Singtel’s NCS Partners NETS to Develop New e-Payment Platform for Central Banks in Asia Pacificby Fintech News Singapore April 14, 2020
NCS today signed a memorandum of understanding (MOU) with the Network for Electronic Transfers (NETS) Group to develop a new real-time Electronic Payment and Securities Settlement Platform for central banks.
The collaboration brings together NCS’ capabilities in building highly secure, digital and complex government applications and infrastructure, and NETS’ experience as a national payments provider and innovator in cross-border payments.
The strategic collaboration between NCS and NETS covers joint research and development of a new generation central bank real-time Electronic Payment and Securities Settlement Platform that is secure, resilient and robust by design to allow interoperability with current and future payment systems and facilitate high value inter-bank fund transfers.
This will enhance the way central banks deliver monetary policies and critical market infrastructure to support financial stability, benefitting banks and new participants in the payment ecosystem. The partnership also involves the joint development of a next-generation suite of central banking products, customisable to the regulatory needs of different financial markets, thereby enabling both companies to expand into South East Asia, Hong Kong and China.
Mr Ng Kuo Pin, CEO, NCS said,
“As a key technology partner of global and regional banks, we have a proven track record of building and operating critical information systems and platforms for global and regional banks to support their front- and back-end operations. While we continue to strengthen our core services, we are also investing in our NEXT digital capabilities to develop local-IP fintech products and platforms to fuel our growth in the financial services sector. We are pleased to partner with NETS to develop the Electronic Payment Platform for central banks. With a common go-to-market strategy to expand our footprint in the region, our collaboration also signifies NCS’ commitment to team with a select group of strategic partners to jointly make an impact in the market.”
NETS’ interim Group CEO Mr Ricky Lim said,
“We are very excited to embark on this synergistic collaboration with NCS. Developing a new Electronic Payment Platform for central banks in Asia Pacific is a significant move towards increased inter-operability to harmonise and accelerate cross-border interbank payments and settlements in this part of the world. The new platform will potentially change the way consumers and businesses make cross-border transactions, which is now a big part of our strategy going forward. As we leverage on NCS’ integrated digital capabilities to drive payment ecosystems in the region, we hope to make it easier for cross-border payments to take place in a fast, secure and cost-efficient manner. Being an established critical payments provider in Singapore, NETS is well positioned to achieve that.”
The MOU virtual signing ceremony took place via video conferencing in light of enhanced safe distancing measures against the COVID-19 outbreak.