Draft:AXS Pte Ltd
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| Formation | 2000 |
|---|---|
| Founder | Joey Chang, Jeffrey Goh, Eugene Chan |
| Headquarters | Singapore |
| Jeffrey Goh [1] | |
CEO, AXS Services | Chin Mun Chung |
CEO, AXS Payments | Quah Chun Han |
| Website | www |
AXS Pte Ltd is a Singapore-based company incorporated in 2000, providing payment services through an electronic service delivery network (ESDN).[2][3] It started as a joint venture between NETS and Primefield, and was initially named AXS InfoComm Pte Ltd.[2][4]
AXS currently is a payment Institution in Singapore licensed under the Payment Services Act by the Monetary Authority of Singapore (MAS).[5] Since the company started its operation, AXS has processed over 650 million transaction count with total payment value exceeding S$210 billion.[6]
History
[edit]Incorporation of AXS (2000)
[edit]AXS Pte Ltd, originally known as AXS InfoComm Pte Ltd, was founded in Singapore in 2000 as a joint venture between Network for Electronic Transfers Singapore (NETS) and LKN-Primefield Ltd. The newly formed joint venture, AXS InfoComm, aimed to launch the AXS Station, an enhanced version of the NETS kiosk, by the end of 2000.
Launch of AXS Station (2001)
[edit]The company proceeded to set up a network of self-service transactional kiosks, known as AXS Stations, by 2001. [7] These kiosks were designed to let users make phone calls, pay bills and fines, check emails, and access websites, among other functions.[4] Today, AXS Stations are available across Singapore, located in shopping malls, commercial buildings, and transport hubs.[8][9]
Acquisition by DBS Bank (2006)
[edit]AXS became a subsidiary of DBS Bank, a leading financial institution in Singapore. This acquisition facilitated the expansion of AXS’s service capabilities and infrastructure. [10]
Prior to this acquisition, DBS Bank held a 10.81% stake in AXS. Additionally, Network for Electronic Transfers (Singapore) Pte Ltd, in which DBS holds a one-third stake, owned a 9.52% stake in AXS.[10]
DBS Bank entered into a sale and purchase agreement with LKN-Primefield Limited (LKNP) to acquire all the ordinary shares in Primefield Company Pte Ltd (Primefield) from LKNP. Primefield, a Singapore-incorporated company, held principal assets comprising a 53.96% equity stake in AXS InfoComm Pte Ltd (AXS) and a leasehold property known as Primefield-Landmark Building. [11]
This acquisition allowed DBS to expand its suite of electronic collection services and offer differentiated services to its corporate customers. AXS’s capabilities in providing customized electronic services complemented DBS's payment and collection services for corporate and government clients.
Channel Expansion to Mobile and Web (2013)
[edit]AXS launched two new payment channels – the AXS m-Station (mobile app) and AXS e-Station (web).[12][13] These platforms enable users to manage transactions online and via mobile applications, offering increased flexibility and convenience. [12]
Sale to Tower Capital Asia (2023)
[edit]DBS Bank entered an agreement to sell a 77.8% stake in AXS to Tower Capital Asia, a private equity firm based in Singapore.[14] This strategic move is intended to bolster AXS's growth and drive further innovation in the payment services industry. AXS announced plans to transform into a regional provider of cloud-based payment solutions, with support from Tower Capital Asia, by investing in technological advancements and expanding its payment services.[15]
Launch of AXS Drive (2024)
[edit]AXS introduced AXS Drive, a service aimed at providing a seamless parking payment experience. This service allows users to exit car parks without concerns about insufficient funds or issues with their In-Vehicle Unit (IU).[16] AXS Drive is available at commercial car parks in Singapore, including locations such as Aranda, Downtown East, Far East Plaza, Southside Sentosa and The Heeren, Wisma Atria.[17]
References
[edit]- ^ Hu, Yuanwen (30 June 2024). "联合创办人吴麟书：AXS可成为区域首个跨市场付款金融科技公司 | 联合早报". www.zaobao.com.sg (in Corsican). Retrieved 3 September 2024.
- ^ a b Frances, Joy (27 March 2001). "New Web Stations". TODAY, Singapore. p. 5. Retrieved 29 July 2024.
- ^ Singapore 1000 & Singapore SME 1000: In Celebration of the Nation's Golden Jubilee. DP Information Group. 2015. pp. 48–49. ISBN 978-981-09-4614-2.
- ^ a b Ng, Desmond (14 April 2001). "Smile You're on the Public Phone Camera!". The New Paper. p. 13. Retrieved 29 July 2024.
- ^ "Financial Institutions Directory". Monetary Authority of Singapore. Retrieved 24 August 2024.
- ^ "AXS | Our Story". AXS. Retrieved 26 August 2024.
- ^ Singapore, Stock Exchange of (2001). Companies Handbook of the Stock Exchange of Singapore Ltd. the University of California: The Exchange. p. 425.
- ^ Tay, Kelly (5 January 2015). "Building Points of Access". The Business Times. p. 6. Retrieved 29 July 2024.
- ^ Renner, Karen J. (15 November 2011). Fun For Kids in Singapore (3rd Edn) (3rd ed.). Marshall Cavendish International Asia Pte Ltd. p. 40. ISBN 978-981-4435-54-3.
- ^ a b Asmani, Azrin (10 June 2006). "DBS Will Pay $1 for Majority Stake in Network of AXS Stations". The Straits Times. p. 17. Retrieved 29 July 2024.
- ^ Siow, Li Sen (10 June 2006). "DBS to Buy Further 54% Stake in AXS". The Business Times. p. 5. Retrieved 29 July 2024.
- ^ a b N.A. (10 September 2013). "Pay Your Bills via AXS with Phone App or on the Net". The Straits Time. p. 3. Retrieved 29 July 2024.
- ^ "DBS, AXS team up to offer digital and mobile payment for condo fees". The Straits Times. 19 January 2017. ISSN 0585-3923. Retrieved 3 September 2024.
- ^ Zhu, Michelle (11 July 2023). "DBS to sell majority stake in AXS to private equity firm Tower Capital Asia". The Straits Times. ISSN 0585-3923. Retrieved 26 August 2024.
- ^ "DBS divests majority stake in AXS to Tower Capital Asia". DBS Bank. Retrieved 29 July 2024.
- ^ "AXS launches app for cardless parking at some malls and commercial buildings". CNA. Retrieved 26 August 2024.
- ^ Abdullah, Zhaki (17 July 2024). "New mobile app by AXS allows cardless payment at commercial carparks". The Straits Times. ISSN 0585-3923. Retrieved 26 August 2024.