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UOB targets SMEs with new credit card

UOB targets SMEs with new credit card

(31 May 2005 – Singapore) Singapore’s United Overseas Bank has teamed up with Visa International to launch a platinum business credit card targeting small and medium sized businesses across South East Asia. UOB said SMEs would be able to centralise their business spending on a single card which would help them better manage and control their expenses. The card comes with an eight percent interest rate.

UOB first vice president and head of cards, Janice Ang, said as market leader in SME loans, the bank was constantly exploring new and innovative products that provided better business solutions for SMEs.

UOB general manager, Commercial Solutions for Visa Asia Pacific, Michael Cannon, said the SME sector represented a huge growth opportunity of nearly US$100 billion in Singapore.

"Our data shows that the average annual spend on a Visa Business Card is three times as high as a classic consumer card," he said.

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