NETS or Network for Electronic Transfers has announced its plan to accelerate the development and delivery of NETS digital cross-border payment services, leveraging Singtel’s advanced 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 payment to NETS’ merchants in Singapore using overseas e-wallets and services.
The collaboration is timely as Southeast Asia’s underbanked population, worth an estimated US$1 trillion by the year 2025, will need more access to digital financial 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 and personalisation, and better access to digital payment services.
This partnership will enable NETS to accelerate its expansion by making available its suite of digital payment services across Southeast Asia.
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.
NETS Group CEO, Lawrence Chan said, “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.”
“Furthermore, NETS merchants in Singapore will be able to accept selected overseas partner wallets from visitors in the region, and benefit from operational cost efficiencies by connecting to a broader range of payment partners to provide a better experience for their customers,” Chan added.
Singtel will use its advanced 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.
“Enterprises looking to accelerate their digital transformation need a robust and secure network and cloud infrastructure in order to go to market faster and roll out a differentiated customer experience. 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 Lim Seng Kong, Managing Director, Singtel Enterprise Business, Group Enterprise at Singtel.
“Financial services organisations like NETS are turning to AWS for the most comprehensive set of cloud services, most secure and reliable infrastructure, greatest scale, and highest availability, allowing them to deliver new digital services and provide their customers with a transformed payments experience,” said Conor McNamara, Managing Director of ASEAN at AWS. “NETS has been a leading payment services company for over 30 years. We look forward to collaborating with them to innovate new services faster, maintain operational excellence, and provide secure and seamless payment services to customers around Southeast Asia.”