Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central infrastructure for

Malaysia Malaysia is a country in Southeast Asia. Featuring the Tanjung Piai, southernmost point of continental Eurasia, it is a federation, federal constitutional monarchy consisting of States and federal territories of Malaysia, 13 states and thre ...

’s financial markets. It was formed from the merger between the Malaysian Electronic Payment System (MEPS) and Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) on 1 August 2017. PayNet is Malaysia's premier payments network and central infrastructure for financial markets.

Bank Negara Malaysia The Central Bank of Malaysia (BNM; ; Jawi: ) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as the banker and advisor to the ...

(BNM) owns a majority share in PayNet, along with eleven other local financial institutions as joint shareholders.

History

PayNet was formed on 1 August 2017 from the merger of MEPs and My Clear.

Project Nexus

The

Bank for International Settlements The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central bank ...

signed an agreement with

Central Bank of Malaysia The Central Bank of Malaysia (BNM; ; Jawi: ) is the Malaysian central bank. Established on 26 January 1959 as the Central Bank of Malaya (''Bank Negara Tanah Melayu''), its main purpose is to issue currency, act as the banker and advisor to the ...

Bank of Thailand The Bank of Thailand (BOT; Abbreviation, abbr. ธปท.; , ) is the central bank of Thailand. History The Bank of Thailand (BOT) was first set up as the Thai National Banking Bureau. The Bank of Thailand Act was promulgated on 28 April 1942 ...

Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...

Monetary Authority of Singapore The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as ...

, and the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments.

Bank Indonesia Bank Indonesia (BI) is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java (, DJB), which had been created in 1828 to serve the financial needs of the Dutch East Indies. History Bank of Java King William ...

involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries.

International fast payment linkage

Following talks with Malaysian Prime Minister

Anwar Ibrahim Anwar bin Ibrahim (; born 10 August 1947), also known by his abbreviation as DSAI and PMX, is a Malaysian politician who is the 10th prime minister of Malaysia since 2022. A member of the People's Justice Party (Malaysia), People's Justice P ...

, Indian Prime Minister

Narendra Modi Narendra Damodardas Modi (born 17 September 1950) is an Indian politician who has served as the Prime Minister of India, prime minister of India since 2014. Modi was the chief minister of Gujarat from 2001 to 2014 and is the Member of Par ...

declared on August 20, 2024, that his country intends to link its

Unified Payment Interface Unified Payments Interface, commonly known as UPI is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. The interface facilitates inter-bank peer-to-peer (P2P) and perso ...

(UPI) with PayNet.

Services

The company's current service portfolio includes the following: *eSPICK – the national cheque clearing system of Malaysia. *JomPAY – a payment scheme for paying utility bills *FPX – a direct-to-bank

payment gateway A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. The ...

. *DuitNow – instant account-to-account payment across participating banks and

E-wallets A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and s ...

. *DuitNow QR –

QR code payment A QR code payment is a mobile payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic funds transfer at point of sale using a payment terminal. This avoids a lot of the infra ...

scheme, a contactless payment method.

References

External links