CIMB Singapore has launched the CIMB Founders Card, which is said to be the first purpose-built personal credit card tailored to the needs of sole proprietors and small- and medium-sized entrepreneur (SME) owners.
“For sole proprietors and SME owners, what truly matters is financial flexibility and easy access to capital to support growth,” says Merlyn Tsai, head of consumer banking and digital at CIMB Singapore.
The card provides users immediate access to cash and up to 114 days of zero interest on working capital loans with a processing fee of 1% and an effective interest rate of up to 4.47% per annum (p.a.)
This feature will allow business owners to seize growth opportunities, bridge cash flow gaps and manage unexpected expenses without disrupting operations. The card also offers zero foreign exchange (forex) fees, which means users get to see greater savings that can be reinvested into cash flow or used for business expansion plans, says CIMB’s release dated Sept 16.
Other card benefits include complimentary access to over 1,300 airport lounges around the world via the Mastercard Travel Pass, as well as insurance coverage of up to $1 million. The card also offers users discounted access to co-working spaces, as well as savings and discounts on certain products and services such as workplace productivity software and hotels.
According to data from the Department of Statistics Singapore (SingStat), sole proprietors and SMEs make up 99% of Singapore’s businesses and employ 70% of the workforce, although many face financing challenges due to irregular income patterns, limited credit histories and a lack of collateral. All these factors means businesses may find traditional loans difficult to access and alternative options costly.
