PayNet Announces Fintech ePayment Accelerator Programme, Offers Grants Of Up To RM500,000

Alex Cheong Pui Yin

22nd February 2022 - 2 min read

Payments Network Malaysia (PayNet) has launched a three-month Fintech ePayment Accelerator Programme, which seeks to support fintech companies that are interested in advancing the adoption of e-payments within the country.

According to a statement by PayNet, the programme will require applicants to pitch ideas and solutions that focus on the three following matters, namely:

Adoption of e-payments: Encourage the conversion of the unbanked and underbanked population towards e-payments, such as internet and mobile banking.
Improvement of existing products: Enhance existing PayNet retail products so that they accommodate previously uncatered needs of certain consumers, or are made more effective for future use.
Introduction of new business solutions: Explore new business solutions or new use cases of existing products in a bid to expand into new market segments and offer a more inclusive financial ecosystem.

Fintech companies that are successful in their enrolment into the programme will be awarded a grant of up to RM500,000 to support the execution of their ideas. They’ll also have the opportunity to work with PayNet’s extensive ecosystem of banks, e-wallets, and third-party acquirers.

Application for the programme is open from now until 30 April 2022, and interested parties can submit their proposals online via the official Fintech ePayment Accelerator Programme website. “Submissions should consist of a pitch deck or a video presentation addressing the problem statement and include an introduction of the team,” PayNet said, adding that each participant can submit more than one proposal.

Moreover, PayNet stated that shortlisted applicants will advance to a pitching session in June 2022, where they must then convince a panel of judges to allow them to progress to the proof-of-concept (POC) stage.

The chief executive officer of PayNet, Peter Schiesser commented that this programme is both timely and relevant in its launch as Malaysia strives to transition towards a digital economy. “I urge potential fintechs to seize this opportunity to showcase their solutions and participate in expanding the country’s digital ecosystem and advancing financial inclusion,” he said.

(Sources: The Star, PayNet)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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