Sheng Siong, Bank of China launch co-branded Visa card with 12% rebate on groceries

SINGAPORE - Local supermarket chain Sheng Siong and Bank of China (BOC) on Friday (July 21) launched a new co-branded Visa credit card offering cardholders up to 12 per cent cash rebates on groceries - the highest in Singapore.

The contactless BOC Sheng Siong card will also help drive an increase in cashless transactions, in line with Singapore’s vision to transform itself into a Smart Nation. Supermarkets account for more than 40 per cent of domestic Visa payWave transactions, said Ms Ooi Huey Tyng, Country Manager for Singapore and Brunei at Visa.

Cardholders will also enjoy 5 per cent cash rebates on Grab, Uber and all taxi rides in Singapore. The attractive rebates and convenient cashless experience is expected to help grow the customer bases of Sheng Siong, BOC and Visa in Singapore.

Mr Lim Hock Chee, CEO of Sheng Siong Group, said, “For the past 32 years and counting, Sheng Siong has been committed to continuously providing our communities with high quality products at reasonable prices. With our new partnership with BOC, we are delighted to have the opportunity to recognise and reward our growing customer base, providing them with more savings than ever.”

“The contactless BOC Sheng Siong card will also serve to drive more cashless transactions, lowering the operational costs of cash management and increasing our business productivity with more efficient payment processes,” he added.

BOC, the Chinese bank with the longest history of more than 80 years in Singapore, has an extensive local network of 23 touch points, giving customers easy access to customised and innovative banking solutions.

Mr Anson Lim, Head of Card Centre at BOC Singapore branch, said: “As one of Singapore’s leading credit card issuers, BOC Singapore branch leverages its strong local market expertise and leading credit card innovations and technologies to provide cardholders with the best offers and payment solutions tailored to their unique needs.”

Ms Ooi added that the new card will enable Visa to provide benefits to cardholders in the everyday segment and help the payments firm reach out to the heartland community in Singapore. Cardholders will also have access to exclusive Visa privileges at over 44 million merchants around the world.