding the country’s digital ecosystem and advancing financial inclusion,” said Schiesser.

The applications for the ‘FinTech ePayment Accelerator Programme 2022’ is open until 30 April 2022 and can be submitted online at PayNet’s website. Submissions should consist of a pitch deck or a video presentation addressing the problem statement and include an introduction of the team.