SINGAPORE - American Express (Amex) is launching a new corporate card targeted at mid-sized companies in Singapore, claiming the card allows them better bargaining power and the advantage of volume discounts of up to 70 per cent a year on travel and entertainment (T&E) expenses.

According to Amex, there are currently about 100,000 mid-sized companies in Singapore. They have an annual spend of S$5 billion (US$2.86 billion) of which T&E expenses account for at least 20 per cent.

Director of global corporate services (ASEAN), Mr Simon Keys, said: “We leverage on our combined purchasing muscle to pass on greater savings to these companies and help them cut costs.”

As an example, a one-night stay at Hilton Bangkok has a rack rate of US$160 but through the corporate card, companies would be able to enjoy up to 60 per cent discount per night.

In addition to negotiated rates, the card provides control and convenience through its one charge and payment system. Users are also able to benefit from spend limit and automated expense reporting to give a clearer overview of a company's expenditure.

Amex has teamed up with the Association of Small and Medium Enterprises for a half-day business forum on August 14 on cost management tools for small and medium companies.