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Nets ties up with Singtel, Amazon to provide more digital payment services regionally
THE Network for Electronic Transfers (Nets) has partnered Singtel and Amazon Web Services (AWS) to provide more cross-border digital payment opportunities in South-east Asia.
This will allow Singaporeans to make purchases at more retail outlets in the region using Nets. Meanwhile, foreign visitors will be able to make payment to Nets merchants in Singapore using overseas e-wallets and services.
Nets will leverage Singtel's advanced ConnectPlus Managed Network and AWS's cloud computing platform, the electronic payment service provider said in a statement on Monday.
Singtel will use its "advanced software-defined" network services to provide dedicated and secure high-speed connectivity to support Nets' regional payment network. Its cloud gateway service will simplify network management to enable Nets to deploy and manage its virtual private clouds around the region conveniently and efficiently.
Lim Seng Kong, managing director of Singtel enterprise business, group enterprise at Singtel, said the ConnectPlus Managed Network will enable Nets to dynamically allocate enterprise resources across multiple locations, optimise network performance and operational efficiency to offer secure, swift and reliable cross-border financial transactions.
Nets will use AWS cloud services like database, containers, serverless storage and security. Together with Singtel's offerings, Nets will be able to provide quick and localised connectivity for potential partners to access its cross-border payment services, it said.
Lawrence Chan, Nets group chief executive, said 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.
Nets merchants in Singapore will also be able to accept selected overseas partner wallets from visitors in the region. They will benefit from operational cost efficiencies by connecting to a broader range of payment partners to provide a better experience for their customers, he added.
Mr Lim said: "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."
In April 2020, Nets tied up with Singtel's wholly-owned subsidiary NCS to develop a new electronic payment and securities-settlement platform for central banks in the Asia-Pacific.
Singtel shares were up S$0.02 or 0.9 per cent to S$2.30 as at the midday break on Monday, after the announcement.