NETS Partners Singtel for Cross-Border Digital Payment Services
by Fintech News Singapore August 24, 2020Network for Electronic Transfers (NETS) plans to accelerate the development and delivery of its digital cross-border payment services, leveraging Singtel’s ConnectPlus Managed Network and Amazon Web Services’ (AWS’) cloud computing platform.
This collaboration will pave the way for Singaporeans to make purchases at more retail outlets abroad in the region using NETS while foreign visitors will be able to seamlessly make payments to NETS’ merchants in Singapore using overseas e-wallets and services.
Leveraging Singtel’s advanced network infrastructure and AWS’ cloud services like database, containers, serverless storage and security, NETS will be able to provide quick and localised connectivity for potential partners to access its cross-border payment services.
According to Bain’s 2019 e-Conomy SEA report research, the region will have more than 300 million internet users, with 80% of these users being digital savvy and mobile-first consumers who expect convenience, personalisation, and better access to digital payment services.
NETS Group CEO, Mr Lawrence Chan said,
Lawrence Chan
“We are very excited to embark on this collaboration with Singtel through which NETS will be well-positioned to facilitate cross-border commerce by integrating ASEAN+ travel corridors whilst making payments simple and easy for consumers. 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.”
Singtel will use its software-defined network services to provide dedicated, secure high- speed connectivity to support NETS’ regional payment network. Singtel’s cloud gateway service simplifies network management, enabling NETS to also deploy and manage its virtual private clouds around the region conveniently and efficiently.
Lim Seng Kong
“We are excited to support the regional expansion of NETS with our extensive infrastructure. Our ConnectPlus Managed Network that will enable NETS to dynamically allocate enterprise resources across multiple locations, optimising network performance and operational efficiency to offer secure, swift and reliable cross-border financial transactions,”
said Mr Lim Seng Kong, Managing Director, Singtel Enterprise Business, Group Enterprise at Singtel.
