NETS has announced plans to transform digital payment experiences by partnering with Singtel and Amazon Web Services (AWS).
As Singapore slowly opens up following the pandemic lockdown, allowing general travel to Brunei and New Zealand, the collaboration will enable Singaporeans to make purchases at more retail outlets whilst abroad in Asia Pacific using the Network for Electronic Transfers.
“NETS will be well-positioned to facilitate cross-border commerce by integrating ASEAN+ travel corridors whilst making payments simple and easy for consumers,” said Lawrence Chan, the CEO of NETS Group.
Foreign visitors in Singapore will also be able to make seamless payments using NETS’ merchants in the country using overseas e-wallets and services.
“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,” added Mr. Chan.
The Network for Electronic Transfers will leverage AWS’ cloud computing platform and Singtel’s ConnectPlus Managed Network to accelerate its expansion across Southeast Asia.
“Our ConnectPlus Managed Network 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, the Managing Director for Singtel Enterprise Business and Group Enterprise at Singtel.
The cloud gateway service offered by Singtel will enable NETS to deploy and manage its virtual private clouds, while AWS cloud services are expected to provide NETS with quick and locatised connectivity for potential partners to access their cross-border payment services.
“We look forward to collaborating with NETS to innovate new services faster, maintain operational excellence, and provide secure and seamless payment services to customers around Southeast Asia,” said Conor McNamara, the Managing Director of ASEAN at AWS.
NETS will take advantage of AWS’ database, containers, serverless storage and security.
The collaboration between NETS, Singtel and AWS will look to tap into Southeast Asia’s unbanked population, which is forecast to be worth US$1 trillion by 2025. This population will need more access to digital financial services, as the region becomes more tech-savvy and more expectant of convenient and accessible digital services.
Image Credit: Yahoo News Singapore