Kuala Lumpur, 11 September 2025 – Payments Network Malaysia (PayNet) has announced a major leadership transition, with Group CEO Farhan Ahmad set to step down on 31 January 2026 after four transformative years at the helm. The Board has appointed Praveen Rajan, currently Chief Consumer Business Officer at CelcomDigi Berhad, as CEO-Designate effective 1 December 2025, ensuring a structured handover of responsibilities.
Praveen brings more than 20 years of experience in telecommunications and digital industries, with a track record of spearheading large-scale technology transformations, driving consumer-focused growth strategies, and delivering regulatory compliance in highly complex environments. His appointment underscores PayNet’s commitment to sustaining its role as the backbone of Malaysia’s payments infrastructure while pushing forward its innovation agenda.
Farhan’s Legacy: From Growth to Global Recognition
Farhan, who assumed leadership in early 2022, oversaw one of the most dynamic growth phases in PayNet’s history. During his tenure, transaction volumes surged by 275%, rising from three billion to more than eight billion transactions annually. PayNet’s DuitNow real-time payments platform evolved into one of the most advanced and reliable systems globally, cementing Malaysia’s reputation as a leader in payment innovation.
Beyond scaling payments infrastructure, Farhan championed financial inclusion and digital literacy. Key initiatives such as PayNet Cambah, which supported underserved communities in building digital prosperity, and PayNet Akar, designed to nurture digital skills among Malaysian youth, reflected a broader social impact mission.
He also positioned PayNet as a frontrunner in cross-border payments, playing a pivotal role in regional integration and advancing Malaysia’s standing in global financial innovation. Notable initiatives under his watch included the National Fraud Portal and the PayNet Fintech Hub, both central to building trust and resilience in the nation’s financial ecosystem.
Board’s Endorsement and Transition Plan
Dato’ Izzaddin Idris, Chairman of PayNet, praised Farhan’s contributions:
“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, the core mandate of PayNet. We also look forward to welcoming Praveen as CEO-Designate. His experience in digital transformation and customer-centric growth will be invaluable as PayNet enters its next phase.”
Farhan expressed pride in PayNet’s achievements during his stewardship:
“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.”
The Board emphasised that the leadership transition will be carefully managed in the months ahead, with PayNet’s leadership team executing its strategic roadmap seamlessly to ensure continuity and stability.
Outlook: Strengthening Digital Payments for Malaysia and Beyond
Praveen’s appointment signals PayNet’s ambition to consolidate its position as a regional leader in digital payments. With consumer adoption of real-time transactions accelerating and Malaysia preparing for deeper ASEAN financial integration, PayNet’s next chapter will likely centre on scaling infrastructure resilience, enhancing security, and expanding regional interoperability.
For Malaysia’s financial sector, the appointment reflects continuity of vision while ensuring fresh momentum as the country navigates the next phase of digital economic growth.
