Visa Picks First Official UAE Business Card Provider

Visa has been targeting business in the UAE and MENA regions this year. Most recently, last May the credit card conglomerate struck a partnership with the UAE’s largest financial institution, Mashreq, and allows cardholders throughout the EMEA to access one-click Visa Checkout services.

The firm has just made its latest expansion in the region by announcing Monday (June 22) that is has picked Aseel Islamic Finance to become its first official provider of the Visa Platinum Business Credit Card across the UAE and Middle East North Africa area.

“This recognition is very important for us, as it confirms that we are on the right track in supporting a key segment of our community,” said Fatima Qasimi, the CEO of Aseel Islamic Finance, in a statement. “The SME sector remains an important part of our customer group, and this new business card follows our launch of SME-specific services last year.”

The commercial card product includes a fixed monthly charge and, according to the companies, offers business users one of the highest credit card limits on the market today. The card also offers businesses various discount programs aimed at the products and services used most by business owners, such as hotels and rentals.

Additionally, the Aseel Visa Platinum Business Credit Card includes a rewards program for businesses and provides SMEs with cash back every year.

According to Qasimi, the card provides business spending and financial data insight and analytics for SMEs to improve their cash flow management and spend visibility. She added that the program provides spending reports and customizable spend notifications for small businesses.

For Visa MENA General Manager of UAE and Global Accounts Lead Marcello Baricordi, it is especially crucial for small businesses in the region to have access to such a business card product, making the Aseel partnership a key strategy for Visa. “This product is especially relevant in the UAE, where a majority of firms require better lending options to meet business needs,” he said.

Visa’s partnership follows competitor MasterCard’s own launch in the UAE for SME card services. The company announced a partnership with Emirates NBD and Emirates Money to launch a new commercial card program for small businesses in the nation.