Minsheng Bank to launch new bankcards

Bankcards could offer annual yields of 5%.

China Minsheng Banking Corporation is preparing to launch new bankcards in partnership with fund management firms China Universal Asset Management Co Ltd and Minsheng Royal Fund Management Co Ltd.

Media reports said Minsheng Bank will not charge any fees for the new cards' cross-bank transactions, and bankcard holders are allowed to withdraw their money at any time.

Minsheng Bank is currently running tests on the new bankcards that are expected to be marketed in early December.