OCBC chief operating officer takes over as Nets chairman

Mr Ching Wei Hong, COO of OCBC Bank, which is one of the local banks that owns Nets, is the chairman of Nets from today.
Mr Ching Wei Hong, COO of OCBC Bank, which is one of the local banks that owns Nets, is the chairman of Nets from today.

OCBC Bank chief operating officer Ching Wei Hong will be the new chairman of electronic funds transfer group Nets, beginning today.

He replaces Ms Tan Su Shan, managing director and group head of wealth management and consumer banking at DBS Bank, who will remain a board director of Nets.

Nets, which is owned by Singapore's local banks, operates Singapore's national debit scheme, which allows customers of DBS Bank, POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and United Overseas Bank to use their ATM cards or mobile devices for payments at retail outlets in Singapore.

Mr Ching has been COO of OCBC since April 2012, and is also currently chairman of Bank of Singapore and OCBC Securities, and deputy chairman of Lion Global Investors.

Nets group chief executive Jeffrey Goh said of Mr Ching: "His vast experience and proven credentials both within and beyond the banking industry have been an invaluable asset to Nets. We look forward to his continued guidance and insights as Nets embarks on our next phase of growth and development as a market leader in innovative payment solutions."

Mr Goh also thanked Ms Tan for her contribution to Nets, highlighting the group's moves into next-generation electronic payment solutions during her tenure.

"We are pleased to have Su Shan stay on as our board director and continue to contribute to Nets with her in-depth knowledge of the finance sector," he said.

A version of this article appeared in the print edition of The Straits Times on September 01, 2018, with the headline 'OCBC chief operating officer takes over as Nets chairman'. Print Edition | Subscribe