- PayNet launches Fintech Hub to support Malaysian startups with funding, mentorship, and resources.
- The initiative aims to help local fintechs scale globally and create the next Grab, Google, or Apple.
What happened: Supporting local fintechs with strategic partnerships
PayNet has launched the Fintech Hub, an initiative designed to support Malaysian fintech startups by providing access to funding, mentorship, strategic partners, and essential resources. The platform, backed by over 45 strategic partners, aims to help local fintechs overcome growth challenges and achieve global success. Farhan Ahmad, Group CEO of PayNet, highlighted the need for a robust support system to address the lack of venture capital and liquidity options in the Malaysian fintech scene. The Fintech Hub offers two tracks: the Community Track, which provides resources and support for sustainable scaling, and the Catalyst Track, a 10-week accelerator programme in collaboration with Imperial College London.
The Fintech Hub’s panel of partners includes heavyweights such as Maybank, RHB Bank, AmBank, Bank Islam, Touch ‘n Go eWallet, and various tech and legal firms. The initiative aims to address the challenges faced by local fintechs, including difficulties in securing venture capital and limited liquidity options. The Hub’s Community Track offers a network of like-minded founders, over 450 hours of mentorship, access to partner banks and tech companies, and up to RM3 million in cloud credits. The Catalyst Track provides a 10-week accelerator programme, including a week-long immersion trip to London and mentorship from Imperial College faculty.
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Why it is important
The launch of PayNet’s Fintech Hub is a significant step in supporting the growth of Malaysian fintech startups. By providing access to funding, mentorship, and strategic partnerships, the initiative aims to help local fintechs overcome common growth challenges and achieve global success. The Hub’s focus on AI and innovation aligns with the broader trend of technological advancement in the financial sector. This support system is crucial for fostering a thriving fintech ecosystem in Malaysia, ensuring that local startups have the resources and guidance needed to compete on a global scale.
