NEXEA has revealed its partnership with Payments Network Malaysia (PayNet), a crucial component of Malaysia's digital payment framework, to unveil the PayNet Accelerator Programme. This initiative aims to support startups in reshaping Malaysia's startup landscape. According to a statement from the venture capital and startup accelerator firm, the programme aims to facilitate potential pilot collaborations with leading banks, e-wallet providers, and other financial entities. The primary objective of the initiative is to advance financial inclusion and drive the digital evolution of Malaysia's financial sector.
With an aim to accomplish 1 million transactions within the next three years, the program emphasizes securing a 15% market share in suburban regions. This focused strategy not only targets the overarching transaction goal but also seeks to fulfill the specific aim of fostering inclusivity in the financial landscape. According to NEXEA, this partnership leverages its expertise and network within the startup ecosystem to connect entrepreneurs with PayNet and corporate collaborators to explore new markets, forge partnerships, initiate joint ventures, make investments, and pursue acquisitions.
Top startups stand to receive up to US$29,000 (RM100,000) from a shared subsidy pool offered by PayNet, granted as transaction fee rebates, and will also be granted access to NEXEA's Entrepreneurs Programme for a duration of 12 months. Moreover, eligible startups will be given the chance to engage directly with PayNet, granting them access to a user base of 22 million individuals utilizing bank and e-wallet services. Additionally, they will be provided with expedited access to any qualifying startup accelerator facilitated by NEXEA.
Gary Yeoh, PayNet's Chief Commercial Officer, underscored the company's commitment to spearheading innovation and fostering growth in the financial sector. He highlighted that the collaboration with NEXEA signifies a substantial advancement in this endeavor. "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.
The programme follows a five-month 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, 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".