- Payments Network Malaysia (PayNet) has revealed a new programme designed to help start-ups considering operating in the country’s payment sector get into business.
- It is looking for firms that can boost the numbers of digital payments taking place in the country, especially by helping the ‘underbanked’ population there.
- “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,” said a senior figure at PayNet.
Payments Network Malaysia (PayNet) has announced the launch of a Fintech ePayment Accelerator Programme.
PayNet said that its new initiative will help it to support start-ups in the country that were prioritising digital payments and online money transfers.
The scheme, which will last for three months, is designed to provoke ideas and fixes that firms might have to increase digital payments in Malaysia.
This may include bringing the so-called ‘underbanked’ population into banking.
It also may involve augmenting the current retail products that PayNet offers.
In a statement, a senior figure at the firm said that the new programme had come at a good time due to the aim of the firm to create a “future-ready” payments system.
Peter Schiesser, who is the group chief executive officer of PayNet, said that it will also help Malaysia move towards a more online economy.
“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,” he said.
Schiesser added that he was pushing potential financial technology companies to take up the offer of participating.
“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,” he said.
It is believed that the firm will begin offering briefing events designed to help potential applicants understand the needs of the programme and what they might have to do.
These are expected to be held alongside the Fintech Association of Malaysia (FAOM).
Applications are open until the end of April.
These can be submitted online by going to the PayNet website.
It is believed that all participants will have to submit a pitch deck and possibly other materials in order to be considered for the funding.
Once they have applied, a shortlist will be drawn up.
From there, those who are shortlisted will be told to attend a pitching session in June of this year.
This will be held in front of a panel of judges and will focus on why their company’s ideas should move on to the next level.
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