Singaporean payments firm NETS has acquired two payment services units of OCBC Bank – Banking Computer Services (BCS) and BCS Information Systems (BCSIS) – in a SGD38m ($27.2m) deal.
BCS operates the clearing and payment infrastructure for the Singapore Clearing House Association (SCHA). At present, it operates core services including FAST (Fast And Secure Transfers), IBG (Inter-bank GIRO) and CTS (Cheque Truncation System).
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BCSIS develops clearing and payment technology solutions for the financial services sector, as well as offers bureau services including cheque processing, lockbox services, document digitisation and imaging, and business continuity services.
“The assimilation of both companies will enable a more pervasive digital payment platform which will facilitate wider adoption and utilisation of electronic payments,” NETS said.
Upon completion of the deal in June 2017, BCS and BCSIS will become wholly-owned subsidiaries of NETS but will still operate as independent entities.
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.
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By GlobalData“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.”
