NEXEA has unveiled a groundbreaking collaboration with Payments Network Malaysia (PayNet), the backbone of Malaysia’s digital payment infrastructure, introducing the PayNet Accelerator Programme. This initiative aims to turbocharge startups in reshaping the nation's startup ecosystem.
In a statement, the venture capital and startup accelerator firm highlighted that the programme is tailored to facilitate potential pilot opportunities with leading banks, e-wallets, and financial institutions. The overarching objective is to champion financial inclusion and drive Malaysia's financial industry towards digital transformation.
With a target of achieving 1 million transactions over the next three years, the programme specialises in capturing a 15% share from suburban areas. This targeted approach aims to hit the transaction milestone and seeks to bridge gaps and foster a more inclusive financial landscape.
According to Nexea, this collaboration leverages its expertise and network within the startup ecosystem to connect entrepreneurs with PayNet and corporate partners for new markets, partnerships, joint ventures, investments, and acquisitions. Participating startups stand to gain benefits worth up to US$418,000 (RM2 million).
The top startups will receive up to US$29,000 (RM100,000) from a shared subsidy pool provided by PayNet as a transaction fee rebate and access to Nexea’s Entrepreneurs Programme for 12 months. Additionally, qualified startups will have direct collaboration opportunities with PayNet, granting them access to 22 million bank and e-wallet users and a fast track to any eligible startup accelerator by Nexea.
Gary Yeoh, Chief Commercial Officer of PayNet, highlighted that the partnership with Nexea signifies a significant stride forward in driving innovation and growth within the financial sector. He emphasised the strategic importance of nurturing home-grown fintech startups to accelerate Malaysia's financial landscape's digital transformation.
Ben Lim, Founder & CEO of Nexea, underscored the importance of strategic alliances with startups in driving successful corporate evolution. He highlighted the role of innovation in unlocking new revenue streams and fostering long-term sustainability for corporates, particularly in sunset industries.
The programme, spanning five months, includes specially tailored workshops by corporate experts to streamline startup development. These workshops, facilitated by corporate innovation experts from Nexea, aim to guide startups through their journey. Payment-related startups focusing on facilitating payments in rural areas, ESG standards, and financial literacy are encouraged to sign up.
Find out more here.