Singapore’s DBS has sold a stake in payments company AXS to private equity firm Tower Capital Asia.
DBS has agreed to sell a 77.8 percent stake in AXS to Tower Capital Asia, according to a statement. The transaction is expected to close by August 2023 and the bank will continue to retain a minority stake of 9.9 percent in AXS.
AXS was incorporated in 2000 as a payments firm and it services the needs of over 1 million users in Singapore via self-service kiosks and online applications.
Founded in 2016, Tower Capital Asia is a Southeast Asia-focused private equity firm with over $500 million in funds under management, according to its website.
