HSBC launches its first credit cards in China
HSBC has issued its first credit cards in China, setting a short-to medium-term target of distributing three million cards. Customers can access card services via WeChat and make payments through China UnionPay online and Alipay-linked mobile payments. The bank will continue to offer joint-branded credit cards with Shanghai-based Bank of Communications. "We have definite aspirations to be a significant player in China," said Kevin Martin, head of retail banking and wealth management in Asia-Pacific.

HSBC says the launch of its credit card at this time means it is not competing with the ecosystem already in place in China. Photo: David Wong