Network for Electronic Transfers (NETS) is partnering Singtel to accelerate the development of its digital cross-border payment services, the companies said in a press statement.
The collaboration will pave the way for Singaporeans to make purchases at more retail outlets abroad in the region using NETS. Meanwhile, foreign visitors will also be able to seamlessly make payment to NETS’ merchants in Singapore using overseas e-wallets and services.
This partnership will benefit Southeast Asia’s underbanked population, worth an estimated USD1 trillion by the year 2025, who will need more access to digital financial services.
By leveraging Singtel’s advanced network infrastructure and AWS cloud services, NETS will be able to make available its suite of digital payment services across Southeast Asia. It can then provide quick and localised connectivity for potential partners to access its cross-border payment services.
“We are very excited to embark on this collaboration with Singtel through which NETS will be well-positioned to facilitate cross-border commerce by integrating ASEAN+ travel corridors whilst making payments simple and easy for consumers," said NETS Group CEO, Lawrence Chan.
"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.”