The business was acquired by DBS in 2006 and is now being largely spun off to a private equity house.

DBS Bank has agreed to sell its majority (77.8 per cent) stake in digital payments business AXS Pte to private equity firm Tower Capital Asia. 

When the deal concludes, which is expected by August 2023, DBS will continue to retain a minority stake of 9.9 per cent in AXS, it said in a statement yesterday. 

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, DBS said. 

The Singapore-headquartered bank said it didn’t expect the transaction to materially affect earnings or the net tangible assets for the financial year ending 31 December 2023.