The first private bank in China, the China Minsheng Banking Corporation (CMBC), has recently announced the launch of its own credit card company, making the bank one of the first official credit card issuers and card holding companies in the country.
While the move by China Minsheng is bold, it’s still unclear whether or not banking regulators will give the company the go ahead. The bank is eyeing the competition in China’s hugely untapped market for credit cards and already has some Chinese card offers already in the pipeline.
If it does, in fact, get approval, however, this will be the start of some major changes when it comes to the credit card market in China.
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