Singapore-based United Overseas Bank (UOB) has launched a new business credit card for small and medium enterprise (SME) business executives.

UOB collaborated with Mastercard for the launch.

Dubbed UOB Regal Business Metal Card, the card comes with a non-waivable annual membership fee of S$680 ($494). This is inclusive of GST, The Business Times has reported.

A survey conducted by Mastercard and UOB that revealed 70% of business executives spend most on business travel and entertainment.

Additionally, three out of four respondents said they travel nearly twice every quarter with an average spending of S$4800 ($3485) per month on business-related travel.

The survey report also revealed that business executives on average spend S$2300 ($1670) on business entertainment. This includes meals with clients and golf sessions.

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The UOB Regal Business Metal Card is based on the survey responses. Furthermore, it offers privileges that commercial credit cards do not include.

Mastercard UOB card

The card provides business executives with unlimited access to airport lounges and free access to 60 golf clubs. These include North Country Club in Japan and Sentosa Golf Club in Singapore.

UOB head of personal financial services Singapore Jacquelyn Tan was quoted by The Business Times as saying: “The number of SMEs using UOB commercial credit cards has increased by more than 65% over the last five years. 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.”

The cardholders will also receive “Accor Plus” Membership for a year. In addition customers will also gain access to the Accor Hotels’ Asia-Pacific loyalty programme. These hotels have over 1100 restaurants and 800 hotels.

The loyalty programme provides up to 50% discount. It also offers a “Stay 4, Pay 3” accommodation at any of the included hotels.

Senior SME executives may receive a 50% discount on weekday lunches at the Grand Hyatt Singapore and free champagne with Mastercard Epicurean Experiences at restaurants including Balthazar in Australia and Fukudaya in Japan.

Mastercard country manager in Singapore Deborah Heng said: “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.”

Mastercard and UOB collaborated previously for the launch of KrisFlyer UOB co-branded credit card and UOB Lady’s Card.