Payments Network Malaysia (PayNet) has launched the Fintech ePayment Accelerator Programme which aims to support and advance startups focused on that segment.

The three-months programme focuses on ideas and solutions that can help accelerate the adoption of digital payments in the country especially by onboarding the unbanked and underbanked population.

Additionally, the programme also aims to improve PayNet‘s existing retail products with enhancements that are more appealing and effective for the users.

PayNet’s programme is also on the lookout for new business solutions as existing retail payment use cases may not be sufficient to meet the customers’ evolving needs as well as expansion into new market segments.

In collaboration with the Fintech Association of Malaysia (FAOM), briefing sessions on the programme and PayNet’s products will be held.

Applicants will be shortlisted based on the solutions submitted and will advance to a pitching session in June 2022.

Successful fintechs will be awarded a grant of up to RM500,000 to support the execution of their proof-of concept (POC) and will have the opportunity to work with PayNet’s extensive ecosystem of banks, e-wallets and third party acquirers.

Applications are now open until 30 April 2022 here. Submissions should consist of a pitch deck or a video presentation addressing the problem statement and include an introduction of the team.

Peter Schiesser, Group CEO of PayNet said,

“This programme is timely and relevant as part as our efforts to develop a future ready digital payments infrastructure and help Malaysia transition towards a digital economy.

 

I urge potential fintechs to seize this opportunity to showcase their solutions and partake in expanding the country’s digital ecosystem and advancing financial inclusion.”