AXS appoints DBS's Tom McCabe as chairman

The bank's head of global transaction services is appointed chairman of the DBS subsidiary which provides electronic applications and web services.

Tom McCabe has been appointed chairman of AXS, a subsidiary of Singapore-based DBS Bank. The new position at AXS is in addition to his role as managing director and head of global transaction services at DBS Bank. McCabe, who joined DBS from Standard Chartered at the beginning of last year, is responsible for overseeing DBS's transaction banking team in Asia-Pacific which covers 15 markets and more than 50 cities.

"We welcome Tom and are thrilled to have someone with his depth of industry expertise and insights to join us as our new chairman," said Joey Chang, chief executive of AXS, in a statement. "As AXS expands our franchise, Tom's strong strategic skills and counsel will be invaluable to us in consolidating our position as Singapore's leading solution provider and operator of an Electronic Service Delivery Network as well as in accelerating our pace of growth in Asia."

McCabe has more than 25 years of experience in the financial services industry, with 14 of those in Asia, and prior to joining DBS, was global head of product management for transaction banking at Standard Chartered. McCabe replaced Rajan Raju who stepped down from the position in September last year.

AXS, a subsidiary of DBS incorporated in 2000, is a solution provider and operator of a delivery platform called the Electronic Service Delivery Network (ESDN), which allows organisations to reach out to their clients through electronic applications and web services. According to AXS, it is Singapore's largest transactional broadband terminal network and provides electronic services for more than 120 private and government-owned organisations.

"With over 30 million transactions annually, reaching more than half a million users at over 730 AXS stations located nationwide, AXS is an integral transactional e-solutions provider to many of Singapore's consumers, businesses and organisations," said McCabe in a statement. "It has become a leading innovator in the payments and transactions solutions space by providing users over 120 e-services, many of which are unique to AXS's platform."

"I look forward to leveraging my years of expertise in the payments industry to help the team provide more cutting edge solutions to meet our customers’ needs and further grow AXS's presence in the region," he said.

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