Clients eager for overseas bankcards
( 2003-11-21 09:45) (Shanghai Daily)
Although overseas financial services providers aren't allowed to issue
bankcards on China's mainland, there is already a considerable group of
potential clients in China's major cities.
Visa International said recently that many well-educated people in Beijing,
Shanghai, Guangzhou and Shenzhen have shown interest in applying for credit
cards issued by foreign financial institutions.
Visa conducted face-to-face interviews with 1,200 residents of the four
cities recently.
The global electronics payment company found that 26 per cent of interviewees
would prefer to apply for a credit card from an overseas lender, compared with
40 percent who would rather deal with domestic banks.
"A big proportion of the group who are interested in getting credit cards
from foreign issuers are well-educated people. It seems that they are more
willing to accept new ideas," said Albert Shiung, vice president of Visa
International (Asia-Pacific) Ltd.
"I agree that foreign banks are more experienced in the credit card sector in
terms of risk control and marketing strategies," said Zhang Guangsheng, chairman
of Shanghai Pudong Development Bank, in which Citibank has already purchased a 5
percent stake.
The two are planning a credit card joint venture.
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