KUALA LUMPUR (Sept 11): Payments Network Malaysia Sdn Bhd (PayNet) group chief executive officer Farhan Ahmad will step down from his position, effective Jan 31 next year.
“It has been an honour to serve at the helm of PayNet. I am proud of what we have achieved together, and I look forward to seeing PayNet continue to succeed in the years ahead, while I pursue the next chapter of my personal journey,” said Farhan, in a press release.
The company’s board has appointed Praveen Rajan as CEO-designate, effective Dec 1. Praveen, currently chief consumer business officer at CelcomDigi Bhd (KL:CDB), has over 20 years’ experience in telecommunications and digital industries.
Praveen’s expertise spans regulated, technology-driven transformations, consumer strategy and innovation.
Farhan, who took the helm in early 2022, has overseen a period of rapid expansion and innovation at PayNet. Under his leadership, transaction volumes grew by 275%, from three billion to more than eight billion annually, cementing DuitNow real-time payments as one of the most advanced systems globally.
He also spearheaded flagship financial inclusion initiatives such as PayNet Cambah, aimed at improving digital prosperity in underserved communities, and PayNet Akar, which focuses on equipping youth with digital skills.
Moreover, he positioned PayNet at the forefront of cross-border payments and advanced key national projects, including the National Fraud Portal and the PayNet Fintech Hub.
“On behalf of the board of directors, I wish to thank Farhan for his exceptional leadership and unwavering commitment to advancing Malaysia’s national payments infrastructure. We also look forward to welcoming Praveen, whose experience in digital transformation and customer-centric growth will be invaluable as PayNet enters its next phase,” said PayNet chairman Datuk Izzaddin Idris.