PayNet, FAOM Collaborate to Accelerate FinTech Innovation in Malaysia

Payments Network Malaysia Sdn Bhd (PayNet), Malaysia’s national payments network and central infrastructure provider, has signed a Memorandum of Understanding (MoU) with the FinTech Association of Malaysia (FAOM), the country’s leading FinTech industry body, to collaboratively advance innovation and drive growth within Malaysia’s financial technology (FinTech) landscape.

The MoU marks a significant step towards the establishment of the PayNet FinTech Hub, a dedicated platform to empower FinTech startups and foster collaborative opportunities that support the development of innovative financial technologies and solutions.

Through this strategic partnership, both PayNet and FAOM will leverage their respective networks, expertise, and industry insights to promote regulatory engagement, regional collaboration, and market access for Malaysian FinTech players.

“This partnership with FAOM is about making it easier for FinTechs to turn ideas into real solutions,” said Gary Yeoh, Chief Marketing Officer at PayNet. “The PayNet FinTech Hub gives start-ups a place to build, test, and connect with the ecosystem that powers Malaysia’s financial services. It’s a step towards a more open and innovative ecosystem, where new players can grow and make a real difference.”

This partnership with FAOM makes it easier for FinTechs to move from idea to execution. Through the PayNet FinTech Hub, startups gain a direct line to the systems, players, and infrastructure powering Malaysia’s financial services. The Hub aims to build a more open, collaborative ecosystem where new innovation can thrive and scale.

FAOM will serve as a critical conduit between its members and the PayNet FinTech Hub community, offering valuable pathways for networking, mentorship, and participation in joint initiatives involving regulators such as Bank Negara Malaysia (BNM) and the Securities Commission (SC).

“We are extremely pleased to have signed this MoU with PayNet. This is the first step in an evolving partnership where we can leverage our individual strengths to serve the fintech community,” said Anil Singh Gill, President at FAOM. “We have worked closely with the team from PayNet and we are confident of delivering value to our membership through this collaboration. We look forward to many more announcements in due course as we take steps to bring this partnership to life.”

The initiative aligns with Malaysia’s broader ambition of becoming a regional FinTech hub, leveraging advanced infrastructure, strategic partnerships, and progressive regulations. By fostering innovation and collaboration, the PayNet FinTech Hub aims to strengthen the competitive edge of Malaysian FinTech firms and attract global players to contribute to the ecosystem.

Under the MoU, the parties will also explore joint activities such as knowledge-sharing sessions, regulatory sandbox engagements, strategic planning forums, and co-branded events aimed at uplifting Malaysia’s FinTech ecosystem.

This MoU represents a unified commitment to accelerate Malaysia’s evolution as a FinTech leader in ASEAN with an emphasis on inclusivity, shared prosperity, and responsible governance.

The PayNet–FAOM partnership signals a bold step forward in Malaysia’s FinTech journey, underscoring a shared commitment to inclusivity, sustainability, and governance in the evolution of financial services.