Citibank has launched two new commercial cards called the Citibank Business Signature Card and Citibank Travel account, in a bid to capture 20% of the business-to-business (B2B) card payments market.
"We are pursuing the higher tier SME and MME companies that need efficient corporate travel and expense payment tools or solutions. These companies also require a more sophisticated expense reporting structure on business expenditures and lower payment processing costs," said Anand Cavale, managing director, cards and consumer lending, Citibank.
The Citibank Business Signature Card can be used for business-related expenditures such as travel, entertainment and business purchases, which enables more control as companies can determine employee spend limits, billing options and have flexibility to decide who bears the primary responsibility for making repayments.
Small and medium enterprises are a very important part of Malaysia's economy, accounting for 97.3% of the overall business community.
By year end, Citibank aims to secure corporate spends in the Procure-to-Pay and Travel and Entertainment (T&E) categories, targeted at mostly higher tier Small-to-Medium Enterprises (SME) and Middle Market Enterprises (MME) segments.