Standard Chartered issues credit cards
Print Edition
STANDARD Chartered Bank China became the second Western bank to launch sole-branded credit cards on the Chinese mainland yesterday to tap the rising affluence of Chinese consumers.
The UK-based lender issued yuan UnionPay cards and US dollar VISA cards that target the growing middle class on the mainland.
“With the rise of the affluent Chinese and their growing purchasing power, the adoption and usage of credit cards by Chinese consumers is rapidly increasing,” said T.S. Anil, global head of retail products at Standard Chartered, which derives most of its profit in Asia.
“Our newly launched credit cards are designed to address the emerging lifestyle needs of Chinese consumers, including travel and international payments,” Anil added.
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