Singapore-based payment firm DCS Card Centre (DCS) has announced Wednesday that it has rebranded from Diners Club Singapore to DCS, which represents a major transformation of the financial institution (FI).
Previously set up as an exclusive franchise of Diners Club International, acting as its sole issuer and acquirer in Singapore, this name change is required to support the product expansion with other global card schemes including Mastercard, UnionPay and Visa, DCS said in a statement on Wednesday.
Concurrently, DCS is rolling out a new slate of products and services that are developed with an innovative and user centric approach for consumers, merchants and small and medium-sized enterprises (SMEs).
Founded in 1973, DCS was set up as an exclusive franchise of Diners Club International in Singapore with a focus on cards issuing and acquiring for the network.
Some notable credit cards it currently issues include co-brand cards with Sheng Siong, Don Don Donki and Vicom.
The FI sits in a unique position as a non-bank that is licensed to issue credit and charge cards, governed by the Monetary Authority of Singapore (MAS) under the Banking Act.
This gives DCS the same empowerment to provide a range of
financial services as defined by its credit and charge card license, minus the huge overheads of full banks.
It is now focused on transforming itself into a fintech company with the agility to break new frontiers in the payments sector with innovative products and services.
DCS Card Centre is owned by DCS Fintech Holdings, a holdings company that owns a group of subsidiary companies across different financial services.
“Few people are aware that Diners Club Singapore was actually one of the pioneers of cashless payments in Singapore when it launched the first charge card back in 1973,
“This paved the way for Singapore to continually lead the development and evolution of payment products and services in Southeast Asia,” said DCS Chief Executive Officer Karen Low.
According to her, in recent years, technological advancements and the influx of fintechs operating out of Singapore have vastly disrupted how consumers and businesses manage payments, and accelerated market demand for quicker, cheaper and more convenient payment solutions.
At the same time, she said new payment trends are emerging with increased interest in, and development of digital assets for transactions.
“Payments has never been at a more exciting crossroad and there are tremendous growth opportunities for DCS, as we progress with our rapid transformation towards operating like a fintech with agility and innovation,
“With our new leadership team, combined with a new tech infrastructure that is built with APIs at its core, we are equipped to create and scale product propositions that meet the evolving needs of both consumers and businesses alike,” she added.
It is noted that DCS continues to be the only issuer of Diners Club cards in Singapore.
DCS noted that after adding Mastercard, UnionPay and Visa to its family of global payment network partners, there are further plans to add other global payment networks, such as JCB, as well.
DCS will also provide card acquiring services for these same networks as well as Alipay, SG QR and Wechat Pay, enabling it to offer a unified solution across different payment form factors (POS, Scan & Pay and online) on eight payment networks.
It will also be launching a mobile app that allows its merchants to access valuable transaction data in real-time, as well as new-to-market services such as instant settlement and loans.
Coinciding with the rebrand is the launch of the DCS Ultimate Platinum Cards with both Mastercard and UnionPay.
For corporates, DCS will be launching new products and services targeted at small and medium-sized enterprises (SMEs) and supply chain financing.
One of the key focuses for DCS is to actively implement technology and processes that enable swift adaptation for both consumers and businesses, allowing the FI to meet their customers’ evolving needs as the payments landscape shifts and shapes.
To enhance user experience, DCS has also revamped its mobile app “DCS Cards”.
Beyond this first initiative, DCS endeavors to introduce new payment solutions with creativity and innovation, enabling its customers to enjoy a more holistic experience with the FI.
The DCS Virtual Account (VA) is the first of such innovation where upon activation, a unique account is generated for a cardholder to receive funds from any bank account.
Funds in the VA can then be used for DCS card repayments or increase the card spend limit instantly. Over the next few months, new channels for cardholders to aggregate other key asset types such as digital tokens and securities will be launched.
According to the statement, the payment ecosystem in Singapore continues to evolve rapidly due to increasing fintech activity.
Leveraging its robust issuing and acquiring network and capabilities, DCS plans to partner closely with fintechs to co-create innovative solutions that benefit stakeholders within the payment ecosystem.
“We recognize that embedded finance is a fast-growing global trend. As an institution focused on leading payments innovation, we are committed to offer incubation and enablement services to accelerate the access to payments solutions that are swift, seamless and secure for consumers and businesses,
“DCS Innov, a fully owned subsidiary of DCS Fintech Holdings ensures that we drive this new business pillar with focus and grit,” Low added.
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