United Kingdom-based Standard Chartered bank has begun issuing yuan-denominated debit cards in China after signing a card agreement with China UnionPay, a bank spokesperson tells CardLine Global.
The bank earlier this month received permission from Chinese financial authorities to issue the cards (CardLine Global, 14 July). The bank is among the first foreign financial institutions to issue yuan cards in China.
To promote the launch, the bank will waive its 20-yuan (US$2.90 or 1.90 euros) annual fee for the card. The bank also has applied for permission to issue yuan credit cards, the spokesperson says.
(Ankush Chibber contributed to this report.)
This article originally appeared in CardLine Global (now part of PaymentsSource), but the story is no longer available online.