Malaysia’s play in the artificial intelligence (AI) scene, beyond getting national attention from Budget 2024, just received a much-needed shot-in-the-arm as Payments Network Malaysia (PayNet) will be deploying AI solutions from Juniper Networks (Juniper).
As the payments network and shared central infrastructure for Malaysia’s financial markets and primary provider for the country’s financial utilities, PayNet will be loading out the campus solution from Juniper, Mist AI, along with its expansive network and wireless solutions, remote command controls, and virtual network assistance.
Working with Juniper is a big push for PayNet as it processed RM1 trillion (~USD) in consumer, business, and financial market transactions in 2022 and continues to grow its cross-border payment linkages. It also oversees and continues to grow multiple service offerings to Malaysians, such as FPX and IBG; DuitNow; and the nation-wide shared ATM network.
Having multiple functions and needing to manage customers — both general consumer and businesses — on many fronts, PayNet is clearly on the fast-track for high-growths. As such, it must have the capacity to manage these critically high-value services and ensure user private data being stored and managed within is under maximum protection and the system running everything can deliver a zero down-time experience.
Beyond expecting an upward trajectory for its volume of transactions, PayNet also recognised the need for a campus network refresh for its growing workforce — now at a headcount of over 500, better in-0ffice digital experience, and having the ability to scale proportionately to the continuous growth of PayNet and its personnel.
“At PayNet, our main objective is to provide an economical and agile payments platform that can respond swiftly to innovation, while ensuring demands for our services are provided in a timely and effective manner. Our partnership with Juniper provided the networking foundations that enable us to focus on delivering the entire suite of services without having to be concerned about backend deployment,” said Preman Padmanabhan, Head, Networks, PayNet.
This is in-line with what PayNet intends to do in the future — expand its operations across the region.
Deploying the Mist AI from Juniper reinforces the notion that the financial infrastructure for Malaysia is at the cusp of taking the next step into being a fintech hub for the region.
For Juniper, working with PayNet enables it to drive up its innovative aspects of its networking solutions and dive deeper into the digital financing and fintech sectors.
“It is always gratifying to support partners who enable essential services for the everyday lives of their customers. We are proud to play an important role in PayNet’s network infrastructure and believe it is has been a real privilege to witness their growth journey across the region and the world, and we look forward to deepening our collaboration as they continue to grow,” said Perry Sui, Area Vice President, ASEAN & Taiwan, Juniper.