NETS 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.
Tapping Into the Neighboring Economy
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.
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.