PayNet, FOAM collaborate to accelerate fintech innovation in Malaysia 

• The MoU paves the way for the PayNet Fintech Hub
• Both parties will collaborate to enhance access, regulation & growth for Malaysian fintechs

Payments Network Malaysia Sdn Bhd (PayNet), Malaysia’s national payments network and central infrastructure provider, has signed a Memorandum of Understanding 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.

In a joint statement, the organisations said the MoU marks a significant step towards the establishment of the PayNet Fintech Hub — a dedicated platform to empower fintech start-ups and foster collaboration in developing innovative financial technologies and solutions.

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

“This partnership with FAOM is about making it easier for fintechs to turn ideas into real solutions. The PayNet Fintech Hub gives startups a place to build, test, and connect with the ecosystem powering 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”, Gary Yeoh, chief marketing officer of PayNet said.

FAOM will act as a key conduit between its members and the PayNet Fintech Hub community, providing valuable pathways for networking, mentorship, and participation in joint initiatives involving regulators such as Bank Negara Malaysia and the Securities Commission.

“We are 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. We have worked closely with the PayNet team and are confident of delivering value to our members through this collaboration. We look forward to many more announcements as this partnership takes shape,” said Anil Singh Gill, president of FAOM.

The initiative aligns with Malaysia’s broader ambition to become a regional fintech hub, driven by advanced infrastructure, strategic partnerships, and progressive regulations. By fostering innovation and collaboration, the PayNet Fintech Hub aims to enhance the competitiveness of Malaysian fintech firms and attract global players to contribute to the ecosystem.

Under the MoU, both parties will also explore joint activities including knowledge-sharing sessions, regulatory sandbox engagements, strategic planning forums, and co-branded events aimed at uplifting Malaysia’s fintech sector.

The parties stated that his MoU represents a shared commitment to accelerating Malaysia’s evolution as a fintech leader in Asean, with an emphasis on inclusivity, shared prosperity, and responsible governance, adding that this marks a bold step forward in Malaysia’s fintech journey, reinforcing a mutual dedication to innovation, sustainability, and good governance in shaping the future of financial services.