Summary
Wise has connected directly to PayNet, Malaysia's national payments network, enabling DuitNow QR payments and DuitNow Transfers through the Wise app. Malaysia becomes the ninth market globally and fifth in Asia Pacific where Wise has established a direct connection to a domestic payment system, joining Singapore, Australia, the Philippines, Japan, the UK, Europe, Hungary, and Brazil. The integration reduces reliance on intermediaries, lowering costs and increasing speed. Wise now processes 77% of transfers within 20 seconds (double the proportion five years ago). The PayNet connection is also available to banks and financial institutions through Wise Platform for real-time recipient verification on MYR transfers.
Key Facts
- Wise connected directly to PayNet (Payments Network Malaysia)
- Enables DuitNow QR payments and DuitNow Transfers via Wise app
- 9th market globally, 5th in APAC for direct domestic payment system connection
- Other APAC connections: Singapore, Australia, Philippines, Japan
- Other global: UK, Europe, Hungary, Brazil
- 77% of transfers processed within 20 seconds (2x vs 5 years ago)
- DuitNow Transfer: send using mobile number or NRIC number instead of full bank details
- Recipient name displayed for verification before confirmation
- Wise Platform: banks/fintechs can use API for real-time recipient verification on MYR transfers
- Yen Ting Chiam (Wise Malaysia Country Manager): "making moving money simpler" in Malaysia
- Reduces reliance on intermediaries for Malaysian ringgit transfers
Why It Matters
Wise's direct connection to PayNet is a significant step in its strategy to embed itself into domestic payment infrastructure rather than operating as an overlay on top of correspondent banking. For Malaysia, it means Wise users can now make real-time QR payments and transfers using familiar local rails (DuitNow). For Wise, each direct connection strengthens its moat: the more domestic systems it connects to directly, the harder it is for competitors to match its speed and cost. The Wise Platform API availability also lets Wise monetize its infrastructure by selling it to other financial institutions.