Ever used a card to pay for your morning kopi, tapped for your MRT ride, or scanned a QR code at a hawker centre? There's one name behind it all, a true legacy company that powers a huge part of Singapore's daily life. But what happens when a giant is no longer the cheapest option? We go behind the scenes of Singapore's payment infrastructure. We’re sitting down with the man steering the ship of one of the nation's most essential private companies. Uncover:
- The hidden engine behind our daily transactions
- Why being “cheap” is no longer enough
- The quiet data play that could change retail forever
And joining us is Lawrence Chan, Group CEO of NETS, who shares candid insights on legacy, innovation, and the future of payments. Tune in—you’ll never look at paying for kopi the same way again.
What We Discuss:
- 04:18 - How does NETS empower communities and connect lives in its day-to-day operations?
- 08:51 - How does NETS differentiate itself from Visa and Mastercard, particularly regarding costs and value propositions?
- 14:01 - How do you articulate your new value proposition now that NETS is no longer the cheapest payment option?
- 16:02 - Can you share data or examples of how cross-border payments have affected the ROI for merchants?
- 19:08 - How do you decide when to move away from being the cheapest option and evolve your business model?
- 25:42 - Can you provide more details about your strategies to engage and keep merchants relevant in the long term?
- 26:31 - How does NETS use data to help merchants understand their customer profiles and improve their business?
- 32:18 - What is your five-year innovation plan for NETS?
- 34:33 - How do you balance the need for resilience and the drive for innovation in a heavily regulated industry like payments?
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