Sunday, 16 June 2024

DCS Card Centre raises $223M via increased asset-backed note issuance

5 min read

DCS Card Centre Pte Ltd (DCS) is proud to announce the additional issuance and upsize of SGD 300 million ($223.2 million) asset-backed notes, securitised by credit card receivables originated by DCS.

This facility will enable DCS’s continuous growth and innovative efforts in shaping Singapore’s payment solutions and consumer credit market.

DCS has a long-standing issuance track record in the regional securitisation market, leveraging on robust asset portfolio performance, stringent risk management, and continuous regulatory governance. This transaction is supported by DBS and seasoned investors including First Plus Asset Management Pte Ltd (First Plus), a Singapore-based multi-asset investment manager focused on APAC structured credit and equities.

Eileen Liu, managing director, for finance at DCS said: “With our latest round of notes issuance, DCS cements its role as an industry leader in shaping the future of payment strategy through our innovative solutions. Our commitment to investors remains unparalleled, and we are excited to continue building strong trusting relationships with a diverse range of financiers.”

Jennifer Siu, head of private and structured credit at First Plus, said: “We are delighted to support DCS and be a part of the firm’s mission to reshape the region’s payment landscape. We continue to see opportunities in the consumer market with the burgeoning middle class of the ASEAN region. Leveraging our strong regional presence, First Plus is committed to identifying investment opportunities to provide risk-justified value propositions to our investors.”

Following a recent rebranding from Diners Club Singapore to DCS Card Centre, the fintech has rolled out new products and services that address the needs of wider customer segments as well as new or emerging consumer preferences, while advocating a digital-first approach across all core activities in the organisation.

This includes the expansion of its credit cards issuance with not just Diners Club International, but also Mastercard, UnionPay, and soon, Visa. The launch of DCS Tokens also marked DCS as the first financial institution in Singapore to introduce a payment token that bridges the gap between Web2 and Web3 payment ecosystems, made available to users of digital assets, merchants and corporates.

Paving the way for fintech advancement

This substantial investment serves as a further catalyst for DCS’s ongoing initiatives in payment solutions. With a focus on shaping the future of payments, DCS converges its innovation-centric approach with a commitment to be at the forefront of industry developments, driving the next revolution in payments.

 

Re-disseminated by The Asian Banker

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