Mastercard is rolling out a commercial card product designed for small businesses across Asia Pacific in a new collaboration with United Overseas Bank (UOB), an announcement Tuesday (May 28) said.
Mastercard and UOB announced the launch of the UOB Regal Business Metal Card following interviews with small business owners and executives from Singapore. Their research found that travel and entertainment account for the majority of small to medium-sized business (SMB) business spend, leading Mastercard and UOB to implement travel-targeted features and benefits into their small business card.
Benefits include unlimited access to airport lounges and golf clubs.
“The number of SMEs using UOB commercial credit cards has increased by more than 65 percent over the last five years,” UOB Singapore Head of Personal Financial Services Jacquelyn Tan said in a statement. “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.”
According to Mastercard and UOB, three-quarters of small business senior executives they surveyed said they travel as frequently as twice per quarter, spending an average of $4,800 per month on business-related travel. Small businesses also said their average monthly spend on business entertainment is $2,300.
“Mastercard’s insights offer a deep understanding of the key expectations of different consumer segments,” said Mastercard Country Manager, Singapore, Deborah Heng in another statement. “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 personalized services to curated experiences,” she added.