(18 October 2006 – China) Standard Chartered is set to be the first foreign bank to issue credit cards in China providing it “incorporates” in that country.China’s banking regulator has stipulated that foreign banks looking to issue credit cards must inject an extra one billion yuan (US$126 million) in capital into their local operations.
Standard Chartered is eyeing next year to start issuing cards provided it receives the go-ahead from the regulator.
As things currently stand, foreign banks are not able to issue bank cards independently.