now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Treasury & Capital Markets
HSBC expands China reach with new credit cards
HSBC has launched its first own-brand credit cards across all cities in the Pearl River Delta (PRD) as well as in 30 non-PRD cities, a milestone that will help expand the bank’s business in mainland China as it accelerates investments in Asia.
The Asset 5 Dec 2016
HSBC has launched its first own-brand credit cards across all cities in the Pearl River Delta (PRD) as well as 30 non-PRD cities, a milestone that will help expand the bank’s business in mainland China as it accelerates investments in Asia.
The launch of HSBC’s own-brand credit cards in China will broaden the range of products offered by its Retail Banking and Wealth Management business from current deposit, wealth and mortgage products to consumer finance. The Bank expects credit card business to significantly expand its customer base with new consumer segments.
Increased consumption power in China, the rise of online shopping and mobile payments and growing interest in entertainment and travel are providing significant opportunities for the credit card business in China, especially in the PRD, where these spending habits and behaviours are more pronounced.
HSBC’s new credit cards have been designed to cater to three different customer needs that reflect the changing lifestyles and digital habits of target customers in China. In partnership with China UnionPay and Mastercard, HSBC unveils the following credit cards: HSBC Premier Travel Credit Card, HSBC Travel Credit Card and HSBC Choice Credit Card.
Helen Wong, Chief Executive, Greater China, HSBC says, “The launch of HSBC-branded credit cards demonstrates progress in our plan to grow a full-scale digitally-driven retail banking and wealth management business in the PRD. Just as credit cards are a pillar of HSBC’s market-leading business in Hong Kong, we expect credit cards to be a key touch point for us to attract new customers and deepen existing customer relationships in the PRD as well as in the rest of China. Launching cards at this time allows us to capture the vast growth opportunity that exists in the credit card market, and strengthen our position as the leading foreign bank in China.”
HSBC China's first credit cards are the first in the HSBC Group to carry a full range of digital features that provide fast, simple, and secure digital experience including card application, activation, payments, reward and offers, and other servicing capabilities. Customers can apply for a credit card through a digital application process - via internet, mobile or sales tablet.
Customers can also enquire application status, activate their cards, manage their credit card accounts and access other services such as checking balances and conduct installments through WeChat, in addition to HSBC’s mobile banking application and internet banking platform. Customers can also access to full range of offers and rewards with the mobile reward and offer platform - everything at your fingertips.
HSBC’s new credit cards will offer a cashless experience by offering a range of payment tools and repayment channels upon launch, including enabling online payment through Alipay express pay, China UnionPay Online payment and repayment, Lakala repayment. To keep pace with the changing digital banking needs of HSBC’s customers in China, more digital features and functionalities will be added later.
HSBC China currently has the largest branch network among all foreign banks in the country, covering more than 50 cities. In Guangdong Province, HSBC has 64 outlets covering 21 cities, and an insurance operation in Guangzhou. Its retail banking and wealth management business provides individual customers with comprehensive services in RMB and foreign currencies. Its global propositions, HSBC Premier and HSBC Advance, provide a full range of banking services including daily transaction banking, insurance, home loans, education planning, retirement savings and international banking services.
Conversation
Philippe Tassin
Philippe Tassin
head of asset managers & owners client lines, Asia-Pacific
BNP Paribas Securities Services
- JOINED THE EVENT -
In-person roundtable
Tech in ESG
View Highlights
Conversation
Andrew Tan
Andrew Tan
managing director & head of Asia pacific private debt
Muzinich
- JOINED THE EVENT -
17th Asia Bond Markets Summit
Resilience in an age of uncertainty
View Highlights