China Postal Savings Bank to issue first credit card

Postal Savings Bank of China is to issue the first credit card as early as this October or November, sources reported.

At the China International Financial Exhibition on Friday (26th September), the Postal Savings Bank, which was established in March 2007, revealed its six core business models, including credit banking, corporate banking, wealth management, international banking and credit card services.

The credit card service has been put into internal trial operations since June before it is available to the public.

The establishment of Postal Savings Bank marks huge progress in China’s financial reform and is expected to improve financial services in the country’s rural area due to the comprehensive post office network in the countryside.

As of the end of June, the total balance of deposit with the lender was RMB 1.92 trillion. (0.28 trillion).

Postal Savings Bank of China is to issue the first credit card as early as this October or November, sources reported.

At the China International Financial Exhibition on Friday (26th September), the Postal Savings Bank, which was established in March 2007, revealed its six core business models, including credit banking, corporate banking, wealth management, international banking and credit card services.

The credit card service has been put into internal trial operations since June before it is available to the public.

The establishment of Postal Savings Bank marks huge progress in China’s financial reform and is expected to improve financial services in the country’s rural area due to the comprehensive post office network in the countryside.

As of the end of June, the total balance of deposit with the lender was RMB 1.92 trillion. (0.28 trillion).