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