Praveen Rajan Takes Over as CEO of Malaysia’s National Payments Operator PayNet

KUALA LUMPUR, February 4, 2026 — Payments Network Malaysia Sdn Bhd (PayNet) has announced that Praveen Rajan has assumed the role of Chief Executive Officer, effective February 1, 2026, following a structured leadership transition aimed at ensuring continuity across Malaysia’s national payments infrastructure.

The transition was first announced in September 2025, with Praveen appointed as CEO-Designate from December 1, 2025. During this period, he worked closely with his predecessor and the leadership team to support a smooth and orderly handover, as PayNet continues to play a central role in the country’s financial system and digital economy.

Praveen brings extensive experience in leading large-scale, mission-critical and regulated organisations, with a track record spanning digital transformation, operational resilience and stakeholder engagement — capabilities that are increasingly critical as national payments systems scale in complexity and transaction volumes.

Continuity in strategic priorities

PayNet said its strategic priorities remain unchanged under the new leadership, with continued emphasis on system reliability and security, financial inclusion, fraud prevention, and the ongoing development of Malaysia’s digital payments ecosystem.

Dato’ Izzaddin Idris, Chairman of PayNet, said the structured transition was designed to preserve institutional stability. “The Board welcomes Praveen’s appointment as CEO, following the leadership transition announced last year. The early announcement and CEO-Designate period have enabled a smooth handover, allowing PayNet to move forward with stability and continuity as we execute our mandate.”

Focus on resilience and industry engagement

Commenting on his appointment, Praveen underscored PayNet’s role as critical national infrastructure and highlighted execution discipline as a priority. “PayNet plays a critical role in the daily lives of Malaysians and in the country’s financial system. Over the past two months, I have worked closely with a strong and committed team, and I am stepping into this role with deep respect for the work already underway,” he said.

He added that his focus would be on strengthening operational resilience and stability, while engaging more actively with industry participants and ecosystem partners to support Malaysia’s digital economy.

“My focus is on building on these strengths to execute with discipline and clarity, strengthen operational resilience and stability, and engage more actively with industry participants and partners across relevant sectors.”

Praveen succeeds Farhan Ahmad, who concluded his tenure on January 31, 2026, after leading PayNet through a period of significant growth and reinforcing its role as Malaysia’s shared payments infrastructure.

The leadership change comes at a time when Malaysia’s digital payments landscape continues to expand rapidly, driven by rising cashless adoption, increased real-time payments usage, and heightened focus on cybersecurity and fraud mitigation. As the operator of key national payment rails, PayNet remains central to ensuring trust, interoperability and resilience across the financial system.