A leadership transition at the helm of a nation’s core payments network represents a pivotal moment, where a legacy of explosive growth meets the strategic imperatives of an evolving digital economy. Payments Network Malaysia (PayNet) finds itself at this exact crossroads as it announces a change in its chief executive office. Farhan Ahmad, who has guided the organization since April 2022, is stepping down from his role, citing deeply personal reasons. He expressed a desire to dedicate more time to his two young sons, navigating a world increasingly shaped by uncertainty and the rapid advancement of AI. While embarking on a sabbatical, Ahmad plans to remain active in the industry through advisory work and by supporting founders, ensuring his expertise continues to influence the sector. This departure marks the end of a significant chapter for PayNet and simultaneously ushers in a new era of leadership tasked with building upon a formidable foundation. The transition is not just a change of personnel but a potential shift in vision and strategy for Malaysia’s digital payment landscape.
A Legacy of Rapid Expansion
Under Farhan Ahmad’s stewardship, PayNet underwent a period of unprecedented transformation, solidifying its position as a cornerstone of Malaysia’s financial technology ecosystem. During his tenure, the company’s annual transaction volume more than tripled, soaring to over $1.7 trillion and underscoring the massive acceleration of digital payments adoption across the country. This growth was not merely organic; it was propelled by a series of bold, strategic initiatives. Key among these was the launch of Malaysia’s sole FinTech Accelerator, a program designed to nurture innovation and cultivate the next generation of financial technology startups. Furthermore, Ahmad’s leadership saw the establishment of the national Open Banking platform, a critical piece of infrastructure aimed at fostering competition and collaboration among financial institutions. A major milestone was the rollout of the National Fraud Portal in 2024, a direct response to the growing threat of financial crime. On the international stage, PayNet achieved real-time, cross-border QR payment interoperability with seven countries and created the world’s first global standards body for non-card payments, setting a new benchmark for global financial connectivity.
A New Era Under Telecommunications Expertise
Stepping into this high-profile role is Praveen Rajan, who officially assumed the position of CEO on February 1. Rajan brings a wealth of experience from a different but highly relevant sector: telecommunications. His most recent role was as the chief consumer business officer at CelcomDigi, and his career includes nearly 16 years in various senior positions at Digi Telecommunications. This background provides him with a unique perspective on consumer behavior, digital product development, and large-scale network management—skills that are directly transferable to the national payments infrastructure. To facilitate a seamless handover, Rajan spent the last two months serving as PayNet’s CEO-designate, working in close collaboration with Ahmad to understand the organization’s intricate operations and strategic priorities. Looking ahead, Rajan’s focus is expected to center on advancing PayNet’s existing initiatives in real-time payments and QR code adoption, while also intensifying efforts to combat financial crime. A key mandate will be the continued development of sovereign payment infrastructure, ensuring Malaysia’s financial system remains resilient, secure, and competitive on a global scale.
Charting the Course Forward
The transition in leadership marked a critical juncture for the national payments network. The groundwork laid over the past few years established a robust platform for innovation and international connectivity, from pioneering cross-border payment systems to strengthening defenses against financial fraud. The appointment of a seasoned executive from the telecommunications industry signaled a strategic focus on leveraging consumer-centric digital expertise to drive the next phase of growth. The new leadership inherited a strong legacy and a clear mandate to enhance the nation’s sovereign payment capabilities while ensuring the security and efficiency of its financial ecosystem. The path forward involved building on these achievements and navigating the complexities of an increasingly interconnected and dynamic global digital economy.
