UOB and Mastercard have launched a credit card designed for small- and medium-sized enterprises (SMEs).
In creating the card, Mastercard and UOB conducted face-to-face interviews and surveys with senior executives in SMEs to have a deeper understanding of how commercial cards can enable them to do more with their business spend.
Their research found that travel and entertainment top the list of business spend for close to 70 per cent of the respondents. Three in four SME senior executives surveyed said that they travel up to twice every quarter, spending an average of $4,800 a month on business-related travel. Respondents also said they spent an average of $2,300 a month on business entertainment, such as golf sessions and meals with clients.
Given these insights, the UOB Regal Business Metal Card was designed to offer a comprehensive suite of travel privileges typically not available with commercial credit cards. For example, the card offers business executives unlimited access to airport lounges so that they can work in comfort or rest and refresh while on the go. To help reduce their business entertainment expenses, the UOB Regal Business Metal Card also offers complimentary access to 60 golf clubs around the world.
Jacquelyn Tan, Head of Personal Financial Services Singapore, UOB, said, “The number of SMEs using UOB commercial credit cards has increased by more than 65 per cent over the last five years. Of these, most use their commercial credit cards in the region for travel and business entertainment. To support these SMEs, we have designed the UOB Regal Business Metal Card, with its comprehensive suite of benefits and privileges to help them enjoy greater value and cost-savings in the areas they spend the most.”
Deborah Heng, Country Manager, Singapore, Mastercard, said, “Mastercard’s insights offer a deep understanding of the key expectations of different consumer segments. With SMEs making up the majority of registered businesses in Singapore, Mastercard is committed to supporting them with tailored solutions that benefit both the business owners and their businesses. The UOB Regal Business Metal Card provides SMEs access to a range of attractive and complimentary offerings at their fingertips, from personalised services to curated experiences.”
This is the third collaboration between UOB and Mastercard in Singapore this year. The two partners recently worked together to launch the KrisFlyer UOB co-branded credit card and the newly-revamped UOB Lady’s Card.
