NETWORK for Electronic Transfers (Nets) has appointed Jeremy Soo, DBS’ head of consumer banking and managing director, as its chairman, effective Sunday (Sep 1).
He succeeds UOB’s Susan Hwee, who has been Nets chairman since September 2021. UOB previously announced that Hwee will head its group retail business, also from Sep 1, relinquishing her current portfolio of group technology and operations.
The chairmanship of Nets, owned by DBS, UOB and OCBC, is rotated every three years among the three shareholder banks.
Soo has more than 30 years of experience in consumer banking and finance. He is in charge of the DBS and POSB wealth management networks and distribution, as well as ATM, digital and mobile channels.
He also oversees the Treasures priority banking and business segments, such as credit cards, investment, insurance and banking products.
Lawrence Chan, group chief executive of Nets, said that the company will leverage Soo’s “deep expertise in innovations and ecosystems to strengthen our leadership position in the payments space”.
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Soo joined DBS in 2003. Before his current role, he was the head of secured loans at the bank. He had also worked at Citibank Global Consumer Banking Singapore, where he had been in charge of consumer lending.
On Friday, Nets described him as a “strong advocate” for inclusive banking, as he spearheaded the DBS and POSB Adopt-a-Hawker-Centre initiative and helped to drive the adoption of digital payments in hawker centres, wet markets and heartland shops.
Chan noted that Hwee’s “strong technology and operations expertise was pivotal in helping the group build” resilience as the adoption of digital payments accelerated and extended across borders post-Covid.
She also helped Nets drive “innovation to launch merchant solutions beyond payments”.
Hwee’s new role at UOB, announced last month, comes as current head of retail Eddie Khoo takes on a senior adviser role in UOB Vietnam.
As group retail head, Hwee will boost UOB’s efforts to strengthen its regional consumer banking.
This includes enhancing digital capabilities and expanding product offerings and solutions.
