Jeremy Soo named new chairman of NETS

Network for Electronic Transfers (NETS) has announced the appointment of Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group at DBS Singapore, as the new Chairman. Mr Soo will assume the role starting from 1 September 2024. He will be succeeding Ms Susan Hwee, who has served as Chairman since 1 September 2021.

Ms Hwee, who is currently the Head of Group Technology and Operations, will take on the position of Head of Group Retail at UOB from 1 September 2024. The chairmanship of NETS rotates among its three shareholder banks—DBS, OCBC, and UOB—every three years.

Mr Soo brings over 30 years of expertise in the consumer banking and finance industry to his new role. He oversees DBS, POSB, Wealth Management networks and distribution, as well as ATM, digital, and mobile channels, along with all key consumer-related products and services at DBS.

He has played a crucial role in the digital transformation of the bank's consumer banking business. Under his leadership, several first-in-market innovations and ecosystem partnerships were introduced to meet customer needs and promote more inclusive banking. Notable initiatives include the DBS/POSB Adopt-a-Hawker Centre and weekly hawker meal subsidies schemes, which have significantly increased the adoption of digital payments in hawker centres, wet markets, and heartland shops. Mr Soo has also been a strong advocate for inclusive banking, collaborating with various governmental agencies to provide subsidised banking services to low-income and marginalised groups, as well as migrant workers in Singapore.

Group CEO of NETS, Mr Lawrence Chan, expressed optimism about Mr Soo's appointment, stating, "We are honoured to have Jeremy lead the Board and look forward to leveraging his deep expertise in innovations and ecosystems to strengthen our leadership position in the payments space. In addition, we can benefit from his passion and experience in ensuring banking is accessible to all to further our purpose of connecting communities and empowering lives."

The Board and Management also expressed their gratitude for Ms Hwee's contributions during her term as Chairman. Mr Chan noted, "Susan has been instrumental in leading the team to navigate the dynamic and evolving payments landscape during her time. As digital payments accelerated and extended across borders post-COVID, her strong technology and operations expertise was pivotal in helping the Group build resiliency whilst also driving innovation to launch merchant solutions beyond payments. We thank her for the leadership and guidance over the past three years."