CIMB Singapore has introduced the CIMB Founders Card, a personal credit card specifically designed for sole proprietors and small and medium-sized enterprise (SME) owners. This initiative aims to provide these business owners with financial flexibility and instant cash access, addressing the unique challenges they face in securing traditional financing.
The card offers up to 114 days of zero interest on working capital loans and retail purchases, alongside zero foreign exchange fees for overseas transactions. This is particularly beneficial for SMEs, which constitute 99% of Singapore’s businesses and employ 70% of the workforce. Many of these businesses struggle with irregular income patterns and limited credit histories, making traditional loans difficult to obtain.
Merlyn Tsai, Head of Consumer Banking and Digital at CIMB Singapore, stated, “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.”
In collaboration with Mastercard, the card also provides access to over 1,300 airport lounges worldwide and travel insurance coverage of up to $730,000 (S$1 million). Additional benefits include discounts on workplace productivity software and co-working spaces, enhancing both business and personal lifestyles for cardholders.
This launch aligns with the Singapore government’s call for more inclusive financing options for SMEs, especially amidst economic uncertainties. The CIMB Founders Card is set to empower entrepreneurs by offering practical financial solutions that support growth and resilience.
