Ambank eyes Rm188mil spending for new corporate cards

SUBANG JAYA: Ambank Group is targeting Rm188mil in credit card spending for the first year, an average of Rm15mil spending per month, with the newly-launch corporate cards.

Group chief executive officer Datuk Sulaiman Mohd Tahir said the two cards were designed to offer a simple way for businesses to pay for purchases and manage their daily expenses while making it ever more rewarding.

“The group is seeing a 24% upward trend in total spending by its credit card holders for the financial year 2022 (FY22) versus FY21, which is an outstanding record.

“Hence we are seizing the opportunity to launch the better corporate cards with greater benefits to capture the spend from business to business segment,” he said after the launch of the cards – Ambank Visa Infinite Business and Visa Platinum Business Card – here yesterday.

He said these cards would be an ideal option to serve the small and medium enterprise (SME) sector in addressing the challenges of accessing spending flexibility as a viable financing option, especially at a time when the SMES are still gradually recovering from setbacks of the pandemic.

Sulaiman said that according to Visa’s SME Digital Banking Study in Malaysia, 79% of SMES faced business operation challenges while 57% experienced digitisation challenges.

Therefore, he said the newly launched cards would come in handy to help SMES in the form of payment, helping them to streamline and consolidate corporate expenses under one account.

The event also saw Ambank ink a two-year strategic partnership with Persatuan Usahawan Maju Malaysia (PUMM), a non-profit organisation with over 3,000 business owners from various business sectors.

Commenting on the partnership, Sulaiman said Ambank would be the exclusive banking partner for PUMM.