KUALA LUMPUR, May 5 (Bernama) -- Payments Network Malaysia Sdn Bhd (PayNet) has launched the country’s first financial technology (fintech) hub aimed at accelerating the growth of local startups through structured support including funding, mentorship and international exposure.
Known as the PayNet Fintech Hub, the initiative features two tracks — Community and Catalyst — and offers over RM4 million in total support.
The Community track offers foundational support, including mentorship and resources, while the Catalyst track focuses on accelerating high-potential startups with international exposure and global mentorship.
Selected startups will gain access to financial incentives, business advisory services, cloud credits and co-working space, in addition to investor and corporate networking opportunities.
PayNet Group chief executive officer Farhan Ahmad said a major wave of artificial intelligence (AI) is coming, and Malaysia is in a strong position to benefit from it.
“I believe we have great startups in Malaysia, but they often lack the tools and advantages found in places like the Silicon Valley, so PayNet is doing its part to provide the ecosystem and support they need.
“Malaysian startups can thrive and build the next big things, and when we see the next major innovations in the world, I hope some of them would be from Malaysia,” he said at a press conference after officiating at the launch of the event.
The Catalyst track offers a 10-week accelerator in partnership with Imperial College London, including a week-long trip to the UK for networking with faculty, international startups, and investors, culminating in a demo day with exposure to venture capitalists and corporate partners.
Farhan said AI's growth is limitless and more revolutionary than the internet, adding that Malaysia is better positioned than most to win this race.
“We have the talent and resources, and this is hopefully the last part of that journey you need to complete to dream big and make this the most successful fintech AI hub, not just in Asia, but maybe worldwide,” he said.
-- BERNAMA
