Industrial and Commercial Bank of China has launched a dual-currency credit card for use in Singapore and China, the issuer announced May 23.
The China UnionPay-branded credit card comes with two accounts, one in Chinese yuan for use in China and the other in Singapore dollars for use elsewhere, the issuer noted in a press release.
The bank designed the product primarily for Chinese expatriates in Singapore and for individuals from Singapore who often go to China on business trips to save them from having to pay to convert currencies, Li Xiaopeng, executive director and vice president of the bank, said in the release.
The bank plans to launch similar dual-currency credit cards in 17 other countries and regions outside China later this year, according to the release.
Officials from the bank did not respond to requests for comment on the charges and fees it applies to the cards by PaymentsSource deadline.
Industrial and Commercial Bank of China is the world’s biggest bank by assets, and it had issued about 66.7 million credit cards as of end March.
The bank previously launched a U.S. dollar dual-currency card in the Chinese mainland and similar cards in the special administrative regions of Hong Kong and Macao.
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