PayNet's Board Members

Payments Network Malaysia Sdn Bhd (PayNet) has a seven-member Board of Directors comprising of representatives from Bank Negara Malaysia (BNM), Financial Institutions and industry experts. The Board of Directors is primarily responsible for the governance and management of the business as well as to ensure the financial health of the Company. The Board is assisted by three Board Committees, namely the Nomination and Remuneration Committee, Board Risk Committee and Board Rules Committee.

Among others, the responsibilities of the Board are as follows:

  • Formulate and establish the broad policies governing the operations of PayNet Group.

  • Establish the corporate objectives, as well as to review, approve and guide the formulation of the corporate strategies and business plans, budget and monitor its implementation.

  • Oversee the management of the company business to maintain the corporate performance, involving monitoring of the performance of the institution.

  • Oversee human resource management, performance monitoring of key personnel, succession planning and training programs.

Datuk Ahmad Hizzad was appointed as Chairman of the Board on 11 October 2018.

Datuk Ahmad Hizzad was an Assistant Governor with BNM before his retirement on 18 September 2018. He was previously seconded to Labuan Financial Services Authority (Labuan FSA) as Director-General for 6 years before he came back to BNM in October 2017. Prior to his secondment to Labuan FSA, Datuk Ahmad Hizzad served as the Director of several departments in BNM including Payment Systems Policy, Financial Sector Development and Islamic Banking and Takaful.

Datuk Ahmad Hizzad graduated with a Bachelor Degree in Business Studies from Eastern Illinois University,Charleston, Illinois. He also holds an MBA from St Louis University, St Louis, Missouri.

Datuk Farid was appointed as a Board Member on 1st August 2017.

He is also the Group Managing Director/Chief Executive Officer of Maybank Berhad.

Datuk Farid has over 20 years’ of experience in investment banking, corporate finance and capital markets, having served with various investment and merchant banks. He also was named CEO of the Year at the ASEAN Business Awards Malaysia 2015, which recognises outstanding enterprises in the ASEAN business community.

Datuk Farid is also the Chairman of The Association of Banks in Malaysia, Vice Chairman and a Fellow, Chartered Banker of Asian Institute of Chartered Bankers (AICB) and the Chartered Banker Institute (CBI), United Kingdom. He is also a member of ASEAN Business Advisory Council (ASEAN-BAC) Malaysia, Asian Bankers Association Policy Advocacy Committee, Visa Asia Pacific Senior Client Council, Emerging Markets Advisory Council of The Institute of International Finance, Washington DC and the Investment Panel of Kumpulan Wang Persaraan (Diperbadankan) (KWAP)

Datuk Farid holds a Masters of Business Administration (Finance) degree from University of Denver, United States, and a Bachelors of Science in Accounting degree from Pennsylvania State University, USA. Datuk Farid is also an alumnus of the Advanced Management Programme, Harvard Business School, Harvard University, United States.

Dato' Khairussaleh was appointed as a Board Member on 1st August 2017.

He is also the Group Managing Director/Group Chief Executive Officer of RHB Banking Group.

Dato' Khairussaleh has more than 20 years of experience in the financial services and capital markets industry, where he has held senior positions in well-established regional financial institutions. He is also a Council member of The Association of Banks in Malaysia and Asian Institute of Chartered Bankers.

He holds a Bachelor of Science in Business Administration from Washington University, St. Louis and is a graduate of the Advanced Management Programme, Harvard Business School. He is also a Fellow of the Asian Institute of Chartered Bankers.

Dato’ Khairussaleh’s currently holds other directorships in various public companies which include RHB Indochina Bank Limited, RHB Bank Lao Limited, RHB Securities (Thailand) Public Company Limited and RHB Capital Berhad (In Member’s Voluntary Winding Up). He is also the Chairman/Trustee of RHB Foundation.

Mr. Philip Tan has been a Board member since the formation of PayNet on 1st August, 2017, having previously served on the Board of Malaysian Electronic Clearing Corporation Sdn Bhd (“MyClear”) from 2009. Mr. Tan is the Chairman of the Board Group Nomination and Remuneration Committee and a Member of the Board Group Rules Committee. He is also the Chairman of Malaysian Electronic Payment System Sdn Bhd and MEPS Currency Management Sdn Bhd, both of which are subsidiaries of PayNet.

Mr Tan was a Managing Director in Citigroup where he served as the Chief Financial Officer of Emerging Market (EM) Sales & Trading, Asia Pacific of Citibank NA and as Director of Risk Treasury, Asia Pacific in the Regional Office in Singapore. Prior to 2001, he was the Financial Markets Head and Country Treasurer of Citibank Berhad and a Director of Citibank Malaysia (L) Limited.

He has close to three decades of experience in the field of banking and finance, principally in the areas of Treasury and Risk Management. Prior to 1995, Mr Philip Tan spent 14 years with the MUI Group in Malaysia where he served in various senior management positions.

His directorships in other companies include SP Setia Berhad, Cagamas Berhad, Citibank Berhad, Qinzhou Development (Malaysia) Consortium Sdn Bhd. and China Malaysian Qinzhou Industrial Park (Guangxi) Development Co. Ltd. His previous board experience includes serving as an Independent Director in Danajamin Nasional Berhad and MIDF Amanah Investment Bank Berhad.

Mr. Tan also serves as a member of the Corporate Debt Restructuring Committee, established by Bank Negara Malaysia.

Mr Philip Tan is a Fellow of the Institute of Corporate Directors Malaysia, an Associate Fellow of the Asian Institute of Chartered Bankers and an adjunct faculty member of Financial Institutions Directors Education.

Mr Michael Walters has been a Board Member since the formation of PayNet on 1st August 2017, having previously served on the Board of Malaysian Electronic Clearing Corporation Sdn Bhd (“MyClear”) from 2013. Michael is the Chairman of the Board Group Audit & Risk Committee.

Michael has 30 years of experience globally in cards and payments, having held entrepreneurial, leadership and advisory roles across a wide range of organisations - from start-ups to multinationals - with a particular focus on strategic, commercial, product and technology functions.

He currently advises payments schemes, government agencies, financial institutions and major merchants in relation payment products and technologies, having sold littlepay - a UK based transit payments processor which he founded - in late 2017. Prior to littlepay, Michael led a fintech fund (Allectus Capital) with numerous investments in payment businesses globally, having joined Allectus from portfolio company eNett International, a travel-industry B2B payments organisation where he was the COO. From 2002 to 2011, Michael was a Partner (Executive Director) with global payments consulting firm Edgar, Dunn & Company, where he worked with payment schemes, transaction processors, financial institutions and vendors - particularly in the Asia Pacific region.

Mr Michael holds a Bachelor of Commerce degree from Australian National University majoring in management accounting and information technology, and is a Graduate Member of the Australian Institute of Company Directors (GAICD).

Tan Sri Dato’ Sri Zamzamzairani Mohd Isa was appointed as a Board Member on 17th May 2018.

Tan Sri Dato’ Sri Zamzamzairani is currently the Chairman of the Board of UEM Sunrise Berhad. He also sits on the Board of UEM Group Berhad as Non-Independent Non-Executive Director. His directorships in other public companies include Malaysia Airlines Berhad, Malaysia Aviation Group Berhad and Pos Malaysia Berhad.

Tan Sri Dato’ Sri Zamzamzairani holds a Bachelor of Science in Communications Engineering from United Kingdom and has completed the Corporate Finance, Strategies for Creating Shareholder Value programme at Kellogg School of Management, Northwestern University, United States of America. He has also attended the Strategic Leadership Programme at the University of Oxford’s Saïd Business School and the IMD CEO Roundtable at Lausanne, Switzerland in 2013.