Hong Kong Bank To Issue Yuan Credit Cards In China

Published December 17, 2008, 2:00 a.m. EST

|

Updated December 17, 2008, 1:00 a.m. EST

1 Min Read

IMGCAP(1)]

Processing Content

Bank of East Asia next week plans to start issuing yuan-denominated credit cards in mainland China. A bank spokesperson says the Hong Kong-based financial institution will become the first foreign bank to issue yuan credit cards in mainland China. The bank issues cards with the Visa and JCB brands. The bank in May began issuing yuan debit cards in mainland China. United Kingdom-based Standard Chartered Bank and United States-based Citibank also issue yuan debit cards there.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

Federal Reserve

Fed flags overheated markets as top stability risk

The Federal Reserve's April financial stability report found that asset valuations remain elevated, even as investors are beginning to demand more compensation for risk amid rising uncertainty around monetary policy.

By Maria Volkova
Reporter

May 8
Litigation

Appeals judge sends Illinois interchange case back to district court

Banking groups that sued the state of Illinois over its law barring banks from charging interchange fees on taxes and tips cheered an appeals court ruling remanding the law to a lower court and vowed to keep the law going into effect, which is slated for July 1.

By Ebrima Santos Sanneh
Reporter

May 8
Industry News

Goldman taps Feldgoise, Schiffrin; Fidelity to cut 800 staffers

Stephan Feldgoise and Joshua Schiffrin will join Goldman Sachs' management committee; Fidelity Investments is dismissing about 800 personnel as it restructures its technology and product-delivery teams; Citi has hired JPMorgan's André Ross as its country officer and banking head for South Africa; and more in this week's banking news roundup.

By Traci Parks
Copy editor, American Banker

May 8
Buy now pay later

Affirm's Levchin rejects AI layoffs

Affirm CEO Max Levchin said that the company did not have any plans for AI-spurred layoffs despite the fact that it was using the technology more for software engineering.

By Joey Pizzolato
Reporter

May 8
JPMorgan Chase

What payment leaders had to say at American Banker's Payments Forum

Leaders from Wells Fargo, JPMorganChase and more talked about how banks can respond to the fast-moving changes in money movement, new forms of artificial intelligence, fraud, digital assets and more.

By John Adams
Executive Editor, Payments

May 8
Earnings

Jack Dorsey touts Block's AI-driven restructuring

The payments company posted strong adjusted earnings following a dramatic downsizing, which management attributed to the influence of artificial intelligence.

By John Adams
Executive Editor, Payments

May 8

Load More