Jofie Yordan · · 2 min readSG fintech firm DCS secures $75m funding in asset-backed notes
DCS Card Centre CEO Karen Low / Photo credit: DCS Card Centre
DCS Card Centre, one of the oldest players in Singapore’s fintech scene, announced that it has secured S$100 million (US$75 million) in asset-backed notes. This brings its total funding for the round to roughly US$300 million, following a US$225 million raise in December 2023.
In a statement, DCS said the new funds will be used for the company’s receivables from retail and corporate customers using its credit facilities.
Following the deal, the company also revealed the possibility of exploring “future arrangements” with more fund houses or financiers.
Tech in Asia has reached out to DCS for comment.
DCS, formerly Diners Club Singapore, introduced cashless payments in the 1970s. It is one of only two non-bank financial institutions in Singapore holding licenses for credit and charge cards.
After decades of exclusively issuing cards, DCS now aims to diversify its offerings through partnerships with other players. Last year, it partnered with MasterCard and UnionPay to offer co-branded cashback cards, with plans to launch a similar product with Visa soon.
In October 2023, DCS onboarded Tin Pei Ling, a member of the Singapore parliament, as its managing director for strategic partnerships and business development.
See also: How this 50-year-old cashless payments pioneer is planning a comeback
Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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