Tuesday, 16 July 2024
NCS partners with NETS to develop electronic payment platform for central banks in Asia Pacific
NCS signed a memorandum of understanding (MOU) with the Network for Electronic Transfers (NETS) Group to develop a new real-time electronic payment and securities settlement platform for central banks in the Asia Pacific region.
The collaboration brings together NCS’ capabilities in building highly secure, digital and complex government applications and infrastructure and NETS’ experience as a national payments provider and innovator in cross-border payments.
The strategic collaboration between NCS and NETS covers joint research and development of a new generation real-time platform that is secure, resilient and robust by design to allow interoperability with current and future payment systems as well as facilitate high value interbank fund transfers.
The platform will enhance the way central banks deliver monetary policies and critical market infrastructure to support financial stability, benefitting banks and new participants in the payment ecosystem.
The partnership involves the joint development of a next-generation suite of central banking products, customisable to the regulatory needs of different financial markets, thereby enabling both companies to expand into Southeast Asia, Hong Kong and China.
NCS’ chief executive officer (CEO) Ng Kuo Pin said, “As a key technology partner of global and regional banks, we have a proven track record of building and operating critical information systems and platforms for global and regional banks to support their front- and back-end operations. While we continue to strengthen our core services, we are also investing in our next digital capabilities to develop local intellectual property fintech products and platforms to fuel our growth in the financial services sector.”
“We are pleased to partner with NETS to develop the electronic payment platform for central banks. With a common go-to-market strategy to expand our footprint in the region, our collaboration also signifies NCS’ commitment to team with a select group of strategic partners and jointly make an impact in the market,” NCS’ CEO added.
On the other hand, NETS’ interim group chief executive officer Ricky Lim said, “We are very excited to embark on this synergistic collaboration with NCS. Developing a new electronic payment platform for central banks in Asia Pacific is a significant move towards increased interoperability to harmonise and accelerate cross-border interbank payments and settlements in this part of the world.”
“The new platform will potentially change the way consumers and businesses make cross-border transactions, which is now a big part of our strategy going forward. As we leverage on NCS’ integrated digital capabilities to drive payment ecosystems in the region, we hope to make it easier for cross-border payments to take place in a fast, secure and cost-efficient manner. Being an established critical payments provider in Singapore, NETS is well positioned to achieve that,” Lim also said.
The MOU virtual signing ceremony took place via video conferencing in light of the enhanced safe distancing measures against the COVID-19 outbreak.
Re-disseminated by The Asian Banker
