Bank Negara Malaysia (BNM) is preparing a long-term plan to gradually reduce its shareholding in Payments Network Malaysia Sdn Bhd (PayNet), the operator of the country’s core payment infrastructure. The Ministry of Finance (MOF) said the move aligns with the central bank’s goal of increasing market competition and strengthening industry leadership within Malaysia’s digital payments ecosystem.
The ministry said BNM will ensure that any changes to its ownership structure do not compromise the stability, resilience or innovation of the national payment system. It added that the central bank remains committed to maintaining the safety, reliability and effectiveness of all existing systems as it adjusts its shareholding over time.
The statement came as a written response in Parliament yesterday, following a question from Aminolhuda Hassan (PH–Sri Gading) on whether the government planned to review BNM’s stake in PayNet. MOF confirmed that BNM currently holds a 35.5% share in the company and has tasked the payment infrastructure operator with providing inclusive and competitive digital payment facilities for consumers and businesses.
PayNet operates several major components of Malaysia’s financial infrastructure, including the Real Time Electronic Transfer of Funds and Securities (RENTAS) system, which supports high-value interbank transactions and securities settlement. The company was formed in 2017 through the merger of the Malaysian Electronic Payment System (MEPS) and Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), and its shareholder base includes eleven local financial institutions in addition to BNM.
As the central hub for retail and large-value payments, PayNet oversees widely used services such as DuitNow for instant fund transfers and the national DuitNow QR standard for merchants. It also operates FPX for online bank payments, MyDebit as the domestic debit card scheme, Interbank GIRO (IBG) for deferred transfers and JomPAY as the country’s bill payment platform.
(Source: The Edge Malaysia)
