PayNet, Bank of China team up to simplify financial flows
The MoU was signed by PayNet chief marketing officer, Gary Yeoh and BOC Malaysia deputy chief executive officer (CEO), Datuk Alvin Tay on May 27, 2025, witnessed by PayNet group CEO, Farhan Ahmad and Bank of China (Hong Kong) vice-chairman and chief executive, Sun Yu.
The collaboration aims to enhance cross-border transaction efficiency, leveraging Paynet's robust domestic infrastructure and Bank of China's expertise in international settlement and renminbi clearing.
Tay said the MoU represents a step forward in both countries' broader strategy to enhance settlement solutions and strengthen financial collaboration.
'By working with PayNet, BOC Malaysia aims to deliver more accessible and innovative cross-border services that support the growing needs of our clients in both Malaysia and China,' he said in a statement today.
Meanwhile, Farhan said the partnership signals a joint commitment to creating seamless and secure financial linkages that are both accessible and scalable.
'We see this as a vital step toward realising greater financial interoperability and inclusion across the region,' he added.
The partnership also aligns with regional efforts under the ASEAN Payment Connectivity initiative and supports broader aspirations to improve interoperability and digital financial inclusion across Asia.
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The Sun
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- The Sun
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Malay Mail
09-07-2025
- Malay Mail
PayNet, Alipay+, and Weixin Pay Join Forces to Boost Tourist Spending across Malaysia
Aimed at elevating payment convenience for travellers, the partnership also empowers local MSMEs and strengthens Malaysia's tourism economy through DuitNow QR Tourists using AlipayCN, Alipay+ partner payment apps, and Weixin Pay can pay with ease in Malaysia by scanning DuitNow QR – no extra apps needed. It's the same e-wallet they use at home, accepted at more than 2.5 million merchants in Malaysia. From restaurants and hotels to souvenir kiosks and tour operators, this enhanced interoperability makes travel hassle-free. It also increases visibility for merchants, helping micro, small and medium enterprises (MSMEs) tap into tourist spending. Alipay+ currently enables 15 international payment apps in Malaysia, including Alipay for Chinese tourists. During the December 2024 travel peak, Alipay+, via DuitNow QR, drove a six-fold revenue increase for Malaysian merchants' year-on-year. 'This is what smart tourism looks like, seamless for travellers, transformative for our MSMEs. By enabling tourists to use their home wallets via DuitNow QR, we are opening up more than 2.5 million Malaysian businesses, many of them small and family-run, to global spending power. It's a digital solution with real-world economic impact,' said PayNet Chief Marketing Officer, Gary Yeoh. Empowering MSMEs, Strengthening the Economy This multi-partner initiative aims to increase sales by 20% for participating merchants during the summer campaign period. In the long run, the campaign underpins Malaysia's goal of becoming a cashless tourism leader, while helping more businesses tap into digital payments. Tourism Malaysia Director General, Datuk Manoharan Periasamy, highlighted that the summer campaigns play a vital role in reaching the target of six million Chinese tourist arrivals this year. "We believe that making travel simple, welcoming, and convenient is the key to attracting more visitors," he said. "With DuitNow QR accepted via Alipay+ and Weixin Pay, tourists can enjoy a smoother, more enjoyable travel experience. This initiative not only adds comfort and familiarity for our guests but also creates meaningful opportunities for local businesses and boosts the overall tourism economy". China Summer Campaign Highlights PayNet, Alipay+, and Weixin Pay are launching three targeted campaigns that reward spending, celebrate local experiences, and deepen tourism-driven economic impact: Partner Campaign Details Alipay+ Lucky Draw: Win a Premier League Football Experience From 26 June to 14 July, Chinese and regional travellers ¹ , who spend at DuitNow QR merchants via AlipayCN and Alipay+ partner payment apps, stand a chance to win an all-expense paid trip to Hong Kong to catch Arsenal vs Tottenham Hotspur. Two winners, each with one guest, will receive tickets to the football match on 31 July, round-trip flight tickets, and a three-day, two-night luxury hotel stay. For specific campaign details, refer to the AlipayCN or Alipay+ partner payment apps apps. T&Cs apply. Spend and Save: Eat, Play & Save Running from 15 June to 30 September, this campaign rewards AlipayCN and Alipay+ payment partner users with generous discounts as they explore Malaysia's diverse F&B scene and tourist attractions. For specific campaign details, refer to the AlipayCN or Alipay+ partner payment apps. T&Cs apply. Weixin Pay Collect Badges, Get Rewards From 15 July to 15 September, Weixin Pay users can enjoy a fun, interactive experience that rewards spending in Malaysia through a collectible badge campaign. With each DuitNow QR transaction, users earn a unique badge featuring Malaysian cultural elements, which can be redeemed into discount coupons. In addition to the campaign, Weixin Pay users also benefit from year-round preferential foreign exchange rates when making purchases via DuitNow QR in Malaysia. For specific campaign details, refer to Weixin's Mini Program (微信支付全球有礼). T&Cs apply. As tourist arrivals to Malaysia continue to grow, the partnership between PayNet, Alipay+, and Weixin Pay showcases the power of digital payments to fuel economic growth. In line with this momentum, the target for 2025 is to increase DuitNow QR transactions through Alipay+ and Weixin Pay by more than 130% year-on-year. By empowering local businesses and simplifying how tourists pay via trusted mobile payment methods, this summer campaign marks a meaningful step forward in strengthening Malaysia's tourism economy and boosting regional economic integration. Tourists using Alipay+ from the countries listed below are eligible to participate in the contests: Alipay (China), AlipayHK (Hong Kong SAR, China), MPay (Macao SAR, China), TrueMoney, Kbank (Thailand), Changi Pay (Singapore), Hipay (Mongolia), HelloMoney, GCash (Philippines), Tinaba (Italy), Kaspi (Kazakhstan), BigPay (Singapore, Thailand), Kakao Pay, Naver Pay, and Toss (South Korea). saidThis multi-partner initiative aims to increase sales by 20% for participating merchants during the summer campaign period. In the long run, the campaign underpins Malaysia's goal of becoming a cashless tourism leader, while helping more businesses tap into digital payments., highlighted that the summer campaigns play a vital role in reaching the target of six million Chinese tourist arrivals this Alipay+, and Weixin Pay are launching three targeted campaigns that reward spending, celebrate local experiences, and deepen tourism-driven economic impact:As tourist arrivals to Malaysia continue to grow, the partnership between PayNet, Alipay+, and Weixin Pay showcases the power of digital payments to fuel economic growth. In line with this momentum, the target for 2025 is to increase DuitNow QR transactions through Alipay+ and Weixin Pay by more than 130% empowering local businesses and simplifying how tourists pay via trusted mobile payment methods, this summer campaign marks a meaningful step forward in strengthening Malaysia's tourism economy and boosting regional economic integration. KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 9 July 2025 - National payments network,, has teamed up with top Asian payment platforms,, to drive Chinese and regional tourist spending across Malaysia. As the summer travel season begins, both Alipay+ and Weixin Pay are rolling out targeted campaigns to promote Malaysia as a top destination. The campaigns will boost cross-border spending via PayNet's DuitNow QR ecosystem and make travel in Malaysia more seamless and rewarding for #PaymentsNetworkMalaysia #Paynet The issuer is solely responsible for the content of this announcement. About 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, Indonesia, and Cambodia, 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:
