KUALA LUMPUR, Payments Network Malaysia Sdn Bhd (PayNet) has announced that group chief executive officer (CEO) Farhan Ahmad will step down from his role, effective Jan 31, 2026.
PayNet group CEO Farhan Ahmad
“It has been an honour to lead PayNet. I am proud of what we have achieved together, and I look forward to seeing the company continue to grow while I embark on the next chapter of my journey,” said Farhan in a statement.
Praveen Rajan has been appointed as PayNet CEO-designate, effective Dec 1.
The board has appointed Praveen Rajan, currently chief consumer business officer at CelcomDigi Bhd, as CEO-designate effective Dec 1. With more than 20 years of experience in telecommunications and digital industries, Praveen brings expertise in regulated markets, consumer strategy, innovation, and technology-driven transformation.
Since assuming leadership in 2022, Farhan has overseen a period of rapid growth and innovation at PayNet. Transaction volumes surged 275%—from three billion to over eight billion annually—establishing DuitNow as one of the world’s most advanced real-time payment systems.
He also championed financial inclusion programmes such as PayNet Cambah, aimed at improving digital prosperity in underserved communities, and PayNet Akar, which equips youth with digital skills. Additionally, he advanced national initiatives like the National Fraud Portal and the PayNet Fintech Hub, while strengthening cross-border payment capabilities.
“On behalf of the board, I thank Farhan for his exceptional leadership and dedication to strengthening Malaysia’s payments infrastructure. We also look forward to welcoming Praveen, whose experience in digital transformation and customer-focused growth will be invaluable as PayNet enters its next chapter,” said PayNet chairman Datuk Izzaddin Idris.
