Singapore, 22 June 2020 – Network for Electronic Transfers (NETS) announced today that Lawrence Chan has been appointed Group Chief Executive Officer, with effect from 22 June 2020.

Chan joins the NETS team with over two decades of payments experience, and a strong track record of growth acceleration and business transformation. He was most recently Vice President – Regional Client Management at Visa for Asia Pacific where he managed the Regional Acquirers/Merchants, Co-Brands and Visa Direct. Prior to Visa, Chan held leadership positions at PayPal and American Express. At PayPal, he was Vice President and General Manager for Japan and Southeast Asia. He also served as a Director on the Board of PayPal Pte Ltd until 2015. At American Express, he was based in Japan for four years, where he led the Merchant business before returning to Singapore and assuming the position of Senior Vice President, Global Payment Options, Asia Pacific.

On behalf of NETS' Board of Directors, Chairman Ching Wei Hong said, “We are delighted to welcome Lawrence to NETS. He brings to the Company a demonstrated track record of strategic and operational leadership and deep global payments expertise.

NETS has clearly established a leading position as a fintech player in the payments space with an extensive product suite across merchant and consumer ecosystems (EFTPOS, NETS Click, FAST/PayNow, NETS QR, stored value cards etc). NETS will continue expanding strategically into the digital commerce space with new and innovative payments solutions covering both offline and online ecommerce transactions.”

“Lawrence's deep and diversified experience and familiarity with the whole eco-system of the industry gives the Board great confidence that he is the right leader to further NETS' growth strategy and deliver long-term value for our stakeholders,” Ching added.

Chan was appointed after an extensive internal and external executive search initiated by the company's Board of Directors to identify and select a permanent CEO.

“The COVID-19 crisis highlights the critical importance of the digital payments industry,” Chan said. “NETS is well-positioned for the next stage of strategic growth and I am fortunate to join the team at this exciting time. I look forward to working with all of my NETS colleagues, our partners, and customers to help the company achieve its full potential of delivering truly innovative services and solutions to market.”