NEXEA and PayNet Launch Accelerator to Support Malaysian Payment Startups
by Fintech News Malaysia February 27, 2024NEXEA, a venture capital and startup accelerator firm, has joined forces with Payments Network Malaysia (PayNet) to launch an accelerator programme.
The PayNet Accelor programme aims to foster innovation in the country’s startup ecosystem, particularly focusing on digital transformation in the financial sector.
The programme is set to offer potential collaboration opportunities with key financial players, including banks and e-wallets, targeting financial inclusion and the digital overhaul of Malaysia’s financial industry.
It seeks to achieve 1 million transactions within three years, with a significant focus on increasing financial accessibility in sub-urban regions to achieve a more inclusive economic environment.
Through this partnership, NEXEA and PayNet intend to leverage their networks and expertise to support startups that can contribute to the financial sector’s growth.
Startups participating in the programme can access benefits worth up to RM 2,000,000, including a chance to win up to RM 100,000 in a shared subsidy pool provided by PayNet as transaction fee rebate and a 12-month membership in NEXEA’s Entrepreneurs Programme.
Successful startups will also have the opportunity to collaborate directly with PayNet, providing them with access to 22 million bank and e-wallet users, as well access to any eligible startup accelerator by NEXEA.
The five-month accelerator programme will include workshops led by corporate innovation experts, aiming to refine startup development strategies.
Programme timeline
Payment-related startups that focus on facilitating payments in rural areas, environmental, social, and governance’s (ESG) international standards and financial literacy can sign up for the accelerator programme here.
Gary Yeoh
“By joining forces with NEXEA, PayNet reaffirms its commitment to nurturing home-grown fintech startups, accelerating the digital transformation of Malaysia’s financial landscape.
This partnership exemplifies our dedication to creating meaningful connections with payment-centric firms that not only align with our strategic vision but also profoundly resonate with our stakeholders’ aspirations,”
said Gary Yeoh, Chief Commercial Officer of PayNet.
Ben Lim
“Recognising innovation as the key to sustained growth, top corporates actively collaborate to bring in fresh perspectives, leverage cutting-edge technologies, and adopt novel business models.
This not only unlocks new revenue streams for corporates but also drives true long-term sustainability, especially for Corporates in sunset industries,”
said Ben Lim, Founder & CEO, NEXEA.
