Tuesday, 3 October 2023

Innovation Leadership Achievement in Singapore Award goes to Lawrence Chan, Group CEO of NETS

5 min read

By The Asian Banker

Lawrence Chan, Group CEO of NETs, contributed significantly to the advancement of Singapore’s payments industry. Under his leadership, NETS has solidified its position as a leading payment services provider in the country. 

Chan led transformative initiatives to support Singapore’s digitalisation goals. These involvedforming robust regional partnerships to facilitate cross-border payments in markets such as Malaysia, China, Thailand, and India, and collaborating with UnionPay to allow Singapore consumers to make payments using UnionPay’s QR Code network across multiple markets. He also championed the acceptance of overseas wallets and foreign cards. 

Under his guidance, NETS extended its business into direct acquisitions, offering SME merchants an expanded suite of payment solutions. The group also launched NETS Card-on-File solution that simplified online purchases for consumers.

Chan’s efforts to promote contactless payments resulted in the introduction of tap-to-pay functionality on all Visa Debit cards, streamlining the payment process and eliminating the need for card replacement. He solidified NETS’s dominance in the prepaid segment through versatile stored-value cards, enhancing user experience and expanding market presence. 

Under his watch, NETs significantly expanded its merchant network, particularly in the heartlands, benefiting numerous SME merchants.

The strategic initiatives of Chan have not only driven growth and innovation in NETS but also contributed to the digital transformation of Singapore’s payment landscape. 

For his achievements, the award for Innovation Leadership Achievement in Singapore goes to Lawrence Chan, Group CEO of NETS.

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