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Singtel's NCS and NETS tie up to create e-payment platform for central banks

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NCS and NETS sign a memorandum-of-understanding in a virtual ceremony to develop a new electronic payment and securities-settlement platform for central banks in the Asia-Pacific.

SINGTEL'S NCS and the Network for Electronic Transfers (NETS) have partnered to develop a new electronic payment and securities-settlement platform for central banks in the Asia-Pacific.

The platform looks to facilitate high-value inter-bank fund transfers and allow interoperability with current and future payment systems, NCS and NETS said in a joint statement on Monday.

It will also enhance how central banks deliver monetary policies and critical-market infrastructure to support financial stability, benefiting banks and new participants in the payment ecosystem, the statement added. 

The partnership will also involve the joint development of central-banking products which are customisable to the regulatory needs of different financial markets. This will allow both (see amendment note) companies to expand into South-east Asia, Hong Kong and China.

NCS, an information, communications and technology (ICT) service-provider which is part of the Singtel group, will bring its capabilities in building secure, digital and complex government applications and infrastructure to the collaboration.

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NETS, on its part, will contribute its experience as a national payments provider and innovator in cross-border payments.

NETS' interim group chief executive Ricky Lim said: "The platform will potentially change the way consumers and businesses make cross-border transactions, which is now a big part of our strategy going forward."

NCS chief executive Ng Kuo Pin added that the company is investing in its NEXT digital capabilities to develop local-IP fintech products and platforms to fuel its growth in the financial-services sector while continuing to strengthen core services.

The announcement comes on the sidelines of a virtual memorandum-of-understanding signing ceremony on Monday. 

Singtel shares were trading S$0.02 or 0.7 per cent higher to S$2.730 as at 4.43pm on Monday.

Amendment note: A previous version of this article said the partnership would allow companies to expand into South-east Asia, Hong Kong and China when it is in fact referring to NCS and NETS only. The article has been amended to reflect this change. 

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