Previously, PayNet and Ant Group partnered to allow foreign visitors to make use of local DuitNow QR codes with their Alipay+ partner ewallets. At the time, the companies said that reciprocal acceptance of DuitNow for listed Alipay+ merchants will be rolled out from 2024 onwards. More recently, PayNet and Ant International have signed a Memorandum of Understanding (MoU) to that effect.
More specifically, the companies say that Malaysia travellers will soon be able to use their DuitNow QR-enabled ewallet or bank app across Alipay+’s 100 million merchants across the globe. This will allow Malaysians seamless access abroad without having to deal with unfamiliar payment systems. The companies also say they will be ramping up global campaigns to boost tourism to the benefit of local SMEs.
The MoU signing also sees the two companies working together to protect users against cross-border scams and fraud. Making use of Ant International’s “AI-powered defence technologies”, both companies “will collaborate on advance security technology, threat intelligence sharing, and fraud risk audits”.
To that end, the companies are also launching PayHack. Paynet and Ant International have dubbed this Malaysia’s largest invervcarsity hackathon to develop fintech talent. In turn, this will then “support the larger digital payments ecosystem”. In the same vein, PayNet and Ant International will “raise awareness and adoption of sustainability and social impact initiatives in the mobile payment ecosystem”.
