RETAIL BANKING | Staff Reporter, Singapore

Maybank launches World MasterCard, targets Asia's rich

The bank eyes a 10% increase in its total card base within the first two years of the card's launch.

In a statement, Maybank announced the launch of the Maybank World MasterCard to capture a greater market share of those with annual income of SGD120,000 and above. The Bank aims to increase its total card base by 10 percent within the first two years of the card’s launch.

According to data from the Inland Revenue Authority of Singapore (IRAS) 2010/2011 Annual Report, the market size of those in the annual income band of SGD100,001 and above numbered around 218,200 in 2010. This represents a 42 percent growth over a three-year period.

Said Mr Alan Lau, Head of Consumer Banking, Maybank Singapore: “The Maybank World  MasterCard completes the suite of card products Maybank offers to the market. We believe our positioning of the card will give us better penetration into the affluent segment. In turn, this will increase total card spend, since our existing cardholders who earn SGD120, 000 and above have almost twice the propensity to spend as other cardholders.”

Targeted at individuals with a minimum annual income of SGD120, 000, the card offers a hefty 19.7 percent discount at Shell petrol stations in Singapore, through collaboration with Best Petrol & Diesel Supply Pte Ltd. Cardholders will be given an upfront 15.5 percent discount every time they top up their tanks. In addition, Maybank will give 10 times reward points – which work out to be another 4.2 percent – that can be offset against the final amount billed.

The card also offers a set of privileges to suit the lifestyle needs of the affluent segment. These include 10 times reward points when they dine at restaurants under the Les Amis Group, and shop at Palais Renaissance and DFS Galleria Singapore. Complimentary use of JetQuay, a five-star private terminal at Singapore Changi Airport, is also extended to cardholders.

In addition, cardholders will also enjoy hotel privileges from Starwood Hotels and Resorts, and Relais & Chateaux, offered exclusively under the World MasterCard programme. 

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