Nexus Global Payments on February 9 announced the appointment of a joint venture between Payments Network Malaysia (PayNet) and Network for Electronic Transfers Singapore (NETS) as the Nexus Technical Operator, marking the most significant operational milestone since the entity's incorporation in 2025 by the central banks of India, Malaysia, the Philippines, Singapore, and Thailand.
The selection followed a competitive procurement process involving global bidders, evaluated on technical capability, operational resilience, cost efficiency, and alignment with the Nexus vision for global interoperability. The PayNet-NETS joint venture was chosen based on the proven track record of two of Southeast Asia's leading payment network operators and their demonstrated commitment to innovation in real-time payments.
The newly appointed technical operator will work alongside Amazon Web Services and software engineering firm Endava to design, build, and maintain the Nexus infrastructure. The platform will connect domestic instant payment systems across participating countries, enabling cross-border transfers to be completed within 60 seconds at costs substantially below those of traditional correspondent banking.
With technical development beginning in early 2026 and go-live now targeted for 2027, the timeline has shifted from earlier expectations of a 2026 launch. Nexus Global Payments CEO Andrew McCormack characterized the revised schedule as reflecting a commitment to delivering a sustainable and scalable solution rather than rushing to market.
The technical operator will be responsible for ensuring compliance with global standards, delivering robust cybersecurity and operational resilience, and coordinating the onboarding of entities that manage the domestic instant payment schemes connecting to the platform. The initial corridors will link the instant payment systems of the five founding countries, with the architecture designed to accommodate additional participants over time.
The appointment represents a notable model in which central bank-backed infrastructure is built and operated by private-sector payment network operators, combining public-sector governance with commercial operational expertise.