When Diners Club launched in Singapore in 1999, new customers accounted for 20% of clients within 6 months, and finance manager Peter Tam forecasted they would be over half of subscribers within 3 years. As the business grew, so did funding needs. Tam needed a flexible funding structure that grew with receivables. Diners Club implemented a revolving asset-backed securitization through an SPV, issuing 30-day certificates to ABN Amro, who sold them on US markets. This allowed Diners Club to vary funding monthly based on needs, at lower rates than credit cards. ABN Amro administered the program.