Alibaba Cloud Joins Forces with PayNet to Power Malaysia’s First Fintech-Focused Hub

Kuala Lumpur, Malaysia, May 21, 2025 - Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, is proud to announce its partnership with Payments Network Malaysia Sdn Bhd (PayNet) as a Cloud Partner for its newly launched PayNet Fintech Hub – Malaysia’s first dedicated fintech-focused community and accelerator.



Spearheaded by PayNet, the Hub is set to become a catalyst for Malaysia’s fintech sector by offering startups access to capital, industry networks, financial incentives, and global expertise. As one of the Hub’s key Cloud Partners, Alibaba Cloud will play a pivotal role in driving innovation and empowering the next generation of fintech players in Malaysia.

“Malaysia’s fintech ecosystem is expanding rapidly, and we are excited to support this growth by equipping startups with the cloud infrastructure, AI tools, and global connectivity they need to scale,” said Kun Huang, General Manager of Malaysia, Alibaba Cloud Intelligence. “Through our advanced cloud infrastructure and AI capabilities, we are committed to shaping the future of intelligent fintech in Malaysia.”

As part of the collaboration, startups and Fintech Hub Community members will have access to the Alibaba Cloud Startup Catalyst Program to enjoy benefits, including:

● Up to USD 120,000 in cloud credits and three months of Global Technical Support for the price of one month
● 12-month Alibaba Cloud Academy Membership and access to the AI Alliance Community
● Invitations to strategic ecosystem events, including global startup showcases and investor engagements hosted by Alibaba Cloud



“Having Alibaba Cloud as a Cloud Partner for the PayNet Fintech Hub empowers participating Malaysian fintechs with access to world-class tools, technical expertise and global exposure,” said Gary Yeoh, PayNet’s Chief Marketing Officer. “This partnership will help accelerate the growth of Malaysia’s fintech ecosystem, creating new opportunities for startups to innovate and scale faster and smarter, as well as compete on a global level.”

This partnership reflects Alibaba Cloud’s vision to nurture a thriving AI ecosystem in Malaysia, equipping local innovators with world-class tools to lead on the global stage.

About Alibaba Cloud

Established in 2009, Alibaba Cloud (www.alibabacloud.com) is the digital technology and intelligence backbone of Alibaba Group. It offers a complete suite of cloud services to customers worldwide, including elastic computing, database, storage, network virtualisation services, large-scale computing, security, big data analytics, machine learning and artificial intelligence (AI) services. Alibaba has been named the leading IaaS provider in Asia Pacific by revenue in U.S. dollars since 2018, according to Gartner. It has also maintained its position as one of the world’s leading public cloud IaaS service providers since 2018, according to IDC.

About Payments Network Malaysia Sdn Bhd (PayNet)

Payments Network Malaysia (PayNet) is Malaysia's national payments network with a mission to accelerate the country's payment flows by making the digital payment infrastructure more accessible, widespread, and secure. Our comprehensive retail payments suite - including DuitNow (QR and Transfer), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS, and IBG (Interbank GIRO) - provides extensive coverage across the nation, forming a core part of daily life in Malaysia.

Additionally, PayNet's real-time retail QR payments network, DuitNow, is interoperable with domestic schemes in Singapore, Thailand, and Indonesia, facilitating seamless cross-border transactions with these countries. PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses. For further details, please visit our website: www.paynet.m