DCS expands asset-backed securitisation to S$450 million with AAA-rated senior notes

Strong receivables performance and credit quality position DCS for continued growth

SINGAPORE - 9 October 2025 - DCS, a transformative MAS-regulated non-bank financial institution innovating next-gen payments across traditional and blockchain rails, announced the closing of its latest and largest asset-backed private securitisation facility, upsized to S$450 million. The senior notes achieved Fitch's AAA(sf) rating, with the programme also assigned a Stable Outlook.

AAA recognition for senior notes is considered rare in the credit card industry, and affirms the high quality of DCS' receivables pool, characterised by low charge-offs and consistently strong repayment behaviour, underpinned by sound governance and a strengthened paid-up capital base of S$75 million.

The strong reception from investors highlights DCS' successful transformation. Over the past three years, DCS has broadened its customer base across four major card schemes, reaching first-jobbers, telecommuters, high-net-worth individuals, jetsetters, Web3 communities, and more. The company has also expanded its merchant acquiring footprint, processing large transaction volumes at flagship events such as GastroBeats, while innovating Web3 card issuing beyond Singapore into regional markets. Together, these achievements underscore DCS' evolution into a payments solutions provider with global ambitions, bridging traditional finance and the digital economy.

"This milestone of AAA ratings on our senior notes demonstrates the strength and resilience of our receivables," said Karen Low, CEO of DCS. "The strong execution and enthusiastic response to this securitisation reflect the expansion of our investor base and growing demand for our card portfolio. The successful completion of this ABS programme provides ample liquidity to fuel our continued innovation and strategic growth in both traditional finance and the Web3 space."

The transaction achieved full placement across all tranches, reflecting strong investor demand. Programme participation was anchored by local and global investors - spanning banks, asset and fund managers, and pension funds - including Manulife, DBS and Santander CIB for the senior notes and Apollo, PIMCO, and a North American Pension Fund for the subordinated notes, underscoring growing international recognition of DCS' strength and strategy. DBS also served as arranger for this securitisation, with potential future collaborations with additional funders and institutions under consideration.

CSC has been appointed trustee and transaction administrator to the programme.

Disclaimer

Fitch Ratings has assigned final ratings of 'AAA(sf)' to the Class A-1 and Class A-2 notes issued by DFS Asset Purchase Company Pte. Ltd. Ratings are subject to Fitch's published criteria and definitions. A Fitch rating is not a recommendation to buy, sell, or hold any securities.

DCS

With over 50 years of heritage, DCS is a MAS-regulated non-bank financial institution operating under the Banking Act in Singapore. Originally established as Diners Club Singapore, a homegrown pioneer of cashless payments, DCS has since evolved into a next-gen global payments provider with progressive fintech capabilities. Building on a regulatory-first foundation, we are setting new standards in digital commerce, bridging traditional (TradFi) and Web3 ecosystems. DCS is uniquely positioned to deliver innovative, secure, and trusted borderless payment solutions through a safe, compliant, and interconnected financial platform for both consumers and businesses.

DCS operates a dual-licensed portfolio in card issuing and merchant acquiring, working with global card schemes such as Visa, Mastercard, UnionPay, and Diners Club. Our issuing capabilities support dual-rail payment functionality — allowing users to fund their cards with either fiat or, where applicable, digital assets via regulated partners. This integrated infrastructure enables both consumers and businesses to transact seamlessly across payment ecosystems, with flexibility, security, and real-world utility at the core.

The issuer is solely responsible for the content of this announcement.