STRATEGIC PARTNERS
March 5, 2002
SINGAPORE -- Singapore's Network for Electronic Transfers (NETS), which runs the shared ATM network for local banks, has sent proposals to at least two foreign banks to help them set up a joint ATM network, according to the Straits Times and BridgeNews.
Obtaining a slice of the lucrative NETS shared ATM and domestic POS network pie in Singapore has been a priority for most foreign banks, as the networks have been the sole monopoly of local banks for years.
Proposals were reportedly addressed to Citibank and ABN AMRO, two Qualifying Full Banks (QFBs). The QFB status, awarded to foreign banks late last year, allows them to increase their branch and ATM presence.
Even if Citibank and ABN Amro joined forces, they would have fewer than 30 ATMs in a shared network. This compares to a network operated by DBS Bank and POSBank -- reported to have about 900 ATMs. Another run by domestic banks -- OCBC Bank, Overseas Union Bank, United Overseas Bank and Keppel TatLee Bank -- was reported to have about 870 machines.
According to a NETS spokesman, NETS did not submit a proposal to any QFBs for the use of the shared ATM network or POS system system operated by NETS for the local banks, but a proposal was submitted to operate a separate ATM switch for them.
