The Shanghai Branch of the China Banking Regulatory Commission (CBRC) has received applications for issuing Renminbi debit cards from the Citi group and the Bank of East Asia, said Wang Qinghua, the assistant to the chairman of the CBRC on June 6, 2007. HSBC and the Standard Chartered Bank will also apply soon, added Wang Qinghua.

The four banks are the first group to get CBRC’s approval to operate as locally incorporated banks in the RMB retail business including deposits, loans and insurance products. Currently foreign banks are only allowed to issue debit cards in China.

• Citi China Announces Approval for Local Banking
• China Approves Registration of 9 Foreign-Funded Banks
• BEA China Becomes First Foreign Bank to Launch RMB Debit Cards on the Mainland
• New Regulations on Foreign-Funded Banks
• BEA Launches First Foreign Bank RMB Credit Card on the Mainland
• DBS’ ATM Network Opens to CUP Card Holders
• Bank of East Asia Implements Clear2Pay’s Open Payment Framework Technology
• HSBC to First Enters Chinese Rural Market