Citi Launches Commercial Cards in Taiwan
Taipei – Citi today announced its formal launch of Citibank Commercial Cards in Taiwan. The product is marketed as a genuine corporate credit card and will be issued to corporate clients in Taiwan.
Citibank Commercial Cards are the first genuine globally accepted corporate cards issued by both VISA and MasterCard in Taiwan. With the cards’ powerful global expense data management function, the cards will offer world-class business payment services to Taiwanese companies to help strengthen their financial operations and enhance their international competitiveness.
Citibank Commercial Cards are different from other individual business credit cards available on the market and have been issued to more than 3,000 companies in 45 nations and is accepted worldwide.
In addition, the cards’ world-famous global business payment and data integration functions provided by Citibank’s end-to-end platform makes expense management more transparent and smarter, while eliminating inefficient paperwork.
Taiwan is the latest regional market where Citi has launched this product. In response to growing demand for cross-border financial services in Asia, Citi has previously introduced Commercial Cards in Australia, Hong Kong, Japan, Korea, Singapore, and Malaysia.
“Since Citibank Commercial Cards were launched in 1990, the cards have won wide recognition in Europe and North America. As Taiwan, powered by the cards’ strong economy, have always played a crucial role in the Asia-Pacific region; we decided to introduce Commercial Cards into the Taiwan market in 2008. This will allow Taiwanese businesses, in step with their Asian or even global competitors, to enjoy the benefits and convenience brought by this mature business payment tool and sharpen their competitive edge worldwide" said Stephen Yeung, regional business head for Commercial Cards at Citi’s Global Transaction Services.
Commenting on the launch, Kathy B. Lin, Head of Global Transaction Services Group, Citi Taiwan, said: “The global business credit card market is expanding by an annual CAGR of 10%, showing that the product is well recognized. As Citi’s customers repeatedly ask when Commercial Cards will be available in Taiwan, we have greater confidence about the card’s potential in the local market. Backed up by Citi’s financial expertise accumulated over the past century and 20 years of experience in promoting Commercial Card globally, we believe the cards are not only the convenient and transparent business payment tool worldwide, but also part of our long-term commitment to Taiwan"
Citibank Commercial Cards – a new business payment tool equipped with six advantages:
1. With the world’s highest acceptance rate and global service network: Citibank Commercial Cards cooperate with 27 million merchants globally. The cards have been issued in 45 nations by the two major credit card organizations, VISA and MasterCard, and are accepted worldwide. Following clients’ business expansion to all corners of the world, the card can be used anytime and anywhere.
2. Recognized by over 3,000 clients with tailor-made professional services: Over 3,000 corporate clients around the globe have selected Citibank Commercial Cards, including Shell and McGraw-Hill Education. Citibank has the most extensive customer service experience, fully understands customer needs in various sectors, and is able to provide customized services.
3. Specialized travel management and reporting system for internal controls and external audits: Citibank Commercial Cards provide complete travel management and report functions, making account-keeping a transparent process. The cards allow companies to effectively manage travel expenses from all departments. For multinationals, the card’s uniform global platform can integrate expenses from their branches around the world, meeting accounting requirements of all countries and regulations of the Sarbanes-Oxley Act.
4. Automated electronic process for accurate reporting: The account management platform provided by Citibank Commercial Cards offer automated electronic operations throughout the process, from swiping the card to make purchases, declaring expenditures to companies’ making payments. The cards reduce staff costs and possibilities of mistakes. Furthermore, it simplifies the complex reimbursement and approval procedures, enhancing efficiencies for both companies and employees.
5. Improves price-negotiation position to saves cost: Citibank Commercial Cards are only issued to corporate clients and cooperates with 27 million merchants. Through the global platform, clients can gain a stronger price-negotiation position with the merchants they frequently visit to greatly save costs. The uniform electronic process improves a company’s efficiency and saves invisible costs in time and effort.
6. Separation of company and private expenses: As all expenses are settled by companies, employees need not make advances during business travels. This draws a clear line between private and business accounts to benefit both companies and employees.
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