CIMB Singapore has launched the CIMB Founders Card, described as the first purpose-built personal credit card for sole proprietors and small business owners.
It is designed to help entrepreneurs manage cash flow through instant cash access, up to 114 days of interest-free credit and zero foreign exchange fees on overseas spending.
CIMB said the card was developed to address financing challenges faced by small business owners, including irregular income, limited credit histories and lack of collateral.
Sole proprietors and SMEs make up 99% of Singapore’s businesses and employ about 70% of the workforce.
The bank said the Founders Card reflects the government’s call for SME-friendly financing solutions, helping business owners bridge cash flow gaps, cover unexpected costs and reinvest savings into their operations.
Cardholders are invited to take part in a CIMB campaign offering complimentary bus stop advertising to promote local SMEs.
The card also provides access to over 1,300 airport lounges worldwide through Mastercard Travel Pass, with travel insurance coverage of up to S$1 million.
Additional privileges include discounted access to co-working spaces, workplace productivity software and hotels through Mastercard’s Easy Savings Specials.
Working capital loans under the card are subject to a 1% processing fee (EIR up to 4.47%).
“For sole proprietors and SME owners, what truly matters is financial flexibility and easy access to capital to support growth. CIMB Singapore is proud to be a partner in their entrepreneurial journey with inclusive and innovative solutions.
We are committed to advancing customers and society with services and solutions that drive progress, and the CIMB Founders Card is a meaningful step in that direction,”
said Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore.
“Mastercard is proud to collaborate with CIMB Singapore to introduce the CIMB Founders Card, an initiative that empowers entrepreneurs with the financial tools, digital solutions, and business travel support they need to thrive in today’s competitive landscape.
This collaboration reflects Mastercard’s unwavering commitment to supporting SMEs beyond payments, and our shared vision to ensure that sole proprietors and small businesses have access to the solutions they need to succeed – today and into the future,”
said Deborah Heng, Country Manager, Singapore, Mastercard.
Featured image: (From left) Benjamin Tan (Head of Commercial and Transaction Banking, CIMB Singapore), Merlyn Tsai (Head of Consumer Banking and Digital, CIMB Singapore), Andrew Boey (Chief Financial Officer and Officer-in-Charge, CIMB Singapore), Quek Puay Cheng (Head of Financial Institutions, Singapore, Mastercard), Jaden Tok (Commercial Cards Lead, Singapore, Mastercard)
