On April 6, a Weibo user from Zhejiang province reported a case of local anti-fraud center overreach that resulted in his bank cards and Alipay account being frozen after he made a work-related call to a Singaporean bank. In a...
The US-based Citibank announced that China has approved of the bank offering credit cards in China. Citibank will launch the program later this year, and it is the first non-Asian bank to offer credit cards in China. BBC...
MSNBC has a report about the changing money-saving habits of Chinese families, as young consumers turn to credit cards: Fears about a possible global recession have begun to trickle down to China, a nation of traditionally high...
From Time Magazine: …The Chinese are believed to have issued the world’s first paper currency around 600 A.D., and fourteen centuries later, cash remains king. Cars and houses are bought, and even salaries are often paid, with thick envelopes of bills. To date, banks have issued only slightly more than 50 million credit cards to […]
The Washington Post looks at the failure of China’s banks – and consumers – to adapt to the use of credit cards and other retail banking conveniences: Although China has made strides in reforming its banking system over the past five years — cracking down on corruption, buying out many troubled loans and allowing foreign […]
From Bloomberg: Ping An Insurance (Group) Co. plans to offer credit cards next year, becoming the first insurer in China to diversify into an industry forecast to expand more than tenfold by 2010. Ping An will issue credit cards “as soon as possible,” Chief Operating Officer Louis Cheung said in an interview in Hong Kong […]
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