Targeting the SME sector to simplify their financial management, the launch of this new UOB Indonesia’s corporate credit card is expected to attain a target of 100%.
Heaptalk, Jakarta — PT Bank UOB Indonesia announced its strategic cooperation with Visa Indonesia and Volopay to establish the corporate credit card. Targeting Indonesia’s Small and Medium Enterprises (SMEs), this card has linked with the integrated Volopay’s financial management platform.
In more detail, this partnership enables entrepreneurs to hook UOB’s corporate card with the Volopay platform. Also, they will experience several benefits, such as a simple transaction process, invoice management, accounting integration, budget, and reimbursement. With this platform integration, a claiming and corporate card issuance process will be more straightforward, while the risk of card misuse and overspending can be minimized.
The Consumer Banking Director of UOB Indonesia, Henry Choi, admitted, “We are glad to partner with Volopay and Visa in creating diverse proportion value in the commercial card field. As a banking corporation, we continue to enhance productivity through effective cost management. Through this cooperation, we expect to promote digital payment innovations, enhance market penetration, and boost sustainable development,”
Concurrently, the President Director of Visa Indonesia, Riko Abdurrahman, conveyed corporate consumption spending in Indonesia will reach US$3.2 trillion by 2022. By launching this corporate credit card, Riko hopes to achieve the targets set by the company and comply with governance and regulations related to accounting and data in Indonesia’s growing digital payment landscape.
“The amount of US$3.2 trillion is the corporate consumption expenditure in Indonesia. However, we noticed that customers using this card only have under 1%. For this reason, the launch of this new corporate credit card can attain the target by 100%. ” Riko added during the press conference. (03/21)
Through this collaboration, the corporate card users would experience a global network of Visa to over 80 merchants in more than 200 countries. As it is known, Volopay is one of Visa Asia’s partners. The company participated in the Visa Fintech FastTrack program, allowing them to issue cards in Asia.
“Many businesses still have limited access to using digital payment tools adequately. By offering financial tools integrated with business operations, Volopay wants to empower various businesses in Indonesia, starting with offering physical corporate card products. With our partners, Visa and UOB Indonesia, we believe this solution will open up financial inclusion for various businesses in Indonesia’s digital economy,” Volopay’s Founding Member and Executive Vice President, Rohit Bhageria, said.
