Commenting on the announcement, Ananya Sen, Group Product Head, Digital Consumer Finance and Card Payments at DBS Bank, said: “We are excited to be the first regional issuer in Asia to partner with Mastercard on this innovative BNPL solution. This will scale our BNPL touch points significantly, allowing two million customers to enjoy our BNPL offering across an extensive range of physical stores, eCommerce platforms and through our apps.”“This new partnership with Mastercard is especially meaningful for us, given our BNPL-related sales in Singapore had reached record growth in 2021,” added Anthony Seow, Head of Payments and Platforms, DBS Bank. “Coupled with growing consumer demand for installment payment options and a superior shopping experience, we believe that this collaboration will further accelerate our growth in the BNPL space as more customers can benefit from managing their credit responsibly while enjoying the payment flexibility."The partnership draws on the expertise and technology assets of Mastercard and Pine Labs, a leading merchant commerce platform, as well as DBS’s strong regional footprint in Asia. The ‘Mastercard Installments with Pine Labs’ program will be available for use with DBS/POSB credit cards for local transactions, while cross-border transactions are being planned in later phases. A launch in Indonesia and Hong Kong SAR will take place in the first half of 2022.“Pine Labs has been active in the ‘pay later’ space for a while now, helping to foster this growing trend in consumer financing,” said Dheeraj Chowdhry, Chief Business Officer & Head – Pay Later, Southeast Asia, Pine Labs. “The ‘Mastercard Installments with Pine Labs’ program allows merchants to potentially capture sales they might not have otherwise. With Mastercard’s vast payments network, and DBS’s extensive customer base and deep knowledge of regional commerce, we look forward to a partnership that I believe will rapidly accelerate the growth of this financing option.”Said Sharon Chew, Senior Vice President, Customer Solutions, Southeast Asia, Mastercard: “Shoppers are increasingly demanding flexible payment options that suit their evolving needs. The ‘Mastercard Installments with Pine Labs’ program provides consumers in Asia greater control of their spending while giving them payments options that fit with their evolving needs. This partnership draws on expertise from three industry leaders, and aims to create a more universal, simplified way of implementing installment payments that benefits both consumers and businesses alike.”
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About DBSDBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
