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

NCS and NETS sign a memorandum-of-understanding in a virtual ceremony to develop a new electronic payment and securities-settlement platform for central banks in the Asia-Pacific.SINGTEL'S NCS and the Network for Electronic Transfers 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 companies to expand into South-east Asia, Hong Kong and China. NCS, an information, communications and technology 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.

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