PayNet launches accelerator to push financial inclusion, transformation in Malaysia's FSI

• Partners with NEXEA to reach 1mil transactions over next three years
• Programme to create pilot opportunities with banks, e-wallets & FSIs

NEXEA has announced its collaboration with Payments Network Malaysia (PayNet), the backbone of Malaysia’s digital payment infrastructure to introduce the PayNet Accelerator Programme, an initiative to propel startups in reshaping the nation's startup ecosystem. 

In a statement, the venture capital and startup accelerator firm stated that the programme is designed to pave the way for potential pilot opportunities with prominent banks, e-wallets, and other financial institutions. The overarching goal of the programme is to champion financial inclusion and propel the digital transformation of Malaysia's financial industry.

With a goal of reaching 1 million transactions over the next three years, the programme focuses on attaining a 15% share from sub-urban areas. This targeted approach aims not only to achieve the overall transaction milestone, but also to address the specific objective of bridging the gap and create a more inclusive financial landscape for all.

According to Nexea, this collaboration utilises its startup ecosystem experience and network to find and match entrepreneurs with PayNet and corporate partners for new markets, partnerships, joint ventures, investments, and acquisitions. Joining the programme provides startups with up to US$418,000 (RM2 million) worth of benefits. 

The top startups will earn up to US$29,000 (RM100,000) in a shared subsidy pool provided by PayNet as transaction fee rebate, and gain access to Nexea’s Entrepreneurs Programme for 12 months. In addition, the qualified startups will have the opportunities to collaborate directly with PayNet, providing them with access to 22 million bank and e-wallet users, as well as a green lane to any eligible startup accelerator by Nexea.

Gary Yeoh (pic), chief commercial officer of PayNet emphasised that the company is at the forefront of driving innovation and growth within the financial sector, and its partnership with Nexea marks a significant leap forward in this journey. 

“This collaboration is more than a milestone; it represents a strategic gateway to unlocking unprecedented opportunities in financial services. By joining forces with Nexea, PayNet reaffirms its commitment to nurturing home-grown fintech startups, accelerating the digital transformation of Malaysia's financial landscape,” he added 

“Our concerted efforts are particularly focused on enhancing payment solutions in underserved and rural communities, directly contributing to the national agenda of digitalising the financial sector as outlined in the Financial Sector Blueprint 2022–2026. 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,” Yeoh said. 

He added that as the trusted enabler, PayNet is poised to lead the way in shaping a more inclusive, efficient, and innovative financial ecosystem.

The programme follows a five-months timeline with specially tailored workshops by corporate experts to help streamline the startup's development. These are corporate innovation experts from Nexea who have advised more than 20 large corporations nationally to drive their open innovation initiatives. 

Payment-related startups that focus on facilitating payments in rural areas, ESG (International standard) and financial literacy are highly recommended to sign up. The selected startups will undergo a series of interviews, corporate innovation workshops, startup corporate matching, demo day and networking events with PayNet and other corporate partners.

Ben Lim (pic), founder & CEO, Nexea stated that strategic alliances with startups drive successful corporate evolution. 

“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 those in sunset industries," he added. 

 Learn more about the programme here.