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Payments Network Malaysia

Malaysian finance company

Wikipedia contributorsAdapted for Fathomly · View authors
1 min read
Source updated July 21, 2026
Image credit is listed at the end of this article.

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. 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.

01History

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.

International fast payment linkage

Following talks with Malaysian Prime Minister Anwar Ibrahim, Indian Prime Minister Narendra Modi declared on August 20, 2024, that his country intends to link its Unified Payment Interface (UPI) with PayNet.

02Services

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.
Watch videos about Payments Network MalaysiaExplainers and documentaries on YouTube (opens in a new tab)

Sources and credits

This article is adapted from the Wikipedia article “Payments Network Malaysia”, written by its contributors and licensed under CC BY-SA 4.0. Fathomly has changed the layout, removed citation markers, navigation and maintenance notices, and adjusted punctuation. This adapted version is shared under the same license. For references, see the original article.

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