CIRCULAR
To	:	All Participants
From	:	Farhan Ahmad
		Group Chief Executive Officer, PayNet
Date	:	2 September 2024
Subject	:	Waiver of Admission & Monthly Fees
Circular Reference Number	:	PN/GCEO/2024/0001

 

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Dear PayNet Participants,

PayNet creates products that increase accessibility and simplify payments across Malaysia. To achieve this, we continuously work alongside you to respond to the growing trends and demands from consumers.

To that end, PayNet is pleased to announce that effective 1st October 2024, the admission and monthly fees related to our products will be waived. This decision is in response to valuable industry feedback highlighting the impact of these fees towards our ambition of inclusivity and reducing the financial burden on smaller participants in the digital payment ecosystem. Furthermore, we aim to reduce barriers to entry and empower a wider range of businesses to benefit from PayNet’s services.

PayNet is dedicated to upholding the highest standards of security, reliability and service quality. Like current practice, all new participants will be required to complete our standard onboarding due diligence procedures as this process is essential as we expand our network while maintaining our commitment to excellence.

We believe that these changes will significantly benefit all stakeholders and contribute to the growth and inclusivity of the digital payment ecosystem.

Please contact your relationship manager if you have any questions regarding these changes. We encourage dialogue and feedback among our industry participants to ensure we remain on the path to building an admired digital payment ecosystem. 

Thank you for your continued support and participation. 
 

Thank you.

Farhan Ahmad
Group Chief Executive Officer
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Appendix 

 

Scenario	Timeframe	Treatment
Scenario #1  Paid fees within eligible exception period	1 January –  30 September 2024	Each case will be evaluated on a case-by-case basis. Rebates will be provided in the form of marketing incentives, funded by the Profit Plough Back Fund as per current SOP.
Scenario #2  Paid fees before exception period	Before 1 January 2024	Rebate requests for payments made before  this date will not be considered
Scenario #3  Effective date of waiver	After 1 October 2024	Waiver of admission and monthly fees to be fully effective from this date.

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Restricted Access and Confidentiality Notice
This document and its contents, including any enclosures, are strictly confidential. Participants are hereby notified of their obligation to ensure the following:

Limited Dissemination:
Circulation of this document and its enclosures is restricted to authorized personnel with a legitimate need to know the information contained herein.

Content Protection:
The contents of this document must not be disclosed or discussed with unauthorized individuals.

Documents Retrieval:
To retrieve the documents in this Circular, you are required to sign in to PayNet One Stop Portal ( https://portal.paynet.my ) with PayNet Single Sign-On (SSO). Within the "CIRCULARS" section, you will find the relevant documents associated with this Circular available for download.