UNDAUNTED by the climate of caution and belt-tightening among businesses, DBS has launched a credit card aimed at the SME bosses to help them with small savings while spending.
Called the DBS World Business Card, it gives SME bosses unlimited free access to more than 300 airport lounges globally - even if they are flying economy.
'Although Asia has been affected by the US sub-prime crisis, leading SMEs continue to see opportunities in adversity,' said DBS enterprise banking head Edwin Khoo.
'As a bank that keeps faith with our customers through good times and bad, we believe in providing a full suite of banking solutions to meet all their banking needs.'
Mr Khoo added that some entrepreneurs have had to use multiple cards for their entertainment expenses because the credit limit for personal credit cards is only double an individual's monthly salary.
With the DBS World Business Card, the credit limit can be a flexible fraction of the full credit line that DBS extends to the company.
The newly launched card also offers significant discounts at top hotels and renowned restaurants in Singapore and overseas. It charges an interest rate of 18 per cent.
According to DBS, it is the only corporate card that offers card insurance of up to $10,000 in the event that it is lost or stolen. Card holders can also enjoy complimentary medical emergency assistance when they are overseas.
DBS said that it is looking at inviting 50,000 SME bosses within a year. To qualify, the entrepreneur must have been a customer with the bank for at least five years and his firm must have posted 'very good profits over the last few years'.
Despite the credit tightening conditions, Mr Khoo revealed that his bank has not seen any increase in the drawing down of credit lines by SMEs.
'We are cautious . . . but basically our message to our clients is that if you have been loyal to us, we will still be around to help you out,' he added.
This article was first published in The Business Times on November 04, 2008.
