What are corporate cards and why do Singaporean businesses use them?
Introduction to corporate cards in Singapore
In today’s fast-paced, digital-first economy, managing business expenses efficiently is crucial for growth. That’s where corporate cards come in. If you’re running a business in Singapore, using corporate cards in Singapore can significantly improve how you handle company spending. Whether you're a startup or an established firm, these cards give you better control, transparency, and automation—all while helping you stay compliant with financial regulations.
What are corporate cards?
Corporate cards are payment cards issued by your company to employees for business-related expenses. These cards are directly linked to your company’s bank account or credit line, allowing for controlled, trackable spending across departments. Unlike personal reimbursement models, corporate cards offer a structured way to manage employee expenses in real time.
Whether it’s paying for SaaS subscriptions, booking business travel, or making vendor payments, a corporate card ensures the money comes directly from the company, eliminating the hassle of out-of-pocket payments and reimbursement delays.
Why they’re essential for your business
Using corporate cards in Singapore allows your business to streamline payments, reduce manual data entry, and ensure compliance with local tax laws, including IRAS (Inland Revenue Authority of Singapore) requirements. You can easily set spending limits, track real-time transactions, and integrate expenses with accounting tools, saving your finance team countless hours.
Plus, digital expense management means fewer errors, faster approvals, and a more scalable financial workflow. In short, adopting corporate cards isn’t just smart—it’s essential for staying competitive in Singapore’s evolving business landscape.
Corporate cards in Singapore’s payment landscape
As Singapore continues to lead in digital transformation, your business must keep pace with its advanced payment infrastructure. Corporate cards are a natural fit within this ecosystem, offering speed, transparency, and control.
If you're looking to future-proof your financial operations, adopting corporate cards in Singapore can help you streamline payments while aligning with the country's digital-first economy.
Rise of digital transactions
Singapore’s digital payment infrastructure, driven by systems like PayNow, NETS, and FAST, has revolutionized transactions with speed and accessibility. Corporate cards complement these platforms by offering a structured, trackable payment method.
While PayNow enables instant transfers and NETS supports widespread retail payments, corporate cards provide businesses with credit flexibility and rewards, aligning with Singapore’s push toward a cashless economy. You can use cards alongside these systems to streamline expense management without sacrificing the immediacy of digital transactions.
Role in business payments
Corporate cards simplify complex business transactions, enabling you to pay vendors, manage recurring subscriptions, and handle travel expenses effortlessly. They integrate with accounting software, providing real-time tracking and reducing manual reconciliation.
Unlike traditional bank transfers, cards offer rewards, cashback, or travel perks, optimizing your cash flow. For instance, paying international vendors becomes seamless with multi-currency cards, minimizing foreign exchange hassles in Singapore’s globalized market.
Adoption across various sectors
From startups and SMEs to large enterprises, corporate cards in Singapore are being widely adopted across industries. You can set spending limits, monitor transactions, and generate detailed reports, ensuring transparency.
Startups use cards for agile spending, while enterprises leverage them for procurement and travel. In Singapore’s competitive market, corporate cards empower you to maintain financial discipline while capitalizing on the city-state’s advanced payment ecosystem.
The evolution of corporate cards in Singapore
If you’re operating in Singapore’s fast-growing business environment, understanding the journey of corporate cards can help you appreciate just how powerful they’ve become. The rise of corporate cards in Singapore mirrors the country's evolution into a global fintech hub, driven by innovation, regulation, and business needs.
Early corporate cards
In the early days, corporate cards primarily served multinational corporations, focusing on travel and entertainment expenses. If you worked for a large firm, you used these cards for airfare, hotels, or client dinners, with limited flexibility. Issued by major banks, they catered to high-budget needs, often overlooking smaller businesses in Singapore’s growing market.
Fintech innovations
The rise of fintech transformed corporate cards, making them accessible to SMEs. Digital platforms like Volopay emerged, offering you user-friendly interfaces and streamlined onboarding. Digital platforms began offering corporate cards in Singapore with lower entry barriers, giving smaller businesses the same expense control once reserved for large corporations.
These innovations are integrated with Singapore’s digital payment systems like PayNow, enabling faster, cost-effective transactions. You could now manage cash flow and expenses without the bureaucracy of traditional banking.
Modern features
Today’s corporate cards offer advanced features tailored to your needs. Virtual cards allow instant issuance for secure online payments, while integrations with accounting software like Xero simplify expense tracking. AI-driven analytics provide insights into spending patterns, helping you optimize budgets in Singapore’s competitive landscape.
Regulatory impact
Singapore’s Monetary Authority (MAS) and Inland Revenue Authority (IRAS) have shaped corporate cards through strict compliance requirements. You benefit from secure, transparent transactions, as providers align with anti-fraud and tax reporting standards, ensuring trust in the ecosystem.
Future outlook
Looking ahead, corporate card adoption will surge in Singapore’s digital economy. With increasing demand for seamless, scalable solutions, you’ll see more AI-driven tools and blockchain-based security, solidifying corporate cards as essential for businesses of all sizes.
Modern corporate cards to streamline business expense management
Benefits of corporate cards for Singapore businesses
Navigating GST compliance with the Inland Revenue Authority of Singapore (IRAS) is simpler with corporate cards.
They automatically categorize transactions, generating detailed reports that align with IRAS requirements.
You can easily separate GST-eligible expenses, reducing errors and saving time during tax filings. This automation ensures compliance while freeing you to focus on core operations.
Corporate cards provide flexible credit terms, allowing you to bridge payment gaps without straining cash reserves.
You can cover operational costs, such as subscriptions or supplier invoices, while deferring payments to optimize cash flow.
In Singapore’s cashless economy, where PayNow and FAST dominate, this flexibility complements instant transfers, giving you financial breathing room.
With corporate cards, your employees no longer need to use personal funds for business expenses, eliminating the hassle of reimbursements.
You can issue cards with predefined limits for travel, client meetings, or procurement, ensuring spending aligns with budgets.
This convenience boosts employee satisfaction and streamlines expense processes in your organization.
Corporate cards give you instant access to transaction data through intuitive dashboards.
Whether you’re monitoring employee spending or vendor payments, platforms like Volopay integrate seamlessly with accounting software, letting you track expenses in real time.
This visibility ensures you can make informed decisions quickly, keeping your business agile in Singapore’s fast-paced market.
Corporate cards often come with rewards tailored to business needs, such as travel points, cashback, or discounts on software subscriptions.
For example, cards from providers like Volopay offer extensive perks that offset costs for frequent business travel or bulk purchases.
In Singapore’s globalized market, these rewards add value, reducing overall expenditure.
Security is paramount, and corporate cards offer robust fraud prevention features.
Real-time alerts notify you of suspicious transactions, while the ability to block or freeze cards instantly prevents unauthorized use.
Providers comply with MAS regulations, ensuring secure transactions. You can operate confidently, knowing your finances are protected in Singapore’s digital ecosystem.
As your business grows, corporate cards adapt to increasing transaction volumes.
You can issue additional cards for new employees or adjust spending limits to match expanding needs.
Fintech platforms like Volopay support scalability with multi-currency options, ideal for Singapore businesses with international operations, ensuring seamless growth without financial bottlenecks.
Corporate cards simplify audits by providing digital records of all transactions.
These records, easily accessible via integrated platforms, align with IRAS audit requirements, reducing manual paperwork.
You can quickly and easily retrieve detailed reports, ensuring compliance and reducing audit stress on the finance team—making financial oversight more efficient and transparent for the business.
Who are corporate cards best suited for?
Whether you're running a solo operation or managing hundreds of employees, corporate cards can make a real difference in how you handle business expenses. In Singapore’s dynamic economy, companies across industries are turning to corporate cards in Singapore to gain better visibility, control, and efficiency in their financial operations. No matter the size or type of your business, corporate cards offer the flexibility and control you need to operate smarter.
SMEs and startups
If you run an SME or startup, corporate cards are a game-changer for managing cash flow. They allow you to cover operational costs, from software subscriptions to supplier payments, without immediate cash outflows.
With real-time expense tracking, you can monitor spending through integrated platforms, reducing bookkeeping errors.
In Singapore’s competitive market, where PayNow and NETS dominate, cards add flexibility with credit limits and rewards, helping you scale efficiently while maintaining financial discipline.
Large enterprises
For large enterprises, corporate cards simplify managing multi-employee spending at scale. You can issue cards with predefined limits to employees, ensuring compliance with budgets for travel, procurement, or client entertainment.
Centralized reporting integrates with accounting systems, offering transparency across departments.
In Singapore’s globalized economy, multi-currency cards reduce foreign exchange complexities, making cross-border transactions seamless for enterprises with international operations.
Freelancers and contractors
As a freelancer or contractor, corporate cards help you track project-related costs, such as client meetings or equipment purchases, with ease.
In Singapore, where digital payments like FAST are prevalent, cards provide a professional payment method, enhancing credibility with clients while offering rewards on business spending.
Industry-specific users
Corporate cards in Singapore are used widely in industries like fintech, logistics, retail, and professional services.
Whether it's paying for software tools, fueling delivery vehicles, or handling travel and hospitality costs, corporate cards adapt to your sector’s unique needs.
Key features of corporate cards
As a Singapore business owner, corporate cards offer you a suite of features designed to streamline expense management and enhance financial control. These tools integrate seamlessly with Singapore’s advanced payment ecosystem, empowering your business with efficiency and compliance.
Custom spending limits
Corporate cards allow you to set tailored spending limits for each employee or project.
Whether you’re managing a team’s travel expenses or allocating budgets for marketing campaigns, you can define precise limits to prevent overspending.
This flexibility ensures your business stays within budget while operating in Singapore’s dynamic market.
Multi-level approval workflows
Multi-level approval workflows help you maintain control and oversight over your business expenditures.
You can configure cards to require manager approval for high-value transactions, ensuring compliance with internal policies.
This feature minimizes unauthorized spending, giving you peace of mind in Singapore’s regulated financial environment.
Accounting integrations
Corporate cards sync effortlessly with accounting platforms like Xero, QuickBooks, and NetSuite.
You can automate expense categorization and reconciliation, reducing manual work.
This integration streamlines financial reporting, aligning with IRAS requirements and saving you time for strategic tasks in Singapore’s competitive landscape.
Merchant category controls
With merchant category controls, you can restrict card usage to specific vendor types—such as office supplies or travel—automatically blocking non-compliant transactions in real time.
This ensures your employees consistently adhere to company spending policies, significantly reducing misuse and aligning with Singapore’s strong emphasis on financial transparency and accountability.
Multi-currency support
For businesses with global operations, multi-currency support simplifies international payments.
You can automate foreign exchange conversions, avoiding manual calculations and high fees.
This feature is ideal for Singapore’s globalized economy, complementing systems like PayNow for seamless cross-border transactions.
Seamless receipt digitization
Corporate cards offer seamless and automated receipt digitization, allowing you to upload and store receipts digitally via mobile apps.
This ensures an easy access to reports during IRAS audits, reducing paperwork and ensuring compliance.
You can maintain organized records, making tax reporting efficient, hassle-free while also simplifying expense tracking.
Corporate cards with extensive features to manage your business expenses
Different types of corporate cards
Corporate credit cards
Corporate credit cards offer businesses a line of credit to cover expenses, with payments typically due every month. The credit period can vary from 30, 60, and sometimes even 90 days for industries where the sales turnover time is quite long.
These cards provide flexibility in spending while allowing companies to build credit history and earn rewards on business-related purchases.
Corporate debit cards
Corporate debit cards deduct funds directly from a company's bank account, functioning just like a normal personal debit card. This provides a convenient cashless payment option for daily operations and employees who have to travel for their work.
Unlike credit cards, they do not incur interest charges, ideal for businesses seeking to avoid debt and manage expenses within available cash flow.
Corporate travel cards
While other types of corporate cards can also be used for making travel-related expenses, a corporate travel card is specifically designed to cater to the needs of frequent business travelers.
Corporate travel cards offer perks such as airline miles, hotel discounts, and travel insurance. These cards streamline travel-related expenses, provide access to exclusive travel benefits, and offer enhanced security features for transactions made abroad.
Expense management cards
These cards integrate with expense management software to streamline the reporting, tracking, and reconciliation of business expenditures. In most cases, the corporate card provider will have its expense management software that you can link the corporate cards with.
By capturing transaction data in real time and automating expense workflows, these cards enhance visibility, control, and compliance with company spending policies.
Corporate prepaid cards
Corporate prepaid cards are loaded with funds in advance, enabling controlled spending and eliminating the need for credit checks.
These cards are ideal for managing employee allowances, petty cash, and discretionary spending, offering security and convenience without the risk of overspending or accruing debt.
These corporate cards function similar to corporate debit cards which makes them a practical choice for companies looking to streamline expense management without relying on traditional lines of credit.
Corporate virtual cards
Virtual corporate cards generate unique card numbers for each transaction, enhancing security and reducing the risk of fraud.
These cards are issued electronically and can be used for online purchases, travel bookings, and recurring payments, providing businesses with greater control and protection against unauthorized transactions.
Additionally, virtual cards offer seamless integration with digital payment platforms and expense management systems, simplifying administrative tasks and enhancing overall efficiency in corporate spending management.
What is a corporate credit card?
A corporate credit card is a financial tool issued by banks or financial institutions to companies for their employees' business-related expenses.
Unlike personal credit cards, corporate cards are designed specifically for business use, offering a convenient payment method while providing various benefits and features tailored to streamline expense management and enhance financial control within organizations.
1. Benefits
● Convenient payment method
Corporate credit cards provide a hassle-free way for employees to make purchases on behalf of the company, eliminating the need for cumbersome expense reimbursement processes. Employees no longer have to use personal funds to make business purchases and wait weeks or months to get reimbursed for it.
● Helps build business credit
You can get corporate credit cards even if you do not have a credit history provided your company’s finances are healthy and stable. By using corporate credit cards responsibly and making timely payments, companies can establish and improve their creditworthiness, which may facilitate access to financing and favorable terms in the future.
● Offers rewards like cash back or travel points
Many corporate credit cards come with rewards programs that allow companies to earn cash back, travel points, or other incentives based on their spending, providing a valuable opportunity to offset expenses or fund future business-related activities.
● Provides detailed expense tracking
Corporate credit cards offer robust expense-tracking features, enabling companies to monitor and analyze expenditures with ease. Each transaction is recorded in real-time on a single platform. Detailed transaction records and customizable reporting tools facilitate budgeting, auditing, and compliance with financial regulations.
2. Features
● Revolving credit limit
Corporate credit cards typically come with a revolving credit limit, allowing companies to borrow funds up to a predetermined amount and repay the balance over time, subject to interest charges. Every month the limit is reset and employees can start using the balance again for further expenses.
● Ability to set individual spending limits for employees
This is one of the key advantages of using corporate cards. Employers can set individual spending limits for each cardholder, ensuring responsible use of company funds and preventing overspending or misuse.
So while employees have the freedom of choice and time to make business payments whenever needed, employers still have control over the amount that can be spent through a card.
● Online account management
Corporate credit card accounts can be managed conveniently through online portals or mobile apps, providing access to transaction history, payment processing, and account monitoring from anywhere with internet connectivity.
The mobile app of a corporate card provider is especially helpful in improving accessibility as it negates the need to constantly open your laptop or desktop to check financial transactions.
● Expense categorization
Transactions made with corporate credit cards can be automatically categorized based on predefined criteria, simplifying expense tracking, budgeting, and financial reporting processes for businesses of all sizes.
What is a corporate debit card?
A corporate debit card is a financial tool provided by banks or financial institutions to businesses to manage their expenses.
Unlike corporate credit cards, which involve borrowing funds, corporate debit cards allow companies to access their funds directly from their bank accounts, providing a convenient and secure payment method for business-related transactions.
1. Benefits
● Access to company funds without borrowing
Corporate debit cards enable businesses to utilize their funds for expenses, eliminating the need for credit and avoiding interest charges associated with borrowing. This is a route that some companies may prefer over using a corporate credit card.
● No interest charges
Since corporate debit cards do not involve borrowing money, companies do not incur interest charges on purchases made with these cards, resulting in cost savings over time as compared to the usage of corporate credit cards that may have interest charges.
● Helps control employee spending
By providing employees with corporate debit cards, businesses can exert greater control over spending. Not only does a corporate debit card already have a certain limit up to which it can hold money, but employers can also set limits on individual card usage and ensure adherence to company budgets and financial policies.
● Simplifies expense management
Corporate debit cards streamline the expense management process, allowing for easy tracking and categorization of transactions. This simplifies accounting tasks and enhances transparency in financial reporting. You can view all the transactions on a single platform after the corporate cards are linked to the expense management software.
● Reduces the risk of overspending
With corporate debit cards, companies can mitigate the risk of overspending by limiting cardholders' access to predetermined funds, preventing unauthorized or excessive purchases.
2. Features
● Real-time transaction tracking
Corporate debit cards provide real-time updates on transactions, enabling businesses to monitor spending activity and detect any anomalies promptly. Finance teams can keep track of all the expenses being made by different employees using different cards much more easily.
● Spending controls
Employers can implement spending controls and restrictions on corporate debit cards. This includes setting limits like daily or monthly spending limits on each card or transaction category restrictions which stops someone from purchasing items that fall under a certain expense category. All of these measures help to manage expenses effectively.
● Customizable card settings
Corporate debit cards offer customizable settings and features to meet the unique needs of businesses, including the ability to deactivate or reactivate cards, set up alerts for suspicious activity, and customize cardholder permissions and privileges.
What is a corporate travel card?
A corporate travel card is a specialized payment tool designed to streamline travel-related expenses for businesses and their employees.
Tailored specifically for business travel, these cards offer a range of benefits and features aimed at enhancing convenience, saving costs, and providing additional perks for corporate travelers. Let's delve into the key benefits and features of corporate travel cards.
1. Benefits
● Tailored for travel-related expenses
Corporate travel cards are specifically designed to cover expenses incurred during business trips, including airfare, accommodation, meals, and transportation. This card is best suited for frequent business travelers who need a flexible and secure payment method that is accepted in most places.
● Offers travel rewards and perks
Many corporate travel cards come with rewards programs tailored to business travel, allowing companies to earn points, miles, or cashback on travel-related purchases.
These miles, points, or cashback can then later be redeemed to get discounts on your travel expenses.
● Provides travel insurance coverage
Corporate travel cards often include travel insurance benefits such as trip cancellation/interruption coverage, emergency medical assistance, and lost luggage reimbursement, offering peace of mind to travelers and employers alike.
Due to this you need not worry about taking a separate insurance policy for travel-related mishaps.
● Streamlines expense reporting for business trips
By consolidating travel expenses onto a single card, corporate travel cards simplify the expense reporting process for business trips, reducing paperwork and administrative overhead.
All travel-related expenses are consolidated in one place making things easier for both the employee and the employer.
2. Features
● Travel rewards program
Corporate travel cards may offer rewards programs that provide incentives for business travel, such as earning points or miles that can be redeemed for flights, hotel stays, or other travel-related expenses.
● Travel assistance services
Many corporate travel cards offer access to travel assistance services, including concierge services, emergency assistance, and travel planning support, to help travelers navigate their trips smoothly. This can be very helpful when traveling to a place you have never visited before.
● Foreign transaction fee waivers
Corporate travel cards often waive foreign transaction fees, making them a cost-effective payment option for international travel and reducing currency conversion charges for businesses operating globally.
● Integration with travel and expense management systems
Corporate travel cards can integrate seamlessly with travel and expense management systems, allowing for automated expense tracking, reporting, and reconciliation, thereby streamlining administrative tasks and improving visibility into travel-related spending.
What is a corporate expense management card?
A corporate expense management card is a financial tool utilized by businesses to streamline the process of tracking, managing, and controlling employee expenses.
Specifically designed to simplify expense reporting and reimbursement procedures, these cards offer various benefits and features aimed at enhancing visibility, control, and compliance with company expense policies.
Let's explore the key benefits and features of corporate expense management cards.
1. Benefits
● Streamlines expense reporting and reimbursement processes
Corporate expense management cards streamline the often tedious and time-consuming processes of expense reporting and reimbursement, reducing administrative burdens and improving efficiency. A corporate expense card removes the need for submitting reimbursement claims altogether.
● Improves visibility and control over spending
Using a corporate expense management card, all the transactions will be recorded instantly on a single platform. By providing real-time visibility into employee spending activities, corporate expense management cards enable businesses to monitor expenses closely and exercise greater control over company finances.
● Enhances compliance with company expense policies
Corporate expense management cards help enforce company expense policies by setting predefined spending limits, categorizing expenses, and flagging non-compliant transactions for review. This method ensures that company expense policies are not only verbally conveyed to employees but also functionally enforced through technology.
2. Features
● Customizable spending limits
Not every employee will need the same amount of budget to carry out their daily operations. Employers can set individualized spending limits for each cardholder, ensuring that expenses remain within budgetary constraints and align with company guidelines.
● Receipt capture and management
Corporate expense management cards often come with receipt capture features, allowing employees to photograph receipts and attach them to corresponding transactions for easy documentation and auditing purposes. This is an extremely easy process to do with the use of a mobile app as compared to filing lengthy expense reports at the end of the month.
● Integration with accounting software
These cards integrate seamlessly with accounting software platforms, facilitating the automatic transfer of transaction data and simplifying expense reconciliation and reporting tasks. This syncing of transaction information ensures that there is uniformity of data across both financial platforms so that there is no confusion.
● Real-time expense tracking
Corporate expense management cards provide real-time updates on spending activities, enabling businesses to monitor expenses as they occur and take timely corrective actions if necessary.
● Automated expense reporting
By automating expense reporting processes, corporate expense management cards eliminate manual data entry and reduce the risk of errors, ensuring accurate and timely submission of expense reports for reimbursement.
What is a corporate prepaid card?
A corporate prepaid card is a financial tool issued by companies to employees for making business-related purchases. Unlike traditional credit or debit cards, corporate prepaid cards are loaded with funds in advance, providing a controlled spending solution that eliminates the need for reimbursement processes.
Let's explore the key benefits and features of corporate prepaid cards.
1. Benefits
● Controls spending by limiting employees to preloaded funds
Corporate prepaid cards help control employee spending by restricting purchases to the preloaded amount, preventing overspending, and promoting budget adherence. These controls ensure that there is no chance of spending more than what was assigned to a card.
● Eliminates the need for reimbursement
Since corporate prepaid cards are funded in advance, there is no need for employees to pay out-of-pocket or seek reimbursement for business expenses, streamlining the payment process. They can easily use the prepaid card whenever they need to make a business expense and avoid the need to use personal funds.
● Reduces risk of overspending
By limiting spending to the available prepaid balance, corporate prepaid cards mitigate the risk of overspending and unauthorized purchases, ensuring financial discipline within the organization.
2. Features
● Loadable with funds from company accounts
Corporate prepaid cards are funded by transferring funds from company accounts, allowing employers to allocate funds to employees as needed and maintain control over spending. This means that employees are accountable and answerable for all the transactions they make and must answer why they might need additional funds in case their predetermined budget is exhausted before the renewal period.
● Spending controls and restrictions
Employers can implement spending controls and restrictions on corporate prepaid cards, such as daily spending limits, transaction category restrictions, and merchant blacklists, to manage expenses effectively. All of these methods together help the finance team of a company maintain control over the company budget.
● Real-time transaction monitoring
Corporate prepaid cards provide real-time monitoring of transactions, enabling employers to track spending activities as they occur and detect any irregularities or unauthorized purchases promptly. In case they detect something suspicious, they can immediately contact the employee that the card belongs to and investigate the situation.
What is a corporate virtual card?
A corporate virtual card is a digital payment solution issued by companies to facilitate online transactions and streamline expense management processes.
Unlike physical cards, corporate virtual cards exist purely in digital form, providing enhanced security for online purchases and offering flexibility for remote employees. Let's delve into the key benefits and features of corporate virtual cards.
1. Benefits
● Enhanced security for online transactions
Corporate virtual cards use encryption and tokenization technologies to provide heightened security for online transactions, reducing the risk of fraud and unauthorized use. This improved level of security protocols makes corporate virtual cards a better choice for online transactions as compared to physical cards.
● Offers flexibility for remote employees
Sending and shipping physical corporate cards to remote employees can be tough sometimes. Virtual cards enable remote employees to make secure online payments without the need for physical cards. This provides flexibility and convenience for businesses with a remote workforce.
● Simplifies reconciliation of online purchases
By generating unique card numbers for each transaction, corporate virtual cards streamline the reconciliation of online purchases, making it easier to track and categorize expenses.
2. Features
● Encryption for secure transactions
Corporate virtual cards employ encryption protocols to safeguard sensitive cardholder information and ensure secure transactions in online environments.
Furthermore, these cards also have temporary freezing and permanent blocking features that are helpful in case the card details are exposed.
● Integration with expense management systems
Just like physical corporate cards, virtual cards, and virtual prepaid cards seamlessly integrate with expense management systems, allowing for automated tracking, reporting, and reconciliation of online transactions.
● Real-time transaction alerts
Virtual cards provide real-time transaction alerts, notifying cardholders and administrators of any suspicious or unauthorized activity, enabling swift action to mitigate potential risks.
In case it is understood that the card details have been stolen through your browser or some data leaks, you can immediately freeze or block the card so that payments cannot be made through that card anymore.
Get the best corporate card program for your business
How do corporate cards work?
Corporate cards operate similarly to personal credit cards but are tailored to meet the unique needs of businesses. When a company issues corporate cards to its employees, it sets spending limits and establishes approval processes to regulate spending.
Employees use these cards to make business-related purchases, such as office supplies, travel expenses, or client entertainment.
Spending limits can be customized for each cardholder, ensuring that expenses remain within budgetary constraints and align with company policies. Before making a purchase, employees may need to obtain authorization, either manually or through automated approval workflows.
Transaction data captured by corporate cards is then compiled into detailed reports, providing businesses with insights into spending patterns and facilitating expense tracking and management.
These reports can be integrated with accounting software or expense management systems for streamlined reconciliation and reporting processes, ultimately enhancing visibility, control, and compliance with company financial policies.
Corporate cards vs. other payment methods
As a business owner in Singapore, choosing the right payment method is crucial for efficiency. Corporate cards stand out in Singapore’s advanced payment ecosystem, but how do they compare to alternatives like business cards, personal cards, cash, cheques, or bank transfers?
Corporate vs. business cards
Corporate cards are designed for employees, allowing you to issue cards with controlled spending limits for business expenses like travel or vendor payments.
Business cards, however, are typically for owners or sole proprietors, offering flexibility for personal and business use.
If you manage a team, corporate cards provide better accounting system integrations, aligning with Singapore’s digital payment landscape.
Corporate vs. personal cards
Using personal cards for business expenses can complicate GST claims, as IRAS always requires a clear separation of personal and business spending.
Corporate cards ensure compliance by restricting usage to business transactions, providing detailed reports for tax purposes.
You benefit from streamlined accounting and rewards tailored to business needs, unlike personal cards, which may lack these features.
Cards vs. cash/checks
Cash and checks involve manual processes, making expense tracking cumbersome.
Corporate cards offer digital tracking, integrating with platforms like Xero for real-time insights.
In Singapore’s cashless economy, where PayNow and NETS dominate, cards provide convenience and rewards, reducing the risks of cash handling or cheque delays.
Cards vs. bank transfers
Bank transfers, while reliable via FAST, can be slower for international payments and lack the instant approval of corporate cards.
You can use cards for immediate vendor or subscription payments, with added benefits like cashback or travel perks.
Cards complement Singapore’s digital systems, with faster, more flexible payments.
Factors to consider when choosing corporate cards
Selecting the right corporate card involves careful consideration of various factors to meet the specific needs of your business.
From analyzing spending patterns to assessing card features and costs, each aspect plays a crucial role in determining the suitability of a corporate card for your organization. Let's explore key factors to consider when choosing corporate cards.
Business needs and spending patterns
Understanding your business's unique requirements and expenditure patterns is essential in selecting a corporate card that aligns with your financial objectives and operational priorities.
Consider factors such as the frequency of business travel, types of expenses incurred, and the volume of transactions to identify the most suitable card option.
You may find that certain expenses are more frequent in your line of business than others. Based on this data you should find a corporate card suitable for those needs.
Credit limits and spending controls
If you plan to opt for a corporate credit card, then make sure that you review the credit limit the card issuer offers and whether it meets your monthly expense needs.
Similarly, also see whether the spending controls are available with corporate cards to establish appropriate levels of financial oversight and control over employee expenditures.
Ensure that card limits can be adjusted easily to accommodate fluctuating business needs and that spending controls can be customized to align with company policies.
Card features and benefits
Evaluate the range of features and benefits offered by corporate cards, including rewards programs, travel perks, expense management tools, and reporting capabilities, to ensure they meet your business requirements effectively.
Look for features that add value to your company, such as cashback rewards on office supplies or discounts on travel expenses.
The card you should aim for is one that provides the most long-term value, offering useful features and rewards, all while remaining reasonably priced and aligned with your business needs.
Costs and fees
Consider the costs associated with corporate cards, such as annual fees, interest rates, foreign transaction fees, and other charges, to assess their impact on your company's budget and financial sustainability.
Compare the fee structures of different card options and weigh them against the benefits they offer to determine the overall value proposition.
Remember that a card with no types of fees does not always mean it is better. It may turn out to have poor service and acceptance and end up not solving the problem you have.
Accounting software integration
Choose corporate cards that seamlessly integrate with your existing accounting software or expense management systems to streamline expense tracking, reporting, and reconciliation processes.
Look for card providers that offer API integrations or data export capabilities to ensure compatibility with your preferred financial management tools.
This is an essential factor to consider as it will decide how smoothly and efficiently your finance team is able to handle and maintain all expenses.
Robust and extensive security features
Prioritize corporate cards with robust security features, like EMV chip technology, fraud monitoring, and purchase alerts, to safeguard against unauthorized transactions.
Verify the security protocols implemented by card issuers and inquire about additional security measures available for enhanced protection.
Make sure you also get the option to freeze or block the card instantly through a mobile app in cases where your card is lost or stolen.
Take complete charge of all of your business expenses with Volopay cards!
Eligibility requirements for issuing corporate cards
As a business owner in Singapore, securing a corporate card can streamline your financial operations, but you must meet specific eligibility criteria set by providers. Understanding these requirements ensures you can access the right card for your business needs within Singapore’s advanced financial ecosystem.
Business registration
To apply for a corporate card, your business must be registered with the Accounting and Corporate Regulatory Authority (ACRA) and possess a valid Unique Entity Number (UEN). Whether you run a sole proprietorship, partnership, or private limited company, providers require proof of registration to verify your business’s legitimacy. This ensures your entity aligns with Singapore’s regulatory standards for financial services.
Financial stability
Providers assess your business’s financial stability by reviewing revenue streams and credit history. You’ll need to demonstrate consistent income, typically through recent financial statements or bank records. For SMEs, some fintech providers may offer more lenient criteria, but traditional banks often require a stronger credit profile. A healthy financial standing assures providers that you can manage credit responsibly.
Trading history
Most providers require your business to have a minimum operational period, often 6–12 months, to establish credibility. If you’re a startup, some fintech platforms may waive this, but traditional issuers prefer businesses with a proven track record. This requirement ensures your business has operational stability in Singapore’s competitive market.
Employee structure
Corporate cards are ideal for businesses with employees, as they allow you to issue cards with controlled spending limits. Providers may evaluate your employee structure to tailor card solutions, especially for enterprises needing multiple cards for staff travel or procurement. Even small teams can benefit, but larger structures often unlock more flexible options.
Documentation needs
You’ll need to submit financial statements, such as profit and loss reports, and identification documents like your NRIC or passport for key stakeholders. Some providers also request bank statements or tax filings. Accurate documentation ensures compliance with MAS and IRAS regulations, facilitating a smooth application process.
How to apply for and activate corporate cards?
Obtaining and activating a corporate card for your Singapore business is a straightforward process that enhances your expense management within the city-state’s advanced payment ecosystem. Follow these steps to secure and activate a card tailored to your needs.
1. Research providers
Start by researching providers like traditional banks and fintechs offering corporate cards in Singapore. Compare their features, such as rewards, integrations, and fees, to match your business needs. For SMEs, fintechs offer flexibility, while banks suit enterprises needing scalability. Check alignment with Singapore’s digital payment systems like PayNow for seamless integration.
2. Verify eligibility
Confirm your business meets the provider's requirements. You’ll need a valid Unique Entity Number (UEN) and ACRA registration. Providers assess financial stability through revenue and credit history, often requiring a minimum trading period of 6–12 months. Ensure your business aligns with these criteria to avoid delays in the application process.
3. Gather documentation
Prepare necessary documents, including your ACRA registration, UEN, recent financial statements, and identification (NRIC or passport) for key stakeholders. Some providers may request bank statements or tax filings to verify financial health. Accurate documentation ensures compliance with MAS and IRAS regulations, streamlining approval.
4. Submit application
Submit your application online via the provider’s portal for fintechs or in person at bank branches for traditional issuers. Online applications, are faster, often taking minutes. Provide all required documents and details to expedite processing in Singapore’s efficient financial system.
5. Activate cards
Once approved, activate your cards through the provider’s app or online portal. For physical cards, follow the instructions to activate via SMS or app authentication. Virtual cards are often instantly available, enabling immediate use for online transactions, aligning with Singapore’s digital-first economy.
6. Set initial policies
Before use, define spending limits and approval workflows for employees or projects. Use the provider’s dashboard to set budgets and restrict merchant categories, ensuring compliance with company policies and IRAS requirements. This step enhances control and transparency.
7. Test transactions
Conduct small test transactions, such as a local vendor payment or subscription, to verify card functionality. Check integration with accounting tools like Xero and ensure transactions align with Singapore’s payment systems. This confirms your card is ready for seamless business use.
Is a corporate card necessary for your business?
Determining the necessity of a corporate card for a business involves a comprehensive assessment of various factors tailored to the company's unique operations.
For larger enterprises with frequent business expenses, a corporate card program can streamline purchasing processes, enhance expense tracking, and provide centralized control over spending.
Conversely, smaller businesses may opt for corporate cards to establish credit, manage cash flow, and separate personal and business expenses effectively. Assessing spending patterns, employee needs, and desired levels of expense control are critical considerations.
Additionally, evaluating the compatibility of corporate cards with existing financial processes, such as integration with accounting systems and adherence to company policies, ensures seamless implementation.
Ultimately, the decision to adopt a corporate card program hinges on the company's specific requirements, financial objectives, and operational priorities. Corporate cards offer a wide range of benefits tailored to different business needs—many of which we'll explore further in this guide.
Streamline your spends with Singapore’s top corporate card provider
How do corporate cards help in smarter spending?
Corporate cards play a vital role in promoting smarter spending practices within businesses, offering a range of features and tools to optimize expenditure management.
From issuing individual virtual cards to providing access to analytics, these cards empower companies to make informed financial decisions and drive efficiency in their spending processes. Let's explore how corporate cards facilitate smarter spending.
1. Manage your subscriptions easily
With corporate cards, companies can manage recurring subscription payments effortlessly, reducing manual efforts and ensuring timely renewals. By centralizing subscription payments on corporate cards, businesses can track expenses more effectively and avoid disruptions to essential services.
2. Issue individual virtual cards
Corporate cards enable businesses to issue individual virtual cards for specific purposes or transactions, ensuring controlled and secure spending. This capability allows companies to set spending limits and restrictions tailored to each transaction, reducing the risk of overspending or misuse.
3. Request for funds
Employees can request funds directly through corporate cards for approved business expenses, streamlining the reimbursement process and improving cash flow management.
This feature eliminates the need for employees to use personal funds for business-related expenses and simplifies expense tracking for finance teams.
4. Allocate budgets as per departments
Corporate cards allow companies to allocate budgets to different departments or cost centers, enabling better control and accountability over spending. By assigning specific budgets to each department, businesses can ensure that expenditures align with organizational goals and priorities.
5. Set multi-level approvals
Employers can implement multi-level approval workflows for corporate card transactions, enhancing oversight and compliance with company policies. This feature enables managers to review and authorize expenses based on predetermined criteria, ensuring transparency and accountability in spending decisions.
6. Earn cashback
Many corporate cards offer cashback rewards on business purchases, providing an incentive for employees to make cost-effective decisions and maximize savings. By leveraging cashback incentives, companies can reduce overall expenses and enhance the value proposition of corporate card programs.
7. Freeze and block corporate cards
In case of loss or unauthorized use, corporate cards can be frozen or blocked instantly, minimizing the risk of fraud and unauthorized spending. This feature provides added security and peace of mind for businesses, allowing them to take swift action to protect company funds and assets.
8. Single & recurring payments
Corporate cards facilitate both single and recurring payments, offering flexibility and convenience in managing various types of expenses. Whether it's paying suppliers, vendors, or recurring bills, corporate cards streamline payment processes and provide a centralized platform for expense management.
9. Integration with expense management systems
Corporate cards seamlessly integrate with expense management systems, allowing for automated data synchronization and streamlined expense tracking and reporting. This integration eliminates manual data entry, reduces the risk of errors, and accelerates the reimbursement process for employees.
10. Access to analytics and insights
By providing access to detailed transaction data and spending analytics, corporate cards enable businesses to gain valuable insights into their spending patterns and identify opportunities for optimization and cost reduction.
With real-time access to spending metrics and performance indicators, companies can make data-driven decisions to drive efficiency and maximize the value of corporate card programs.
Cost management strategies with corporate cards
Maximize corporate card rewards to offset costs. Choose cards from top card providers that offer cashback on subscriptions or travel points for frequent business trips.
By aligning rewards with your spending—whether local or international transactions—you can significantly reduce operational expenses in Singapore’s competitive market.
Prevent overspending by setting custom budget limits for employees or projects. Use your provider’s dashboard to cap spending on categories like marketing or travel.
This ensures adherence to your financial business plan, minimizing waste while leveraging Singapore’s digital payment systems for seamless expense tracking.
Review hidden fees, such as annual charges or transaction fees for foreign purchases, to avoid unexpected costs. Compare different top providers for transparent fee structures.
Regularly check financial business statements to eliminate any unnecessary charges, ensuring cost efficiency in Singapore’s fast-paced business environment.
For global transactions, select cards with competitive foreign exchange (FX) rates and multi-currency support.
Fintech platforms like Volopay automate conversions, minimizing losses from poor rates.
This reduces costs on international payments, complementing Singapore’s efficient systems like FAST for local transactions.
Conduct regular audits using digital records from your corporate card. Integration with tools like Xero or QuickBooks provides detailed transaction data, helping you spot inefficiencies or misuse.
Audits ensure complete compliance with IRAS requirements, maintain financial discipline, and optimize business costs in Singapore’s dynamic landscape.
How to manage corporate card expenses
Effectively managing corporate card expenses is crucial for maintaining financial control and accountability within a business.
By implementing clear policies and leveraging technology, companies can streamline expense management processes and ensure compliance with company guidelines. Let's explore key strategies for managing corporate card expenses:
Establish clear expense policies
Define clear guidelines and policies outlining acceptable expenses, spending limits, and reimbursement procedures to provide employees with guidance and ensure consistency in expense management practices.
Set spending controls
Implement spending controls and restrictions on corporate cards, such as transaction limits, merchant category restrictions, and daily spending caps, to prevent overspending and unauthorized purchases.
Issue cards selectively
Issue corporate cards selectively to employees based on their roles, responsibilities, and spending needs, ensuring that cards are allocated only to authorized personnel who require them for business purposes.
Monitor transactions in real-time
Utilize expense management software or card issuer platforms to monitor corporate card transactions in real time, enabling prompt identification of irregularities or unauthorized expenses for immediate action.
Review and analyze spending
Regularly review and analyze corporate card spending patterns and trends to identify areas of overspending, cost-saving opportunities, or potential policy violations, allowing for informed decision-making and optimization of expense management processes.
Require receipts and documentation
Enforce policies requiring employees to submit receipts and documentation for all corporate card transactions, facilitating accurate expense tracking, compliance with tax regulations, and audit readiness. This ensures transparency and accountability in expense reporting and reimbursement processes.
Get convenient and flexible corporate cards for your business
Streamlining corporate card usage with automation
As a Singapore business owner, leveraging automation tools in corporate cards can transform your expense management, boosting efficiency within the city-state’s advanced payment ecosystem. These features streamline operations, ensure compliance, and save you time.
1. Real-time dashboards
Corporate card platforms provide real-time dashboards, allowing you to monitor spending instantly. Whether tracking employee expenses or vendor payments, you gain immediate insights via apps from providers like Volopay. Integrated with Singapore’s digital payment systems like PayNow, these dashboards help you make data-driven decisions, keeping your business agile.
2. Expense categorization
Automation simplifies expense categorization for GST and tax reporting. Corporate cards automatically sort transactions into categories like travel or subscriptions, aligning with IRAS requirements. You can sync these with accounting tools like Xero or QuickBooks, reducing manual errors and ensuring accurate, audit-ready reports for Singapore’s tax authorities.
3. Approval automation
Multi-level approval workflows are streamlined through automation. You can set rules requiring manager approval for high-value transactions, with notifications sent instantly via apps. This ensures compliance with internal policies, minimizes overspending, and saves time, fitting seamlessly into Singapore’s fast-paced business environment.
4. Fraud detection AI
AI-powered fraud detection enhances security by identifying suspicious transactions in real time. You receive alerts for unusual activity, such as unauthorized purchases, and can block cards instantly via the provider’s portal. Compliant with MAS regulations, these tools protect your finances in Singapore’s secure financial ecosystem.
5. Receipt matching
Receipt matching automation links digital receipts to transactions effortlessly. You or your employees can upload receipts via mobile apps, and the system matches them to corresponding payments. This feature ensures organized records for IRAS audits, reducing paperwork and ensuring compliance with Singapore’s tax standards.
6. Forex automation
For businesses with global operations, forex automation simplifies multi-currency payments. Corporate cards automatically handle currency conversions, minimizing fees and manual calculations. This feature complements Singapore’s globalized economy, enabling seamless international payments alongside local systems like FAST, ensuring efficiency for cross-border transactions.
How to manage corporate cards effectively
As a Singapore business owner, optimizing corporate card usage enhances financial efficiency and compliance within the city-state’s advanced payment ecosystem. These strategies help you manage cards effectively, ensuring seamless operations and cost control.
Establish clear policies
Define clear policies for permissible expenses, aligning with IRAS regulations for GST claims. Specify allowable categories like travel, subscriptions, or vendor payments, and set spending limits per employee or project. Clear guidelines ensure compliance, reduce misuse, and streamline tax reporting in Singapore’s regulated environment.
Train employees thoroughly
Educate your employees on card policies and fraud prevention. Conduct training sessions to explain permissible uses, receipt submission, and how to spot phishing attempts. Highlight MAS-compliant security practices, ensuring your team uses cards responsibly in Singapore’s digital payment landscape, minimizing risks and errors.
Monitor transactions live
Use real-time dashboards from providers like Volopay to monitor transactions instantly. Track spending on travel, procurement, or subscriptions to detect anomalies early. This live oversight, integrated with Singapore’s systems like PayNow, ensures you maintain control and make informed financial decisions.
Automate expense reporting
Leverage integrations with accounting platforms like Xero or QuickBooks to automate expense reporting. Corporate cards categorize transactions for GST and audits, reducing manual work. This ensures IRAS compliance, saves time, and provides accurate records for Singapore’s tax requirements.
Conduct regular reviews
Regularly review card usage to update limits and policies based on business needs. Assess spending patterns to adjust budgets or reallocate resources, ensuring efficiency. In Singapore’s fast-paced market, periodic reviews keep your card program aligned with growth and regulatory changes.
Manage card lifecycle
Efficiently manage card issuance, cancellation, or replacement. Issue virtual cards for new employees or projects via provider portals, and deactivate cards promptly for departing staff. This streamlined process, supported by Singapore’s digital infrastructure, ensures operational continuity and security.
Address non-compliance
Implement measures to address misuse, such as suspending cards for unauthorized transactions or requiring additional approvals. Use dashboards to identify non-compliance and enforce disciplinary actions. This maintains financial discipline, aligning with Singapore’s emphasis on transparency and accountability.
Security options available to prevent fraud on corporate cards
Two-factor authentication adds an extra layer of security by requiring users to provide two forms of verification, such as a password and a unique code sent to their mobile device, before accessing their accounts or making transactions.
This method reduces the likelihood of unauthorized access to corporate card accounts and secures transcations.
EMV chip technology enhances card security by generating unique transaction codes for each payment, making it difficult for fraudsters to replicate card information.
This technology significantly reduces the risk of counterfeit card fraud compared to traditional magnetic stripe cards. It also drasticlaly reduces the chances of card cloning and fradulent transactions.
Data encryption scrambles sensitive information during transmission, making it unreadable to unauthorized parties and protecting cardholder data from interception or theft.
Data encryption ensures that all cardholder information remains safe and secure while being transmitted over networks or stored in databases.
Transaction alerts notify cardholders of any suspicious or unusual activity on their accounts, enabling them to take immediate and necessary action to prevent fraud or unauthorized transactions.
These transaction alerts can be sent either via email, SMS, or push notifications, providing real-time updates on card activity and oversight over expenses.
Many card issuers offer fraud protection services that monitor card activity for signs of fraudulent behavior, such as unusual spending patterns or suspicious transactions, and take proactive measures to prevent fraud.
These services may include advanced fraud detection algorithms, machine learning techniques, and 24/7 monitoring by dedicated security teams.
Providing cardholders with a simplified process for activating and deactivating their cards, such as through mobile apps or online portals, allows them to quickly respond to security concerns or lost/stolen cards, reducing the risk of unauthorized use.
This enables cardholders to take immediate action to protect their accounts in case of suspected fraud or security breaches.
Smart corporate cards to help streamline your expense reporting process
Regulatory framework for corporate cards
Navigating Singapore’s regulatory environment for corporate cards ensures your business operates compliantly in this fintech hub. The city-state’s robust framework, shaped by key authorities, guarantees secure and transparent use of corporate cards.
IRAS compliance
The Inland Revenue Authority of Singapore (IRAS) requires you to maintain accurate GST reporting for corporate card transactions.
When you use cards for business expenses, you must ensure proper documentation to claim input tax credits.
IRAS mandates detailed records, including invoices, to verify GST eligibility, helping you avoid penalties while streamlining tax compliance in Singapore’s digital economy.
MAS oversight
The Monetary Authority of Singapore (MAS) governs financial services and fintech companies, including those issuing corporate cards.
As a user, you benefit from MAS’s oversight, which ensures fintechs and banks adhere to strict licensing and operational standards.
This fosters trust, ensuring your card transactions are secure and aligned with Singapore’s innovative payment ecosystem.
PDPA requirements
Under the Personal Data Protection Act (PDPA), your corporate card transactions must comply with stringent data protection standards.
Providers are obligated to safeguard your personal and financial information, ensuring secure processing.
You must ensure your business handles card-related data responsibly to avoid breaches and maintain client trust.
AML/CFT compliance
Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations require corporate card providers to monitor transactions for suspicious activity.
As a user, you’re assured of transparency, with providers conducting due diligence to prevent fraud, aligning with Singapore’s global reputation for financial integrity.
Payment Services Act
The Payment Services Act (PSA) governs card issuance and operations. It mandates licensing for providers and ensures compliance with risk management standards.
You benefit from a regulated environment that supports seamless, efficient, and secure corporate card usage across Singapore’s advanced payment landscape.
What fees are associated with corporate cards?
While corporate cards offer numerous benefits, it's essential to be aware of associated fees to effectively manage costs. Understanding these fees allows businesses to make informed decisions and optimize card usage. Let's explore common fees associated with corporate cards:
1. Annual fee
Most corporate cards charge an annual fee for card membership, which covers benefits and services provided by the issuer. This fee can vary depending on the card's features and the issuer's policies.
2. Transaction fees
Some corporate cards impose transaction fees for certain types of transactions, such as cash advances or balance transfers.
Additional charges may also be applied for transactions being made outside domestic borders or online international transactions. These fees may be charged as a flat rate or a percentage of the transaction amount.
3. Late payment fee
Late payment fees are assessed when cardholders fail to make minimum payments by the due date, encouraging timely payment. These fees serve as a penalty for delayed payments and can vary depending on the issuer's terms and conditions.
4. Interest charges
Corporate cards may incur interest charges on outstanding balances carried from month to month, particularly for cards with revolving credit options.
The interest rate, also known as the annual percentage rate (APR), applies to the unpaid balance and accrues over time until the balance is paid in full.
5. Foreign transaction fee
When using corporate cards for international transactions, foreign transaction fees may apply, typically a percentage of the transaction amount. These fees cover the costs associated with currency conversion and processing international payments.
6. Card replacement fee
If a corporate card is lost, stolen, or damaged, card replacement fees may be charged to cover the cost of issuing a new card. The replacement fee helps offset the administrative and production costs associated with reissuing a card and ensuring the security of cardholders' accounts.
Use cases of corporate cards
Corporate cards serve as versatile financial tools with a wide range of applications across various business scenarios. From facilitating in-store purchases to enabling cross-border transactions, these cards offer flexibility and convenience for businesses of all sizes. Let's explore some common use cases of corporate cards:
In-store & online purchases
Corporate cards can be used for both in-store and online purchases, providing a convenient payment method for procuring goods and services.
Whether buying office supplies, equipment, or inventory, corporate cards streamline the purchasing process and offer opportunities to earn rewards or cashback on business expenses.
Contactless payments - Apple Pay & Google Pay
Many corporate cards support contactless payments through digital wallets like Apple Pay and Google Pay, offering a secure and efficient way to make transactions.
This feature enhances convenience for employees, especially in situations where speed and minimal contact are preferred, such as during business travel or in retail environments.
Can be used as a Foreign Exchange (FX) card
Corporate cards can function as foreign exchange (FX) cards, allowing businesses to make international transactions and manage currency conversions seamlessly.
Whether paying suppliers abroad, conducting overseas business trips, or managing global operations, corporate cards with FX capabilities simplify cross-border transactions and reduce currency exchange costs.
Can be used as a travel and entertainment (T&E) card
Corporate cards are often used as travel and entertainment (T&E) cards, enabling employees to cover expenses related to business trips, accommodations, meals, and entertainment activities.
With features such as travel insurance, airport lounge access, and expense tracking tools, corporate T&E cards enhance the travel experience for employees while providing businesses with greater control and visibility over travel expenditures.
Cross-border transactions
Corporate cards facilitate cross-border transactions, enabling businesses to conduct international trade and commerce efficiently while managing foreign exchange risks and costs.
Whether purchasing goods from overseas suppliers, expanding into new markets, or managing global supply chains, corporate cards offer a convenient and secure payment solution for cross-border transactions, reducing reliance on traditional banking channels and minimizing currency conversion fees.
Industry applications of corporate cards in Singapore
As a Singapore business owner, corporate cards offer tailored benefits across various sectors, enhancing financial efficiency within the city-state’s advanced payment ecosystem. These cards help you manage expenses, ensure compliance, and support growth in your industry.
Fintech startups
If you run a fintech startup, corporate cards streamline payments for subscriptions and cloud services like AWS or Salesforce. You can set spending limits for software tools, ensuring cost control while integrating with accounting platforms like Xero for IRAS-compliant reporting. In Singapore’s innovative fintech hub, cards complement PayNow, enabling agile expense management.
Retail and e-commerce
For retail and e-commerce businesses, corporate cards simplify inventory purchases and marketing costs. You can use cards to buy stock or fund digital ads, with rewards like cashback reducing expenses. Merchant category controls prevent misuse, and digital records ensure easy GST reporting, aligning with Singapore’s cashless retail trends.
Logistics and shipping
In logistics and shipping, corporate cards cover fuel, maintenance, and vendor payments. You can issue cards to drivers or procurement teams with predefined limits, ensuring budget adherence. Multi-currency support simplifies international vendor payments, complementing Singapore’s FAST system for local transactions, boosting operational efficiency.
Professional services
If you operate in professional services, corporate cards manage client entertainment and travel expenses. You can issue cards for consultants to cover meetings or flights, with real-time tracking via dashboards. Rewards like travel points offset costs, and IRAS-compliant records streamline tax filings in Singapore’s service-driven economy.
Healthcare
In healthcare, corporate cards fund equipment purchases, staff training, or medical supplies. You can allocate budgets for specific needs, ensuring compliance with procurement policies. Integration with accounting tools simplifies expense tracking, while digital receipts support IRAS audits, making cards ideal for Singapore’s growing healthcare sector.
Real estate
For real estate businesses, corporate cards handle material procurement and marketing expenses, such as property staging or advertising. You can set limits for project-specific spending, with multi-currency options for international suppliers. This aligns with Singapore’s globalized market, ensuring efficient, trackable payments.
Manufacturing
In manufacturing, corporate cards streamline supply chain payments for raw materials or equipment. You can automate vendor payments and track expenses in real time, reducing manual processes. Cards integrate with Singapore’s digital payment systems, ensuring scalability and compliance with IRAS for seamless financial management.
Empower your finance team with corporate cards designed for efficiency
Case study: Corporate cards in action
When managing a growing business, you need tools that simplify spending and ensure compliance. Corporate cards are designed for just that. Let’s look at how they work in a real-world setting to understand their practical value, specifically, how corporate cards in Singapore support modern startups in streamlining operations.
Imagine a fintech startup based in Singapore that was scaling rapidly and using multiple SaaS tools across departments. Managing subscription payments manually led to missed invoices and GST miscalculations.
To solve this, the company issued corporate cards with software integrations and dedicated virtual cards for each SaaS tool. This allowed for automated expense tracking, GST-compliant invoicing, and better visibility over team-wise spending.
By switching to a centralized, digital-first system, the startup reduced accounting errors and saved hours of manual work each month—all while maintaining full control over operational expenses.
Future trends in corporate cards for Singapore
As a Singapore business owner, staying ahead of corporate card innovations can enhance your financial efficiency in the city-state’s cutting-edge payment ecosystem. Emerging trends are set to transform how you manage expenses and leverage cards for growth.
1. Virtual card expansion
Virtual cards are expanding, offering you single-use or temporary cards for secure online payments. Corporate card providers are prioritizing virtual options, reducing fraud risks for subscriptions or vendor payments. In Singapore’s digital-first economy, these cards integrate with PayNow and FAST, ensuring seamless, secure transactions.
2. AI-driven analytics
AI-driven analytics will revolutionize expense management. You’ll benefit from predictive budgeting tools that forecast cash flow based on spending patterns. AI also enhances fraud detection, flagging anomalies instantly. Platforms like Volopay are adopting these tools, helping you optimize budgets and stay compliant with MAS regulations in Singapore’s competitive market.
3. Sustainability incentives
Corporate cards are introducing sustainability incentives, rewarding eco-friendly spending. You can earn points for green vendors or carbon-neutral initiatives, aligning with Singapore’s sustainability goals. Providers may offer analytics to track your environmental impact, appealing to businesses prioritizing ESG standards.
4. Open banking adoption
Open banking will enhance financial data sharing, allowing you to integrate corporate cards with multiple accounts for unified insights. Supported by MAS’s API frameworks, this trend simplifies expense tracking and reconciliation, complementing Singapore’s digital payment systems for real-time financial management.
5. Blockchain security
Blockchain technology is emerging to secure transaction records. You’ll benefit from tamper-proof ledgers, ensuring transparency and compliance with IRAS audits. This innovation strengthens trust in Singapore’s financial ecosystem, making corporate cards more reliable for your business’s global and local transactions.
Why choose Volopay corporate cards?
If you're running a business in Singapore, having the right financial tools is essential for efficient growth. Volopay’s corporate cards are more than just a payment method—they’re part of a complete spend management solution built for modern companies like yours. From streamlining employee expenses to gaining better financial control, Volopay offers the most comprehensive corporate card experience tailored for businesses in Singapore.
All-in-one expense management platform
With Volopay, you get a unified expense management platform to manage all your company spending. From issuing cards to approving expenses and generating reports, everything is handled in one place, saving you time and reducing errors.
Unlimited virtual cards
Need secure payments for different vendors or SaaS tools? Volopay lets you create unlimited virtual cards instantly. Each card can be set for single-use or recurring payments, reducing the risk of fraud and improving payment tracking.
Seamless accounting integrations
Volopay integrates directly with major accounting platforms like Xero, QuickBooks, and NetSuite. You can automatically sync transactions, attach receipts, and categorize expenses, minimizing manual entry and improving accuracy.
Real-time analytics
Gain instant visibility into your company's spending. With real-time dashboards and analytics, you can track expenses by team, project, or category and make faster, data-driven decisions.
Robust security
Volopay uses enterprise-grade encryption and fraud detection to keep your transactions and data safe. Role-based permissions ensure that only the right people access the right tools.
Multi-currency transactions
Whether you’re paying in SGD, USD, or any other major currency, Volopay’s corporate cards in Singapore support global transactions without the hassle of multiple banking platforms.
Volopay is your one-stop solution for smarter, safer, and faster spending. Start using corporate cards in Singapore the way they’re meant to be used—with total control and clarity.
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FAQs
Yes, corporate cards allow customization of spending limits and controls for individual cardholders, enabling businesses to tailor card usage according to roles and responsibilities.
To apply for corporate cards, businesses typically need to submit an application form along with relevant business documentation such as incorporation certificates, financial statements, and employee details.
Yes, corporate cards can be used for international transactions, and foreign transaction fees may apply. These fees usually range from 1% to 3% of the transaction amount.
Many corporate cards offer rewards or incentives such as cashback, travel rewards, or discounts on business-related purchases, providing additional value to businesses.
New corporate cards can be issued quickly for additional employees or replacements, usually within a few business days, depending on the card issuer's processing time.
The process for disputing charges or reporting lost or stolen cards typically involves contacting the card issuer's customer service immediately to freeze the card and initiate an investigation or card replacement.
Yes, corporate cards can be linked to specific projects or cost centers for tracking expenses, allowing businesses to allocate spending and monitor budgets effectively.