Seeking to boost its market share in Malaysia, Standard Chartered Bank Malaysia Sdn. Bhd. on Aug. 10 launched a debit card designed for small and midsize businesses.
The issuer is offering the free SME Business Debit Card to its small and midsize enterprise customers across the country, Vishal Shah, Standard Chartered general manager of SME banking, tells PaymentsSource.
“All [small and midsize enterprise customers] who have current accounts with the bank would be eligible for at least 10 such free cards for their needs,” he says, noting the bank’s goal is to issue at least 12,000 cards by the end of the year.
The MasterCard-branded card will provide companies with better cash management, and it will give small businesses the flexibility to preset spending and withdrawal limits for each card it uses, Shah says.
Standard Chartered will provide detailed transaction information in separate monthly statements for each card, giving the business owner a clear view of itemized spending for each of cardholder, he says.
Cardholders also are eligible for discounts and special offers through MasterCard, including up to 10% off room rates at Accor Hotels and Resorts and privileged access to golf courses in Malaysia.
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