July 25, 2005
First Data Corp. just signed a multi-year agreement to
manage credit cards and merchant processing services for DBS
Bank. DBS, based in Singapore, is the largest
bank in that region and has a portfolio of about 2 million
credit card accounts and approx. 13,000 merchants.
First Data said the DBS deal is the first major contract in South Asia for the company, which has a presence in more than 70 countries.
First Data and DBS first began doing business in 1999, when DBS began using First Data's VisionPlus software to manage credit card services in-house.
"The appointment of First Data as a managed services provider was a logical extension of the existing partnership," Steve Ingram, DBS' managing director, said in a statement. He said when DBS decided to outsource the task, using First Data made sense.
Source: BizJournals
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