Colorado based electronic payment solutions firm, First Data Corp (NYSE: FDC) has gained a significant foothold in the South Asian Market. The company has signed a multi-year agreement with DBS bank in Singapore to manage credit cards and merchant processing services.

DBS bank is Singapore's largest bank with total assets of S$175.5 billion and a portfolio that includes over 13,000 merchants and 2 million credit card accounts. "DBS is dedicated to providing high-quality services to its card and merchant customers," said Greg Nash, managing director of First Data International in Australia, New Zealand and South Asia. "We were chosen by DBS on the strength of our ability to help the bank achieve its long-term growth objectives."

"The appointment of First Data as a managed services provider was a logical extension of the existing partnership," said Steve Ingram, DBS' Managing Director and Head of Technology and Operations and Group Chief Information Officer. "Our relationship with First Data started in 1999 and since then we have used VisionPlus as our technology platform to support unsecured lending processing across the bank. When we decided to outsource our unsecured lending applications support to a managed services provider, it made sense to take our relationship with First Data to the next level. Their proven track record in other markets, the scalability of their solution, and the resources they have in place to support our operations will enable us to further enhance our regional platform in our aim to provide high-quality services to our existing customers and to further grow our business in new markets."

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