Press Release

March 01, 2022

Mastercard, DBS Bank and Pine Labs offer consumers a new payment option in multiple Asian cities

Two million DBS Bank cardholders in Singapore, Indonesia, and Hong Kong SAR to benefit from the ‘Mastercard Installments with Pine Labs’ program which makes it easier for consumers to convert their purchases into monthly installments

SINGAPORE – March 1, 2022 – Mastercard, DBS Bank and Pine Labs have partnered to launch ‘Mastercard Installments with Pine Labs’ - a new program that allows DBS/POSB credit cardholders to pay via interest-free installments at merchants with the ‘Pay Later’ identifier, simply by presenting their DBS/POSB cards at checkout.

Launching in March, the program will be accessible to all DBS/POSB credit cardholders initially in Singapore, followed by Indonesia and Hong Kong in 2Q 2022. Consumers will enjoy a seamless and secure experience to access Buy Now, Pay Later (BNPL) offers at checkout across a variety of merchants. DBS is the first regional issuer in Asia to offer this program to its customers, and key highlights of the program include:

  • Instant installment approval at checkout (up to a cardholder’s pre-approved credit limit)
  • Flexible installment repayment periods with no interest charge
  • Available exclusively on all DBS Mastercard, Visa and American Express credit cards
  • Peace of mind that comes with Mastercard’s trusted merchant network

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.

“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.”

About DBS

DBS 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

About Mastercard (NYSE: MA),
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Pine Labs

A leading merchant commerce platform, Pine Labs serves prominent large, mid-sized and small merchants across India and Southeast Asia. The company's leading cloud-based software platform enables it to offer a wide range of payment acceptance and merchant commerce solutions including enterprise automation systems such as inventory management and customer relationship management. Its stored value platform includes issuing, processing, and distributing digital gift cards for corporate customers around the world. In April 2021, Pine Labs acquired Fave, a consumer fintech platform that provides a smart payment app to the smart generation of consumers looking to pay and save. Fave is currently available in Singapore, Malaysia and Indonesia with a planned roll-out in India in the near term. Incorporated in Singapore, Pine Labs' key investors include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard.

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