$60 Billion Singapore DBS Bank Sells Majority 77.8% Stake in Payment Subsidiary AXS to $500 Million Private Equity Tower Capital Asia, DBS to Retain 9.9% Minority Stake in AXS
12th July 2023 | Hong Kong
Singapore DBS Bank (12/7/23: Market value $60 billion) has announced to sell its majority 77.8% stake in payment subsidiary AXS to private equity firm Tower Capital Asia ($500 million AUM, Assets under Management), with DBS Bank to retain 9.9% minority stake in AXS. DBS: “Following the close of the transaction, which is expected by August 2023, DBS will continue to retain a minority stake of 9.9% in AXS. Incorporated in 2000 to establish an Electronic Service Delivery Network in Singapore, AXS became a DBS subsidiary in 2006. Since then, AXS has expanded its digital payments and collections network through its more than 660 AXS Stations across Singapore, as well as a suite of online and mobile services. Tower Capital Asia has indicated that there are no immediate plans to implement any material changes to AXS’ operations, and customers can continue to enjoy the services AXS currently avails. The transaction is not expected to have any material impact on the earnings or net tangible asset of DBS Group Holdings Ltd. for the financial year ending 31 December 2023.” Established in 2016, Tower Capital Asia is a mid-market private equity firm based in Singapore. Tower Capital Asia: “Tower Capital PE Fund I, LP, a fund managed by Tower Capital Asia, immediately becomes the largest shareholder in AXS, while existing shareholder DBS Bank continues to retain a 9.9% stake in the Company. Further to this, Tower Capital Asia intends to support the Company in its growth plans, which includes expanding AXS’s presence within the Southeast Asian payments ecosystem. Incorporated in 2000, AXS has served the payments needs of Singaporean consumers and merchants for 23 years. AXS provides more than one million users with rapid access to greater than 600 payment services, via its network of over 660 AXS Station self-service kiosks, as well as its proprietary AXS e-Station web-based and AXS m-Station mobile-based applications … … As part of its post-investment value creation plan, Tower Capital Asia intends to transform AXS into a regional cloud-based payment solutions provider, pledging investment in technological innovation and expansion of services to deliver a more powerful and seamless payments experience to merchants and consumers alike, while strengthening existing business operations to ensure continuous service to clients and users who utilise AXS channels for trusted payment services.” AXS co-founder and recently CEO of the NETS Group Jeffrey Goh will be returning to AXS. More info below.
“ $60 Billion Singapore DBS Bank Sells Majority 77.8% Stake in Payment Subsidiary AXS to $500 Million Private Equity Tower Capital Asia, DBS to Retain 9.9% Minority Stake in AXS “
AXS co-founder Jeffrey Goh: “It would be truly a homecoming for me, to be able to rejoin AXS which I helped found and whose business I remain deeply passionate about. The digital payments landscape has evolved significantly in the last two decades, and I look forward to forging a new collective vision for AXS with my teammates and Tower Capital Asia.”
CEO & Founder of AXS, Joey Chang: “We are exhilarated to join hands with Tower Capital Asia. Their investment is more than a nod to what we have built through the years; it is also a strong show of belief in our execution ability and growth potential. We are extremely excited for what the future holds for AXS.”
Tower Capital Asia Founder & CEO Danny Koh: “We are very pleased to welcome AXS into our ever-growing portfolio of category-defining companies. A frontrunner in the digital payments industry, AXS pioneered multi-channel cashless payments in Singapore. The recent explosion in digital payments globally is providing formidable tailwind for AXS, an established player, to seek growth via new business segments and markets.“
$60 Billion Singapore DBS Bank Sells Majority 77.8% Stake in Payment Subsidiary AXS to $500 Million Private Equity Tower Capital Asia, DBS to Retain 9.9% Minority Stake in AXS
Incorporated in 2000, AXS has served the payments needs of Singaporean consumers and merchants for 23 years. AXS provides more than one million users with rapid access to greater than 600 payment services, via its network of over 660 AXS Station self-service kiosks, as well as its proprietary AXS e-Station web-based and AXS m-Station mobile-based applications
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
About Tower Capital Asia
Established in 2016, Tower Capital Asia is a mid-market private equity firm based in Singapore. Backed by global expertise and anchored in Asian values, the Firm has led investments in the privatisation and/or buyout of Southeast Asian businesses – such as Boardroom, Eu Yan Sang and I Can Read – in close partnership with business sponsors. As of December 2022, the Firm manages institutional funds across all vehicles of more than US$500 million. For more information on the firm, please visit www.towercapitalasia.com.
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