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MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY

(AXP)
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American Express : and Singapore Airlines Extend Partnership to Support SME Growth in Singapore

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08/02/2019 | 06:30am EST

American Express and Singapore Airlines Extend Partnership to Support SME Growth in Singapore.

Highlights:

* The new American Express Singapore Airlines Business Credit Card will help small and medium-sized enterprises (SMEs) better manage cash flow and turn business expenses into benefits

* SMEs will get up to 8.5 HighFlyer points for every S$1 spent - worth up to 8.5% in savings - and 0% interest on instalments over six months on Singapore Airlines flights

* Travel benefits include complimentary airport lounge access, accelerated upgrade to KrisFlyer Elite Gold, and Accor Plus membership with an annual complimentary night's stay

American Express and Singapore Airlines are extending their 20-year partnership with the launch of the American Express Singapore Airlines Business Credit Card. This new Card will help SMEs better manage their businesses, fund their expansion efforts, all while enjoying a number of premium travel benefits.

According to a survey by American Express and Singapore Airlines, most SME owners are bullish - with more than 74% expecting to grow their businesses in the next 12 months. That said, more than half of the respondents say that increasing competition and cash flow management keep them up at night, and one in three feels challenged taking their business overseas.

'Our survey shows that Singapore SMEs are optimistic about growth, but cash flow and overseas expansion are ever-present concerns,' said Mr. Geoff Begg, Senior Vice President, Global Commercial Services for Asia Pacific, American Express. 'American Express and Singapore Airlines are bringing the first SME business travel card to give them access to credit terms, more savings, and a suite of travel benefits - to support their ambitions and help them overcome these challenges.'

'Singapore Airlines' HighFlyer Programme was launched two years ago to reward and support SMEs, including in their endeavours to expand overseas,' said Mr. Campbell Wilson, Senior Vice President Sales and Marketing, Singapore Airlines. 'We are excited to now partner American Express to take the programme further with the new American Express Singapore Airlines Business Credit Card. This new product enables SMEs to maximise their HighFlyer privileges by earning more rewards faster, which can be redeemed for a range of benefits that improve their bottom line even as employees themselves continue to earn KrisFlyer miles for their own personal benefit.'

SAVVY, FREQUENT TRAVELERS PRIORITISING VALUE, FLEXIBILITY AND PEACE OF MIND

According to the SMEs Go Places Survey, SME owners travel at least once every six weeks for business, while 70% of SMEs have employees travelling two or more times per month. These frequent travellers prioritise value, convenience and flexibility, with 47% citing the importance of having complimentary travel insurance when it comes to corporate airline programmes.

Nine in 10 SMEs surveyed have dealings overseas, with one in three of them citing lack of access to capital and cash flow as key inhibitors to international expansion.

'SMEs have different needs and they don't always get the same level of support as larger companies. Our survey reaffirms this as 59% of SMEs said partnering established companies for guidance and support would have made their expansion overseas easier. This is precisely why American Express and Singapore Airlines are bringing the first business travel card for Singapore SMEs to support them by turning their business expenses into rewards,' said Ms. Celine Chua, Vice President, Global Commercial Services for Singapore, American Express.

To support SMEs, the American Express Singapore Airlines Business Credit Card offers a suite of benefits:

REWARDS

Earn up to 8.5 HighFlyer points for every S$1 spent on all eligible Singapore Airlines Group flights and 1.8 HighFlyer points per S$1 for other eligible spending.

Easily use HighFlyer points to offset future travel with no caps, no blackout periods and no restrictions through a simple, one-stop portal.

Enjoy 0% interest on instalments over six months on Singapore Airlines flights (beginning in October 2019) and up to 51 interest-free days.

Earn HighFlyer points for the businesses, while employees continue to earn KrisFlyer miles when flying with Singapore Airlines.

TRAVEL BENEFITS

Travel with peace of mind with complimentary travel insurance when travel tickets are purchased with the American Express Singapore Airlines Business Credit Card.

Accelerate to KrisFlyer Elite Gold status with spending of S$15,000 or more on eligible spend with the Singapore Airlines Group in the first year of Card Membership.

Enjoy two complimentary visits to 1,200 airport lounges worldwide with Priority Pass.

Rest easy with a complimentary Accor Plus membership, which includes a complimentary night stay every year, up to 50% off dining across 1,100 restaurants in Asia Pacific, and more.

Take to the road with Hertz Gold Status, which gives members 10% off best available retail rates, one car class upgrade for rentals, and more.

WELCOME OFFER

Card Members enjoy a bonus of up to 50,000 HighFlyer points when they spend on the Card. This includes:

5,000 first spend bonus HighFlyer points when they spend S$500 with the Singapore Airlines Group in the first year of their membership,

30,000 welcome bonus HighFlyer points when they spend S$5,000 in the first three months of their membership, and

15,000 annual loyalty bonus HighFlyer points when they spend S$10,000 per year on the Singapore Airlines Group.

The American Express Singapore Airlines Business Credit Card joins four existing Singapore Airlines and American Express consumer products.

For details, terms and conditions, visit http://americanexpress.com/sg/business. For more info on the SMEs Go Places Survey, refer to the attached infographic.

MEDIA CONTACT

Media personnel are welcome to get in touch with our Public Affairs Department at public_affairs@singaporeair.com.sg

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY 2.85% 135.11 Delayed Quote.8.53%
SINGAPORE AIRLINES LIMITED -0.34% 8.82 End-of-day quote.-3.08%
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Financials (USD)
Sales 2020 46 998 M
EBIT 2020 13 369 M
Net income 2020 7 224 M
Debt 2020 -
Yield 2020 1,31%
P/E ratio 2020 15,0x
P/E ratio 2021 13,6x
Capi. / Sales2020 2,33x
Capi. / Sales2021 2,19x
Capitalization 109 B
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Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 137,04  $
Last Close Price 135,11  $
Spread / Highest target 16,9%
Spread / Average Target 1,43%
Spread / Lowest Target -11,2%
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NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive Vice President
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
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