The electronic payment service provider has announced partnerships to accelerate the development and delivery of digital cross-border payment services in Southeast Asia.
NETS will tap Singtel’s network services to provide dedicated, secure high-speed connectivity to support its regional payment network, and Amazon Web Services’ (AWS) cloud computing platform to provide quick and localized connectivity between the platform and overseas e-wallets and services, the company announced on Monday.
The company, established in 1985 by a consortium of local banks to operatetSingapore's debit network drive the adoption of electronic payment, has previously stated its intention to expand strategically into the digital commerce space with «new and innovative payments solutions» covering both offline and online e-commerce transactions.
The announcement noted that Southeast Asia needs more access to digital financial services, as the region is expected to have over 300 million internet users by 2025, and that 80 percent of them will be digital savvy, mobile-first consumers who are ready to embrace new digital payment services.
Facilitating Cross-Border Commerce
«The initiative will spur cross-border digital payment growth for overseas payments partners particularly micro merchants, and help them leverage this to expand their market beyond domestic borders,» Lawrence Chan, NETS Group CEO, said.
Chan was appointed chief executive officer in June to lead NETS' next phase of growth. He was previously Visa's vice president of regional client management for Asia Pacific, and before that was PayPal's vice president, global payment options, Asia Pacific.
The NETS Group manages and operates the clearing and payment infrastructure for the Singapore Clearing House Association and core electronic transfer services FAST, Inter-bank GIRO and PayNow.
