Payments Network Malaysia (PayNet) has signed a MoU with the Fintech Association of Malaysia (FAOM) to support the development of the country’s fintech sector and strengthen its position as a regional hub.

The agreement outlines plans to establish the PayNet Fintech Hub, a platform aimed at supporting fintech startups by improving access to infrastructure, regulatory engagement, and opportunities for industry collaboration.

The hub is intended to provide a space for firms to build and test financial solutions while connecting with key players in the financial ecosystem.

Through the collaboration, PayNet and FAOM will jointly pursue initiatives such as knowledge-sharing sessions, regulatory sandbox participation, strategic planning forums, and co-branded events.

FAOM will also help connect its members to the fintech hub’s activities, including engagements with Bank Negara Malaysia and the Securities Commission, as well as providing opportunities for networking and mentorship.

The initiative aligns with national ambitions to encourage financial innovation through partnerships, regulatory support, and advanced infrastructure.

It also reflects a focus on inclusivity, sustainability, and responsible governance in fintech development.

“This partnership with FAOM is about making it easier for fintechs to turn ideas into real solutions. The PayNet Fintech Hub gives start-ups a place to build, test, and connect with the ecosystem that powers 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.”

said Gary Yeoh, Chief Marketing Officer, PayNet.

“We are extremely 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 team from PayNet and we are confident of delivering value to our membership through this collaboration. We look forward to many more announcements in due course as we take steps to bring this partnership to life.”

said Anil Singh Gill, President, FAOM.

From the left: Helena Ng, Head of Community, FAOM; Anil Singh Gill, President, FAOM; Wilson Beh, Executive Committee Member, FAOM; Gary Yeoh, Chief Marketing Officer, PayNet; Marc Fong, Committee Member, FAOM; Quimby Sun, Head of Fintech Development, PayNet; Lee Kok Yang, Fintech Development Manager, PayNet