SINGAPORE - First Data Corp. has opened a regional office in Singapore, according to a news release.
The establishment of the Singapore office follows the July 2005 signing of a multiyear agreement to manage DBS's credit card and merchant processing services. Under the terms of the contract, First Data will manage one of Singapore's largest bank portfolios, which consists of more than 2 million credit cards and 13,000 merchant accounts.
"South and South East Asia are important markets for First Data," said Pamela H. Patsley, First Data International's president. "The electronic payments market in Singapore is growing at double-digit rates in terms of both volume and value."
Grant Lines, senior vice president of First Data business development for South Asia, will be responsible for daily operations and business development for the region.
"Our strategy in South Asia focuses on marketing our VisionPLUS solution as a managed or outsourced service to leading banks, and pursuing relationships with banks and market-based cooperatives in the ATM, merchant and payment processing markets," Lines said.
First Data's VisionPLUS software is a comprehensive solution for all credit card, lending and related processing needs, incorporating fraud prevention and management reporting capabilities.
