Singapore's Network for Electronic Transfers (Nets) has taken a 20% stake in Taiwanese e-payments firm Digital Cash under an initiative to promote smart card and electronic purse technologies in Hong Kong, Taiwan and China.
Under the partnership agreements, Nets' e-Purse payment technology will be licensed to Digital Cash, a subsidiary of Taiwanese conglomerate Teco, and co-marketed across North Asia.
Teco founded Digital Cash in 2001 to pursue significant e-payment opportunities in Taiwan. Among these is the potential inclusion of e-payment technology in Taiwan's new national health insurance smart card, which is to be developed and managed by Teco and issued to all 24 million Taiwanese citizens. Digital Cash is also bidding to be the payment operator in a planned nationwide electronic road toll system for Taiwan.
Nets e-Purse technology is currently used in Singapore’s CashCard as well as in e-payment cards in the Philippines and Korea.