LANGKAWI, Oct 7 — Payments Network Malaysia Sdn Bhd (PayNet) aims to empower micro, small and medium enterprises, social enterprises and local communities through its PayNet Cambah programme.

Group chief executive officer Farhan Ahmad said the cornerstone programme of PayNet’s five-year strategy will help entrepreneurs, private and public partners to thrive and expand their businesses.

"We will upskill, train, and educate the entrepreneurs and provide them with some resources, whether it be financial help, payment tech integrations, connections with our ecosystem and corporate partners, to enable them to expand their businesses,” Farhan said at a press conference after launching two programmes under the PayNet Cambah here today.

He said "whatever” they are involved it — it may be e-commerce or they may be trying to create a bigger market — when the company starts to grow, it will hire more people from the local community, thus creating job opportunities.

Farhan said the other objective of Paynet Cambah is to create a cycle of prosperity at specific locations even after PayNet is no longer involved.

He said the programme does not set rigid targets because as the national payments network, it sees the programme as a continuous obligation to help the country progress.

"We will do this as an evergreen project at PayNet. Every year, we will see how much money we can invest in the country based on our profits. Then we will assist as many communities that are ready,” he said, adding that setting inflexible targets will not cater to unique local needs.

"We are here for the long term. The benefits of PayNet Cambah will not appear overnight or the next year. Its benefits may only be visible over a period of between five and 10 years. We will see a significant shift across the country, from the poorest kampungs to the middle class suburbs to even large urban centres. So it is a long-term play, not a short-term CSR or ESG activity,” he said.

On the projects under PayNet Cambah launched here earlier, Farhan said PayNet has sponsored training for 100 mothers from the local community in Langkawi since June this year to learn sewing skills to improve their income and via the Financial Education Network, digital financial literacy.

He said social enterprise SURI provided the training, and the aim was to improve the families’ economic future.

"They will then receive financial management skills, after which we will facilitate access to job opportunities or additional business opportunities (for them),” he said.

"The second project launched today is the Cashless Langkawi campaign, where PayNet will be a cashless partner here. This is another community impact project to revive tourism via online and onsite campaigns and supported by a cashless tourism campaign in Langkawi for the next six months,” he said. — Bernama