HSBC announced this week the launch of a new yuan-based credit card service for its Hong Kong customers in a bid to provide more financial convenience for frequent travellers between the territory and the mainland.
According to the bank, two types of card will be available to customers (gold and classic), both of which will be widely accepted through China UnionPay Company Limited's (CUP) network of 370,000 merchants and 60,000 ATMs throughout mainland China.
"We are delighted to be one of the first banks in Hong Kong to offer RMB credit cards,” announced HSBC General Manager, Raymond Or.
“Our RMB credit cards will become a cornerstone of HSBC's RMB financial services,” he explained.
HSBC is not the first institution to offer credit card services denominated in the Chinese currency. Bank of China (Hong Kong) and Shanghai Commercial Bank have both launched yuan-based credit card facilities earlier this year whilst Hang Seng Bank (part of the HSBC group), unveiled a similar product on Monday.
The card services have been introduced as part of the Closer Economic Partnership Arrangement (CEPA) between the SAR and the mainland, allowing Hong Kong banks to conduct yuan-based services in deposit taking, remittance and foreign exchange in addition to issuing credit cards.
However, demand for the yuan based card services has reportedly been slow since their launch.
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