Pioneering SME Card Launched In Southeast Asia

Southeast Asia is getting a groundbreaking card solution for small business owners, according to one bank.

Malaysia-based Alliance Bank said it will look to sign up 10,000 companies in the nation for its new commercial card product, the Visa Infinite Business Credit Card, by the end of 2016, according to reports on Thursday (Jan. 21).

At present, said Alliance Bank Malaysia Executive Vice President and Head of Group Transaction and SME Banking Victor Khor, the bank works with 85,000 small business customers. Such a high number means the executive is “optimistic” that the bank can reach the 10,000 goal for its commercial card program, reports said.

“The product features fit the SMEs well in managing their expenses,” he said, following the launch of the card product. He added that the solution allows business owners to provide up to five supplementary cards for their employees.

Providing the Visa card to corporate users comes several years after Alliance Bank launched the solution for consumers. According to Khor, Thursday’s launch makes this a first-of-its-kind small business card in Southeast Asia.

Reports said that among the features of the card, it provides a zero percent interest plan for overseas purchases, a longer interest-free repayment period and a rewards program.

The solution also automates VAT tax recovery, the bank added.

Visa announced just last month that its Business Card solutions would introduce streamlined VAT fund recovery services in the region, a venture launched in collaboration with Taxback International.

“Businesses, especially those with frequent international travel, can save significant amounts if they effectively manage their VAT,” said Visa Head of Small Business Products in Asia-Pacific Vikram Kshettry in a statement.