DCS, One of the pioneers of Singapore’s fintech industry. DCS Card Centre, declared that it has obtained asset-backed notes worth S$100 million (US$75 million). This completes the round’s funding, which was raised US$225 million in December 2023, for about US$300 million.
The additional money, according to a statement from DCS, will be used to the company’s receivables from corporate and retail clients who have utilised its credit facilities.
Read also – Grintafy Secures Strategic investment from Chiliz
The business mentioned the option of looking into “future arrangements” with more investment houses or financiers after the acquisition.
In the 1970s, it, originally known as Diners Club Singapore, launched cashless payments. It is one of just two non-bank financial companies with charge and credit card licences in Singapore.
Read also – EdfaPay Expands its Global Reach through Strategic Partnership with Digikhata in Pakistan
Having issued cards alone for many years, it is now looking to expand its product line by forming alliances with other companies. It collaborated with MasterCard and UnionPay to provide co-branded cashback cards last year, and it soon intends to introduce a comparable offering with Visa.
A member of the Singaporean parliament, Tin Pei Ling joined DCS in October 2023 as managing director for commercial development and strategic alliances.
About DCS Card Centre
Under the Banking Act, DCS Card Centre is a financial institution licenced by the Monetary Authority of Singapore (MAS) to conduct credit card and charge card transactions in Singapore.
