News Coverage

NETS Buys OCBC Payment Services Units For $38m

NETS' strategic acquisition of BCS Pte Ltd and BCSIS Pte Ltd from OCBC Bank will enable us to deliver payment innovations that are simple, swift, secure and accessible to our customers. The assimilation of both companies will enable a more pervasive digital payment platform which will facilitate wider adoption and utilisation of electronic payments.

NETS CEO Jeffrey Goh said: “The purchase was concluded after a detailed review of the core operations of BCS and BCSIS. We believe this move is complementary to NETS' core electronic payments business and all parties shared the common vision to hasten digital payments adoption in Singapore. Upon integration, NETS is well positioned to harness the synergies from this new relationship and deliver payment innovations beneficial to customers across the corporate and retail space.”

Commenting on this significant move, Monetary Authority of Singapore Managing Director, Ravi Menon noted that the move is timely and fully aligned with Singapore's electronic payments road map. He added: "The creation of a single operator for FAST, inter-bank Giro and NETS EFTPOS (debit payment system) will strengthen synergies across these key retail payment systems, encourage more innovative and inter-operable payments solutions, and spur the adoption of e-payments by consumers, businesses and the Government."

Read more about this Straits Times article.