DCS, a non-bank financial institution regulated by the Monetary Authority of Singapore, has announced the successful closing of its largest asset-backed securitisation facility to date, valued at S$450m. The senior notes have been awarded a rare AAA(sf) rating by Fitch, a testament to the high quality of DCS’s receivables, which are characterised by low charge-offs and strong repayment behaviour.
The AAA rating is a significant achievement in the credit card industry and underscores DCS’s robust governance and strengthened capital base of S$75m. Over the past three years, DCS has expanded its customer base across various segments, including first-jobbers, telecommuters, and high-net-worth individuals, whilst also increasing its merchant acquiring footprint. This expansion has been supported by processing large transaction volumes at major events and innovating Web3 card issuing beyond Singapore.
Karen Low, CEO of DCS, stated, “This milestone of AAA ratings on our senior notes demonstrates the strength and resilience of our receivables. The strong execution and enthusiastic response to this securitisation reflect the expansion of our investor base and growing demand for our card portfolio.”
The transaction saw full placement across all tranches, with participation from local and global investors such as Manulife, DBS, and Santander CIB. DBS also served as the arranger for this securitisation. The successful completion of this programme provides DCS with ample liquidity to fuel continued innovation and strategic growth in both traditional finance and the Web3 space.
