Collaboration will pave the way for Singaporeans to make purchases at more retail outlets abroad.
Network for Electronic Transfers (NETS) has announced its plan to accelerate the development and delivery of its 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, the collaboration with Singtel facilitates 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,” he said.
“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.”
Singtel will use its advanced software-defined network services to provide dedicated, secure high-speed connectivity to support NETS’ regional payment network. Its cloud gateway service simplifies network management, enabling NETS to also deploy and manage its virtual private clouds around the region conveniently and efficiently, said Lim Seng Kong, managing director, Singtel Enterprise Business, Group Enterprise at Singtel.
“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,” he said. “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.”