NETS Group Joins Hands with Thailand’s ITMX to Enable Cross-Border Usage & Acceptance
Establishment of ITMX-NETS Payment Technology Exchange & Development Programme to work on joint initiatives including cross-border acceptance of Thai Standardised QR Code and Singapore’s NETS QR
Singapore, 12 November 2018 – The NETS Group today announced that it has signed a Memorandum of Understanding (MOU) with the National ITMX Company Limited (ITMX), Thailand’s key inter-bank payment infrastructure and central data processing system, to establish the ITMX-NETS Payment Technology Exchange & Development Programme.
The ITMX-NETS Programme will allow executives from both companies to exchange ideas, share expertise and work together on domestic and regional payments initiatives, including cross-border usage and acceptance of each other’s payment services. Both companies are members of the Asian Payment Network and Krungthai will be the first bank in Thailand to join the Programme through proof-of-concept.
NETS Group CEO Jeffrey Goh said, “Our collaboration with ITMX stems from our commitment to growing our digital payments offerings for the convenience of our consumers and merchants. We look forward to a fruitful exchange of knowledge and expertise that, we hope, will result in seamless payments experiences for consumers and businesses in both countries and advance Singapore’s Smart Nation agenda.”
Managing Director of ITMX Wanna Noparbhorn said, “This collaboration with NETS in cross-border payments will help expand the reach and utility of our product offerings, and provide convenience for the citizens of both countries while establishing the necessary infrastructure to support Thailand’s regional payment agenda connecting ASEAN and the world.”
Krungthai Bank CEO Payong Srivanich said, “Cross-border is one of the future banking strategies that Krungthai is focused on as it will bring convenience, value and security to our customers. And since we have the largest coverage in Thailand, this means the product will serve the mass – not limited to any specific segment.”
The first phase of the Programme will see the companies work to allow Thai mobile banking users to scan the NETS QR code (which is part of SGQR) in Singapore and NETSPay users to scan Thai Standardised QR Code, which is widely established in Thailand, for purchases reciprocally. The collaboration will also emphasise on further opportunity and use case for PromptPay and PayNow linkage as a proof-of-concept study.