Latest news with #PayNet
The Sun
2 days ago
- Business
- The Sun
TNG eWallet empowers small traders with digital tools
KUALA LUMPUR: TNG Digital Sdn Bhd is broadening its support for micro and small enterprises, particularly independent traders operating at markets, food stalls and public spaces, by offering accessible and easy-to-use digital payment tools. The company, through TNG eWallet, provides static QR codes and a Merchant Dashboard system, both free of charge, enabling traders to accept cashless payments and monitor real-time transactions. TNG eWallet is integrated with DuitNow QR through a partnership with Payments Network Malaysia Sdn Bhd (PayNet), allowing merchants to receive payments from any local bank or eWallet nationwide. In a statement today, TNG Digital chief operating officer Mohd Herman Sarbini said the company aims to support various types of businesses, from home bakers to startup founders. 'Our solutions are designed to help small merchants grow by giving them tools to manage transactions, track performance and understand customer behaviour,' he said. TNG Digital said that to enhance security, it also introduced the Merchant Soundbox, a device that provides real-time audio confirmation for each successful transaction and helps prevent scams involving fake payment screens. 'Linked directly to the merchant's account, it gives users greater confidence during busy operating hours,' it said. The Soundbox is offered at promotional prices to ensure affordability for small traders, especially those operating alone during peak hours. Besides that, for merchants unfamiliar with digital tools, the company provides face-to-face onboarding sessions, live demonstrations and simple user interfaces. 'Outreach efforts are conducted regularly in collaboration with the Ministry of Domestic Trade and Cost of Living (KPDN) through the Retail Digitalisation Initiative and with support from PayNet and state governments,' the company said. TNG Digital further said that during the Ramadan bazaar season, it collaborated with local authorities to help rural entrepreneurs transition to cashless environments. 'TNG Digital is also approved by Jabatan Tenaga Kerja Semenanjung Malaysia (JTKSM), an agency under the Ministry of Human Resources, to provide alternative salary payment services to unbanked workers. 'This approval benefits blue-collar and migrant workers, many of whom are employed by micro small and medium enterprises (SMEs),' it said. Mohd Herman said the approval allows employers to pay salaries directly into TNG eWallet accounts, noting that nearly 70 per cent of the company's merchants are classified as micro SMEs. 'It removes the risks associated with handling cash and ensures workers have secure and immediate access to their earnings,' he said. TNG Digital said that each TNG eWallet account is issued with a DuitNow account number that functions like a traditional bank account, enabling users to send and receive funds from any Malaysian bank and helping to bridge the gap between the unbanked and the formal financial ecosystem. The company highlighted these initiatives at Expo 2025 Osaka, where it presented tools such as the Merchant Dashboard, Soundbox, and cashback features designed to support small businesses in managing transactions and engaging customers.
The Star
03-06-2025
- Business
- The Star
PayNet, Bank of China team up to simplify financial flows
KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) and Bank of China (Malaysia) Bhd (BOC Malaysia) have inked a memorandum of understanding (MoU) to explore solutions that simplify financial flows between Malaysia and China. The MoU was signed by PayNet chief marketing officer, Gary Yeoh and BOC Malaysia deputy chief executive officer (CEO), Datuk Alvin Tay on May 27, 2025, witnessed by PayNet group CEO, Farhan Ahmad and Bank of China (Hong Kong) vice-chairman and chief executive, Sun Yu. The collaboration aims to enhance cross-border transaction efficiency, leveraging Paynet's robust domestic infrastructure and Bank of China's expertise in international settlement and renminbi clearing. Tay said the MoU represents a step forward in both countries' broader strategy to enhance settlement solutions and strengthen financial collaboration. "By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China," he said in a statement today. Meanwhile, Farhan said the partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable. "We see this as a vital step toward realising greater financial interoperability and inclusion across the region,' he added. The partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia. - Bernama
The Sun
03-06-2025
- Business
- The Sun
PayNet, Bank of China team up to simplify financial flows
KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) and Bank of China (Malaysia) Bhd (BOC Malaysia) have inked a memorandum of understanding (MoU) to explore solutions that simplify financial flows between Malaysia and China. The MoU was signed by PayNet chief marketing officer, Gary Yeoh and BOC Malaysia deputy chief executive officer (CEO), Datuk Alvin Tay on May 27, 2025, witnessed by PayNet group CEO, Farhan Ahmad and Bank of China (Hong Kong) vice-chairman and chief executive, Sun Yu. The collaboration aims to enhance cross-border transaction efficiency, leveraging Paynet's robust domestic infrastructure and Bank of China's expertise in international settlement and renminbi clearing. Tay said the MoU represents a step forward in both countries' broader strategy to enhance settlement solutions and strengthen financial collaboration. 'By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China,' he said in a statement today. Meanwhile, Farhan said the partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable. 'We see this as a vital step toward realising greater financial interoperability and inclusion across the region,' he added. The partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia.
The Sun
23-05-2025
- Business
- The Sun
PayNet, FAOM collaborate to drive Malaysian fintech innovation and growth
PETALING JAYA: Payments Network Malaysia Sdn Bhd (PayNet), a payments network and central infrastructure provider, has signed a memorandum of understanding (MoU) with the Fintech Association of Malaysia (FAOM), the country's financial technology industry body, to collaboratively advance innovation and drive growth within Malaysia's fintech landscape. The MoU marks the set up of PayNet Fintech Hub, a platform to empower fintech startups and foster collaborative opportunities that support the development of innovative financial technologies and solutions. Through the partnership, PayNet and FAOM will leverage their respective networks, expertise and industry insights to promote regulatory engagement, regional collaboration and market access for Malaysian fintech players. 'This partnership with FAOM is about making it easier for fintechs to turn ideas into real solutions,' PayNet chief marketing officer Gary Yeoh said, adding that the hub gives startups 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,' he said. Through PayNet Fintech Hub, startups gain a direct line to the systems, players and infrastructure powering Malaysia's financial services. The hub aims to build a more open, collaborative ecosystem where new innovation can thrive and scale. FAOM will serve as a critical conduit between its members and the hub community, offering valuable pathways for networking, mentorship and participation in joint initiatives involving regulators such as Bank Negara Malaysia and Securities Commission Malaysia. '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,' said FAOM president Anil Singh Gill. '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.' The initiative aligns with Malaysia's broader ambition of becoming a regional fintech hub, leveraging advanced infrastructure, strategic partnerships, and progressive regulations. By fostering innovation and collaboration, PayNet Fintech Hub aims to strengthen the competitive edge of Malaysian fintech firms and attract global players to contribute to the ecosystem.
The Star
23-05-2025
- Business
- The Star
PayNet eyes 50 fintech firms in its programme
Payments Network Malaysia Sdn Bhd (PayNet) group chief executive officer Farhan Ahmad KUALA LUMPUR: Payments Network Malaysia Sdn Bhd (PayNet) aims to onboard more than 50 local financial technology (fintech) firms into its community and accelerator programme, PayNet Fintech Hub. 'There are about 300 fintech firms in Malaysia. For the programme to be competitive, we want about 50 to be in our programme,' said group chief executive officer Farhan Ahmad at the launch of the fintech hub here yesterday. The programme aims to accelerate fintech growth in Malaysia by providing firms with direct access to capital, key industry connections, financial incentives, and the ability to learn from and work alongside global powerhouses. On the once vibrant startup ecosystem in Malaysia, Farhan said among the reasons why local startups have yet emerged as unicorn companies are due to them not being able to find good venture capital and not having a natural liquidity option. 'It's hard to go into an initial public offering and there is no acquisition in the market. 'So we learned that and thought about how we connect fintechs that want to work with banks and interested investors – there is no place for them to meet each other,' he said, adding that PayNet is trying to play a role in creating the fintech community. 'If you are a small startup and you cannot find anybody to partner you, maybe PayNet can help you. 'I think we looked at all these little problem statements faced by the fintech startups,' he added. When asked how PayNet is looking to further scale the startups involved, Farhan said the group's role is to provide inspiration, support and international exposure, including access to global venture capital and partners like Amazon Web Services. This will allowa the startups to scale beyond Malaysia while ideally staying rooted in Malaysia. The PayNet Fintech Hub initiative features two tracks, namely community and catalysts, and offers about more than RM4mil in support. According to PayNet, the fintech hub community members will get exclusive financial support in the form of more than RM1mil in PayNet value-added credits and over RM600,000 worth of sponsored advisory services across legal, finance, human resources and market research. The members will be granted up to RM3mil in cloud credits and support from major cloud service providers, as well as access to a fully sponsored co-working space. Community members will also be provided direct access to a vibrant community of founders, expert mentors, corporate partners, and fintech investors offering over 450 hours of hands-on guidance, collaboration and funding opportunities.
