Tag Archives: PayNet

Business, News

PayNet Works on Bridging the Digital Divide in Malaysia’s Financial Sector with Program Akar

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The digital landscape is rapidly evolving, and the demand for skilled professionals to navigate it is higher than ever. Recognizing this critical need, Payments Network Malaysia (PayNet) has launched a groundbreaking initiative called Program Akar. This program aims to bridge the digital skills gap in Malaysia’s financial services sector by equipping the next generation with essential cloud computing knowledge.

The impetus for Program Akar is clear. Research indicates that a staggering 78% of Malaysian employers anticipate needing digitally skilled workers within the next five years. However, access to affordable training remains a hurdle, despite a high level of interest among Malaysians. This gap between desire and opportunity is precisely what Program Akar seeks to address.

Program Akar offers an inclusive and accessible pathway for Malaysians to acquire in-demand cloud skills. It removes the financial barrier to entry by providing the program entirely free of charge. Prior technical experience is not required, making it an attractive option for individuals from diverse backgrounds.

PayNet x AWS reStart Program Akar

The program leverages the expertise of industry leaders. Amazon Web Services (AWS) re/Start, a global training initiative focused on cloud skills development, provides participants with essential resources and technical know-how. PayNet, as the program’s sponsor, champions the integration of industry-specific skills, ensuring graduates are well-equipped for the financial services workforce. World Education Placement Services Sdn Bhd. (WEPS) serves as the program delivery partner, guaranteeing a curriculum that is current, industry-focused, and effectively delivered.

Program Akar equips participants with a solid foundation in cloud computing and digital payments, preparing them for future career opportunities. Through a rigorous 47-day training course, participants delve into core areas like programming, networking, security, and databases, all from an AWS cloud-centric perspective.

This foundational training is complemented by the industry-recognized AWS Cloud Practitioner Certification Exam, validating participants’ newly acquired skills and demonstrating their commitment to cloud computing.

Program Akar extends beyond skills development by actively supporting graduates in securing employment within the Malaysian financial services sector. PayNet and WEPS connect program graduates with potential employers, facilitating placements in roles like cloud operations, site reliability, infrastructure support, and technical business support functions.

Program Akar exemplifies the power of collaboration. PayNet’s vision and financial backing are critical elements, as are the expertise of AWS re/Start and the program delivery proficiency of WEPS. This collaborative approach ensures participants receive high-quality training and industry-relevant skills, ultimately boosting their employability.

The program’s initial cohort of 50 participants will begin their journey in July 2024, commencing their training at the Asia Pacific University of Technology & Innovation (APU). Leading financial institutions such as Bank Negara, Maybank, Public Bank, Hong Leong Bank, and Bank Islam have already expressed interest in providing internship opportunities for graduates, further solidifying the program’s link to the industry it aims to serve.

With the proven success of AWS re/Start programs worldwide, connecting over 98% of graduates with job interview opportunities, Program Akar holds significant promise for Malaysia’s digital future. It fosters a diverse pool of cloud-skilled talent, empowering individuals while enabling the financial services sector to embrace new technologies and enhance its competitiveness. Program Akar is not just a skills development initiative; it’s a bridge towards a thriving digital economy fueled by a skilled and motivated workforce.

Business, News

Curlec by RazorPay Joins PayNet to Advance Real-Time Payments in Malaysia

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Curlec, a full-stack payments solution provider under Razorpay, has become a member of Payments Network Malaysia Sdn Bhd (PayNet). This a significant move set to promote real-time payment adoption across Malaysia. Being the first new PayNet member since 2019, Curlec’s inclusion empowers them to drive wider adoption of real-time payment processing which aligns with Bank Negara Malaysia’s (BNM) vision for a cashless society.

Curlec 01
From left: Zac Liew, Co-Founder & Chief Executive Officer, Curlec; Gary Yeoh, Chief Commercial Officer, PayNet; Rahul Kothari, Chief Business Officer, Razorpay

With this membership, Curlec will adopt PayNet’s DuitNow product suite This will allow its customers to conduct real-time payments from bank accounts and e-wallets. This will bolster the services it offers its merchants including renowned brands such as Tune Protect, CTOS, Mary Kay, and The National Kidney Foundation.

Curlec brings valuable insights and expertise from the Razorpay Group, which pioneered India’s Unified Payment Interface (UPI). UPI is the world’s largest digital payments market having processed 74 billion transactions in 2022 alone. The success of UPI in India, growing at an average of 380% since its launch in 2016, positions Curlec to drive the adoption of DuitNow payments in Malaysia effectively.

Zac Liew, Co-Founder & CEO of Curlec by Razorpay, emphasized the momentum they are building with their “Payments Uncompromised” approach. Curlec’s Payment Gateway has rapidly gained traction, processing over RM2 billion annually and serving more than 1,000 merchants. This paves the way for Curlec to innovate the digital payment landscape in Malaysia and scale DuitNow payments to the next level.

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Source: Curlec by RazorPay

Liew outlined the broader vision, stating, “The target growth of Malaysia’s digital payments sets the path for The Curlec Payment Gateway’s target to serve more than 5,000 businesses with RM10 billion annualized gross transaction value (GTV) by 2025.”

Rahul Kothari, Chief Business Officer at Razorpay, expressed enthusiasm for their substantial investment in Malaysia’s domestic payment ecosystem. He sees parallels between the Malaysian and Indian payments markets, making Malaysia a key strategic market for them. Kothari believes they can play a pivotal role in promoting DuitNow adoption, similar to their role in scaling UPI in India.

Business, Mobile, News

DuitNow QR: The Way Forward Paved First by Cyberview and PayNet

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If you walk into your favourite cafés or even restaurants, you might be bombarded with small table standees with a QR code on the payment counter. That is to indicate that the restaurant has gone cashless and is accepting cashless payment options. Having multiple options to pay for your purchases is always great, but problematic since every single cashless payment vendor produces their own unique QR code for each of the participating shops.

You end up with multiple apps on a single device. To keep track of the payments, you must access different apps. That, or you get a specialised device that has access to several apps at the same time. Still, it is not perfect. You still need multiple apps to get it to work, if you choose to omit certain apps, you cannot even allow users to use those apps. In the end, it is all rubbish and using cash is still the best option to work with.

Do not get us wrong, we are very big advocates of the cashless payment system. We use them all the time and we love the fact that we do not need to carry too much cash around, saves us the trouble of getting robbed off hundreds in Ringgit. Still, because there are so many payment options out there and not everyone uses all of them, it becomes troublesome for us too; we hate that.

We’ve always said then that for eWallets and cashless payments to work in Malaysia, there needs to be a unifying body that could make all the apps work seamlessly together. Because changing all the card receiver machines across the nation is impossible and it is impossible to implement NFC type payments in all devices, the easiest is to have a single unified QR code that could work with everyone regardless of app. This announcement then, is godsent.

PayNet and Cyberview plans to lead the way to digital Malaysia with cashless payment. Then again. Cyberview has been paving the way forward for plenty of things to do with digitalising Malaysia. PayNet is an affiliate of the National Bank of Malaysia, and has been digitalising and providing essential services for Malaysian banks in terms of their payment networks and infrastructure. Thanks to Paynet, we have things like DuitNow and even free instant transfer between banks. That should be the way forward too with eWallets.

With the collaboration PayNet will start implementing unique QR codes for shops that would replace the ten million QR codes generated for the shop by other eWallet vendors. With less clutter, they look less intimidating as well. For users, you can use any eWallet of your choice to pay for your meals and shopping. All you need to do is scan the DuitNow QR code and voila, you can pay using GrabPay, or Boost, or Touch n’ Go eWallet, or FavePay; technically anyway.

The only downside right now is that they are only implementing it in Cyberjaya, for now anyway. PayNet is looking to expand their DuitNow QR to other parts of Malaysia. We think that the service will really take off in Kuala Lumpur and other parts of Klang Valley. You might have to check also if your eWallet app is also a participating vendor within the DuitNow QR ecosystem. For more information regarding DuitNow QR, you can visit their website.