HONG KONG - Dao Heng Bank Group has introduced a Visa Business Card for small and midsize enterprises.

The Dao Heng Visa Business Card is the first in Hong Kong to offer no annual fee for life and a liability waiver that protects a company against losses from misuse by an employee, the banking company said.

The card offers 60-day repayment without interest, as well as free reports - either annually or quarterly - detailing how much a business has spent, what has been purchased, and from what country. These reports are meant to help with the preparation of budgets and tax returns, Dao Heng said.

"At present only around 30,000 to 40,000 out of the 290,000 [small and midsize businesses] in the territory have business or corporate cards, and we are confident of capturing about 20% of the market within the next two years," said Vincent Chiang Wai-sum, general manager of the company's cards department.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.