The Chinese government has given Bank of East Asia (BEA) the green light to issue China debit cards, making it the first foreign bank in the country to do so.
Reuters reports that Chinese banking regulators have laid down to BEA
that its IT support and data centres must be located in the mainland as
the country does not allow debit card operations through offshore data
centres, thus its data centre will be Shenzhen-based.
The bank has said it plans to target existing customers, in addition to
new customers that are resident in China, for Yuan currency debit
cards, which will be launched on May 20. Other foreign banks such as
HSBC, Citigroup and Standard Chartered have all made applications to
issue debit cards in the country.
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The Chinese government has given Bank of East Asia (BEA) the green light to issue China debit cards, making it the first foreign bank in the country to do so.
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