- CelcomDigi and PayNet collaborate on SIM-based authentication for secure digital transactions.
- The partnership enhances fraud prevention and strengthens financial security in Malaysia.
What happened: CelcomDigi and PayNet collaborate on secure transactions
Malaysian telecom operator CelcomDigi has entered into a partnership with payments provider PayNet to integrate open network APIs, enhancing the security of digital transactions. The collaboration will enable SIM-based authentication for PayNet’s DuitNow P2P transfer service, allowing users to verify their identity using their mobile numbers.
PayNet, which processes 13 million digital transactions daily, aims to leverage CelcomDigi’s API technology to prevent fraud and improve financial security. CelcomDigi will also work with Malaysia’s National Scam Response Centre via PayNet’s National Fraud Portal, allowing real-time fraud detection and blocking of scam-linked phone numbers.
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Why it’s important
The partnership highlights the growing importance of secure authentication in financial transactions. With the rise of online fraud, integrating telecom and financial security solutions provides a robust defence against digital threats.
CelcomDigi’s commitment to GSMA’s Open Gateway initiative ensures industry-backed API adoption. This deal demonstrates the practical benefits of open network APIs in securing financial transactions and preventing scams, setting a precedent for future collaborations in Malaysia’s digital economy.
