Singtel’s NCS and NETS to develop electronic payments platform for central banks
Singtel’s Singapore-based information, communications and technology (ICT) subsidiary NCS has partnered with the Network for Electronic Transfers (NETS) to develop a real-time electronic payment and securities-settlement platform for central banks in the Asia-Pacific region.
The partnership will also see the development of a “next-generation” suite of central banking products which can be fine-tuned to the relevant regulatory requirements, allowing both firms to expand into South East Asia, Hong Kong and China.
NCS already has experience in building digital infrastructure for governments, as well as front- and back-end operations for banks.
Its parent company Singtel famously secured a five-year tenor in 2012 to deliver Singapore’s government a private cloud infrastructure.
“While we continue to strengthen our core services, we are also investing in our NEXT digital capabilities to develop local-IP fintech products and platforms to fuel our growth in the financial services sector,” says NCS CEO Ng Kuo Pin in a statement.
NETS’ experience as a national and cross-border payments provider will also come in handy during the development, helping to build something which is “secure, resilient and robust by design to allow interoperability with current and future payment systems and facilitate high-value inter-bank fund transfers”.
The payment provider’s interim group CEO Ricky Lim says the platform development is “a significant move towards increased inter-operability to harmonise and accelerate cross-border interbank payments and settlements in this part of the world”.
The new partners believe the electronic payments platform will “enhance the way central banks deliver monetary policies and critical market infrastructure to support financial stability”, benefitting both banks and new payment players in the ecosystem.