AXS and NTT DATA Partner to Optimize Cross-Border Payment Services
Singapore’s AXS and NTT DATA have entered into a partnership to connect cross-border payment networks between Singapore and Malaysia. The initiative will simplify cross-border fund transfers in Southeast Asia and provide more convenient payment infrastructure for cross-border ecommerce.
What are the key facts?
- 1Partners: AXS (Singapore), NTT DATA (Japan)
- 2Goal: Interoperable cross-border bill payments between Singapore and Malaysia
- 3Technology: Unified payment platform
What happened?
The two companies recently signed a memorandum of understanding and plan to enable cross-border bill payments between Singapore and Malaysia by interconnecting their respective payment networks. The partnership is expected to significantly improve transaction efficiency between the two countries and facilitate fund flows for cross-border ecommerce. In the future, the companies will also explore expanding into a broader payments ecosystem covering additional financial services.
What does this mean for cross-border sellers?
Southeast Asia’s cross-border payment environment is continuing to improve, which could make local-market settlements more efficient and help reduce operating costs. Highest-priority action: review the latest payment-platform policies this week and assess your business plans for Singapore and Malaysia.