DBS sells 77.8% stake in AXS to Tower Capital Asia

AXS became a subsidiary of the bank in 2006.

DBS Bank is selling a 77.8% stake in AXS Pte. Ltd., a digital payments company, to private equity firm Tower Capital Asia.

DBS will retain a minority stake of 9.9% in AXS.

AXS became a subsidiary of DBS in 2006. It has since expanded  its digital payments and collections network through more than 660 AXS Stations across Singapore, as well as a suite of online and mobile services.

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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, according to DBS’ press announcement.