Kuala Lumpur: 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.

According to BERNAMA News Agency, the initiative is known as the PayNet Fintech Hub and features two tracks: Community and Catalyst, offering over RM4 million in total support. The Community track provides foundational support such as mentorship and resources, while the Catalyst track is designed to accelerate high-potential startups with international exposure and global mentorship.

Selected startups will benefit from financial incentives, business advisory services, cloud credits, and co-working space. They will also have opportunities for investor and corporate networking.

PayNet Group chief executive officer Farhan Ahmad highlighted the upcoming wave of artificial intelligence (AI) and Malaysia’s advantageous position to capitalize on this development. He emphasized the need for Malaysian startups to have access to the tools and advantages that are prevalent in places like Silicon Valley.

Farhan expressed his belief in the potential of Malaysian startups to thrive and create significant innovations on a global scale. He shared these insights during a press conference following the official launch of the fintech hub.

The Catalyst track includes a 10-week accelerator in partnership with Imperial College London. This program features 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 also noted that the growth of AI is limitless and more revolutionary than the internet. He stated that Malaysia is well-positioned to succeed in this domain, with the talent and resources necessary to establish a leading fintech AI hub worldwide.