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CARDS & PAYMENTS | Cesar Tordesillas, Hong Kong

Dual currency RMB-HKD credit card launched

A dual currency co-branded credit card which uses both RMB and HKD as the settlement currencies is now available in Hong Kong.

Bank of China Hong Kong, Hong Kong Chinese Enterprises Association and China UnionPay jointly launched the innovative BOC HKCEA Dual Currency Credit Card.

Transactions conducted in the Mainland of China are posted in RMB, so cardholders can enjoy savings on the exchange rate difference, while transactions conducted in Hong Kong and overseas are posted in HKD. Cardholders can also enjoy the handling fee waiver for all transactions and cash advances conducted in the Mainland of China and overseas.

Member merchants of the HKCEA will offer an array of spending privileges covering the areas of clothing, food, housing and transportation. The card is widely accepted in the Mainland of China and overseas, and specially designed for members of HKCEA in Hong Kong who are frequent travellers to the Mainland and overseas for business and leisure.

"The BOC HKCEA Dual Currency Credit Card is launched as a service project provided to the Association's members by HKCEA together with BOCHK and UnionPay, which aims at promoting the sense of belongings among employees of Chinese enterprises. With a range of privileges offered by BOC Credit Card and Chinese enterprises, we can help bring a win-win situation between employees and their enterprises," said  Mr Wang Liaoping, Vice Chairman and President, the Hong Kong Chinese Enterprises Association.

Mr Dickson So, General Manager, BOC Credit Card, said, "By capitalising on the extensive service network of Bank of China (Hong Kong) and China UnionPay, members of Chinese enterprises can access more payment services, and enjoy more privileges and convenience. Most importantly, this year marks the 60th anniversary of the People's Republic of China. The joint efforts of HKCEA and CUP will not only promote the exchange and development between the commercial and industrial companies in the Mainland and Hong Kong, but also strengthen the cooperation between Chinese enterprises in Hong Kong. What is more, BOC Credit Card will donate 0.1 percent of the card spending amount to charity causes."

Mr Xu Luode, CEO & President, China UnionPay, said, "The business of China UnionPay in Hong Kong has been growing rapidly since its inception in Hong Kong in 2004 under the support of various institutions especially Bank of China (Hong Kong). Against the backdrop of ever-increasing economic development in the Mainland of China, CUP will introduce more new products to enable itself to become a world-renowned influential bank card brand."

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