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Press Release: 9 February 2026
Nexus Global Payments Appoints Technical Operator
- PayNet and NETS joint venture awarded contract to be Nexus Technical Operator, concluding the procurement process.
Nexus Global Payments (NGP)…. appoints Payments Network Malaysia (PayNet) and Network for Electronic Transfers Singapore (NETS) joint venture as the Nexus Technical Operator (NTO). This follows a competitive procurement process involving global bidders and marks a major milestone in building an interoperable global payments infrastructure.
The evaluation of bidders considered technical capability, operational resilience, cost efficiency, and alignment with Nexus’ vision for global interoperability. PayNet and NETS joint venture emerged as the preferred partner due to the proven track record of the two leading ASEAN payment networks behind it and their commitment to innovation and collaboration.
The newly appointed NTO will work closely with leading global firms Amazon Web Services (NASDAQ ‘AMZN’) and Endava (NYSE ‘DAVA’) to deliver the technical design and development of the Nexus platform. Amazon Web Services is a global cloud technology leader that has made cloud computing and generative AI accessible to organizations of every size and industry whilst Endava leads the end-to-end design and engineering, applying its AI-native approach and deep industry expertise to build a resilient, future-ready solution. This global delivery capability and collaboration ensures that Nexus is built to meet international standards, scalable from inception and reflects best practices drawn from a wide range of payment system environments.
The NTO will be responsible for building, operating, and maintaining the Nexus infrastructure, ensuring compliance with global standards, and delivering robust cybersecurity and operational resilience. It will also coordinate the onboarding of entities that are responsible for managing domestic instant payment schemes that will connect to Nexus to enable the banks and non-bank entities participating in these domestic systems to be part of the network.
“Our partnership with PayNet and NETS is a major milestone towards our vision for an interoperable global payments network. With our chosen partners’ proven expertise and commitment to innovation, we are confident that Nexus will be resilient, aligned with international standards from day one, and ready for future global scale. Nexus is shaping a future where cross border payments are instant, accessible, and seamlessly connected.” – Andrew McCormack, CEO, NGP
“Being selected as the Nexus Technical Operator alongside NETS is a significant honour for Malaysia. It reflects the trust in our domestic capabilities and our growing track record in enabling cross-border payments. Through DuitNow and our regional interoperability efforts, we’ve shown what’s possible and now we’re ready to scale that impact globally through Nexus. We’re proud to be part of this next chapter in building a more connected, inclusive, and seamless global payment ecosystem.” – Praveen Rajan, CEO, PayNet
“We are deeply honored to be selected as the Nexus Technical Operator, in partnership with PayNet. This appointment reflects a strong vote of confidence in our ability to build and operate payment infrastructure at scale and reinforces Singapore’s pivotal role in advancing cross-border payment innovation. The NETS Group was involved in establishing the first bilateral cross-border linkage between Singapore and Thailand for account-to-account transfers in 2021 and we are excited to bring this spirit of innovation to enable seamless cross-border payments through a ‘network-to-network’ ecosystem. We look forward to advancing the vision of borderless payments, working collaboratively towards a modern, real-time international payment network infrastructure.” – Lawrence Chan, Group CEO, NETS
PayNet is Malaysia’s national payments network and shared infrastructure provider, operating services such as DuitNow Transfer and DuitNow QR. It plays a central role in modernising and innovating Malaysia’s digital payment agenda. NETS is Singapore’s leading payment solutions provider, backed by over forty years of experience in delivering secure, efficient payment systems in Singapore and expanding in recent years to offer regional connectivity. The joint venture combines PayNet’s domestic expertise and NETS’ technical capabilities to deliver a world-class platform for Nexus. This partnership reflects a shared commitment to innovation and financial inclusion across Asia and beyond.
The selection of the NTO represents pivotal progress toward Nexus’s first live deployment across its initial cohort of countries. With technical development scheduled to begin in early 2026 and go-live targeted for 2027, this trajectory reflects NGP’s unwavering commitment to delivering a sustainable, scalable, and globally interoperable solution—one that redefines speed, transparency, and accessibility in international transactions.
Nexus simplifies cross-border payments by connecting domestic real-time payment systems. It reduces reliance on intermediaries, cuts costs, and enables users to send and receive money internationally within seconds, through familiar banking or payment apps.
About
Nexus Global Payments (NGP) is a not-for-profit organisation founded in March 2025 that is dedicated to managing the Nexus scheme and expanding its reach. Nexus is a groundbreaking global payments scheme that standardises connections between instant payment system (IPS) operators, allowing them to integrate once and gain access to a growing network of countries. NGP’s mission to enable instant, secure, and efficient international payments is in line with the G20 Roadmap for Enhancing Cross- Border Payments targets for speed, cost, accessibility, and transparency. The NGP’s founding partners—central banks and IPS operators from India, Malaysia, the Philippines, Singapore, and Thailand—are leading this initiative, with more participants set to join as the network grows. For more information, please visit www.nexusglobalpayments.org.
Payments Network Malaysia (PayNet) is Malaysia’s national payments network with a mission to accelerate the country’s payment flows by making the digital payment infrastructure more accessible, widespread, and secure. Our comprehensive retail payments suite – including DuitNow (QR and Transfer), JomPAY (Bill Payments), FPX (Online), MyDebit (Domestic Debit), MEPS, and IBG (Interbank GIRO) – provides extensive coverage across the nation, forming a core part of daily life in Malaysia. Additionally, PayNet’s real-time retail QR payments network, DuitNow, is interoperable with domestic schemes in Singapore, Thailand, Indonesia, and Cambodia, facilitating seamless cross-border transactions with these countries. PayNet is committed to promoting a secure, efficient, and innovative payments ecosystem in Malaysia and works closely with its stakeholders to develop new products and services that meet the evolving needs of consumers and businesses. For further details, please visit our website: www.paynet.my.
The NETS Group is a leading payments services group, enabling digital payments for merchants, consumers, and banks across the entire payments value chain. Guided by our purpose statement “Connecting Communities, Empowering Lives” we aim to make an impact to the communities we serve. The Group operates Singapore’s national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments at more than 150,000 acceptance points in the country. The NETS network also accepts overseas wallets and foreign cards payments which include cards from RuPay and UnionPay and apps from Alipay+, UPI, participating Malaysian, and Thai banks, UnionPay and WeChat Pay. NETS is also the issuer of NETS FlashPay Card, NETS Motoring Card and NETS Prepaid Card.
The NETS Group manages and operates Singapore’s clearing and payment infrastructure for core electronic transfer services FAST, Interbank GIRO, eGiro and PayNow. It is the market leader providing payment and clearing solutions (Real-Time Gross Settlement system and Cheque Truncation System) in the region. NETS is a member of the Asian Payment Network and a council member of UnionPay International. For more information on the NETS Group, please visit www.nets.com.sg.Press Release: 2 February 2026
Nexus Global Payments appoints first Board Chair and expands network with the addition of Indonesia
- Mr. Jose Beltran is appointed as the inaugural Board Chair of Nexus Global Payments.
- Indonesia joins as the sixth jurisdiction in Nexus.
- The European Central Bank announces its continued work on the feasibility of potential connection of TIPS to Nexus and to work in parallel to complete necessary legal arrangements and agreements.
- The Latin American Reserve Fund (FLAR), a regional financing arrangement for Latin America, signs a Memorandum of Understanding with Nexus Global Payments to facilitate exploratory work for future connectivity.
Nexus Global Payments (NGP) today announced a series of significant governance and network expansion milestones, reinforcing its commitment to advancing seamless, interoperable cross border payment.
As part of its ongoing efforts to strengthen governance, NGP has appointed Mr. José Beltrán as its first independent Board Chair. Mr. Beltrán brings extensive payments and leadership experience from the European payments market as Program Director for the development of EBA Clearing’s Pan European system STEP2 and active participant in the development of the EPC’s SEPA Rule Books. Mr. Beltrán was also President of EACHA (European Automated Clearing House Association) and Board member of the European Card Stakeholder Group. His strategic vision, stakeholder diplomacy, and operational expertise will guide NGP as it continues to build a trusted, collaborative global payments network.
“I am honoured to be appointed Board Chair of Nexus Global Payments and look forward to working closely with my fellow directors and the executive team to deliver NGP’s new and innovative globally important payments infrastructure and network, a very important step towards achieving global instant payments’ interoperability built on strong a governance, open to market evolution and fostering progressive growth,” said José Beltrán.
Momentum continues in the expansion of the Nexus with the NGP’s five founding central banks—Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, Bank of Thailand, and Monetary Authority of Singapore—welcoming the full participation of Bank Indonesia. Previously participating as a Special Observer, Bank Indonesia will now move forward with work to connect its national instant payment system to Nexus.
Indonesia’s inclusion is particularly significant given its position as one of the world’s largest remittance corridors, both as a major source of migrant workers and a recipient of overseas remittances.
The European Central Bank (ECB), also a Special Observer, confirmed its Governing Council’s decision to “continue the work on the feasibility of a potential connection to Nexus Global Payments while in parallel completing the necessary legal arrangements and agreements.” See ECB announcement here.
In parallel, NGP continues to engage actively with other interested jurisdictions. Most recently, NGP signed a Memorandum of Understanding with the Latin American Reserve Fund (FLAR), a regional financing arrangement for Latin America, to facilitate exploratory work for future connectivity with FLAR member countries.
“We are pleased to welcome José Beltrán as our inaugural Board Chair, whose experience and leadership will be instrumental as we move into our next phase of growth. The addition of Indonesia in our network, alongside ECB’s continued feasibility work and FLAR’s decision to formalise cooperation, reflects the growing momentum and confidence in Nexus,” said Andrew McCormack, Chief Executive Officer of NGP. “Together, these developments are laying the foundations for a more connected, efficient and inclusive international payments ecosystem—one that supports public policy objectives and advances the G20’s cross-border payments agenda.”
For additional details, please contact NGP at [email protected].
Press Release: 11 August 2025
Nexus Global Payments welcomes inaugural Chief Executive Officer to lead operationalisation of instant cross-border payment scheme
- Nexus Global Payments (NGP) appoints Andrew McCormack as Chief Executive Officer (CEO) following a successful global search process.
- NGP is a not-for-profit organisation established by initial first mover central banks—Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, and Bank of Thailand—to operationalise and manage the Nexus multilateral instant cross-border payments scheme.
NGP is pleased to announce the appointment of Andrew McCormack as CEO. This appointment was the result of an extensive global search process facilitated by an appointed global talent acquisition firm. The CEO will lead NGP to establish and operate the Nexus scheme for enabling safe and instant cross-border payments at scale.
Andrew brings more than two decades of senior leadership experience across global payments, digital infrastructure, and financial innovation. He most recently served as Chief Operating Officer of Etihad Payments, the national payments entity of the United Arab Emirates (UAE), where he played a key role in modernising the UAE’s domestic payment infrastructure. Prior to that, he was the founding Centre Head of the BIS Innovation Hub in Singapore and Chief Information Officer at Payments Canada, where he led the delivery of the country’s real-time payments platform.
“NGP and its transition Board are delighted to welcome Andrew as its inaugural CEO. Andrew brings deep expertise and a strong track record in the faster payments space, combined with proven experience in building and leading early-stage growth institutions. This makes him uniquely well-qualified to lead NGP,” said Benjamin Lee, Interim Director of NGP.
Andrew will be based in Singapore and will oversee the strategic direction, operations, and international growth of NGP as it implements a modern blueprint for cross-border interoperability.
“Nexus will dramatically transform cross-border payments, and it is my honour to be selected to lead this important initiative. The design phase is complete, and the focus is now on building a world-class company and payments platform for the future,” shared Andrew.
For any additional details please contact NGP at [email protected].
Press Release: 03 April 2025
Project Nexus partners incorporate Nexus Global Payments to run the cross-border payment scheme; search for technical operator commenced
The first mover central bank partners in Project Nexus – Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore, and Bank of Thailand – have formally incorporated Nexus Global Payments (NGP) in Singapore to operationalise and manage the multilateral instant cross-border payments scheme.
NGP has appointed Benjamin Lee as the Interim Director.
NGP is commencing a procurement process to appoint a Nexus Technical Operator (NTO) to undertake the technical build and run the day-to-day operations of the Nexus scheme.
Nexus Global Payments (NGP) today announced that it has been formally incorporated as a company limited by guarantee in Singapore to operationalise and manage the Nexus scheme for enabling safe and instant cross-border payments at scale.
NGP will be run as a not-for-profit organisation. Its incorporation by the five central bank partners in Project Nexus – Reserve Bank of India, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, the Monetary Authority of Singapore (MAS), and Bank of Thailand – marks the transition of the Nexus initiative from a Bank for International Settlements’ (BIS) project to real-world implementation.
Project Nexus is designed to standardise the way domestic instant payment systems (IPS) connect to one another. Rather than an IPS operator building custom connections for every new country to which it connects, the IPS operator needs to make only one connection to Nexus, which will allow the IPS to reach all other jurisdictions in the network.
Project Nexus was initiated as an experimental project by the BIS Innovation Hub in 2021. Following successful phases since then, a comprehensive blueprint for connecting domestic IPS globally was announced in July 2024. This initial work was conducted under the leadership of the BIS together with its partners from interested jurisdictions.
Project documentation including an accumulated lessons report and detailed technical documentation can be found in the Knowledge Centre section on this website.
As announced by the BIS in July 2024, the “first mover” jurisdictions will contribute the initial capital required to build and establish the Nexus platform and bring it to live operation. They aim to expand membership and participation to other interested jurisdictions over time as part of the shared vision of making Nexus a scalable multilateral model for connecting IPS globally.
NGP has appointed Benjamin Lee as the interim director until a permanent director has been appointed through a selection process. Mr Lee has been involved in the Nexus initiative since its incubation and will be seconded from the MAS to take on this role.
NGP today also announced the commencement of an open procurement exercise to select and appoint a suitable Nexus Technical Operator (NTO). This external service provider will be responsible for the technical development and subsequent day-to-day operation of Nexus.
Details of the NTO procurement exercise can be found at the NGP’s website www.nexusglobalpayments.org.
The European Central Bank and Bank Indonesia, which took part in previous phases of Nexus, will continue to serve as special observers throughout this operationalisation phase.
The BIS is not an owner of NGP. As part of the handover, it will facilitate knowledge transfer and provide support until the first live Nexus transaction.
For any additional details, please contact Benjamin Lee at [email protected].