Payments Network Malaysia

MEPS
MyClear

Founded1 August 2017; 6 years ago (2017-08-01)HeadquartersLevel 8, Menara Southpoint @ Mid Valley City, Medan Syed Putra Selatan,

59200 Kuala Lumpur

Malaysia

Area served

Malaysia

Key people

Farhan Ahmad (CEO)

Products

eSPICK
Interbank GIRO
JomPAY
MyDebit
FPX
DuitNow
DuitNow QR

ServicesFinancial servicesParentBank Negara Malaysia
Maybank
RHB Bank
Public Bank
CIMB Bank
AmBank
Hong Leong Bank
Affin Bank
Alliance Bank
Bank Islam
Bank Muamalat
Bank RakyatSubsidiariesMalaysian Electronic Payment System Sdn Bhd
MEPS Currency Management Sdn BhdWebsitepaynet.my

Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central infrastructure for Malaysia’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.^[1] PayNet is Malaysia's premier payments network and central infrastructure for financial markets.

Bank Negara Malaysia (BNM) owns a majority share in PayNet, along with eleven other local financial institutions as joint shareholders.^[2]

History

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

Project Nexus

The Bank for International Settlements signed an agreement with Central Bank of Malaysia, Bank of Thailand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore, and the Reserve Bank of India on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. Bank Indonesia 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.^[3]

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.
DuitNow – Instant account-to-account payment across participating banks and E-wallets.
DuitNow QR – QR code payment scheme, a contactless payment method.

References

^ "Merger of MyClear and MEPS – Strengthening Malaysia's Payments Infrastructure to Accelerate Migration to E-Payments – Bank Negara Malaysia". www.bnm.gov.my. Retrieved 2023-03-17.
^ "About PayNet | Corporate Profile". paynet.my. Retrieved 2023-03-17.
^ Kawale, Ajinkya (1 July 2024). "RBI, four Asean countries tie up for cross-border payments platform". Business Standard. Retrieved 2 July 2024.