Beginning March 1, mainland branches of banks from the Hong Kong and Macao special administrative regions will be allowed to issue bank cards to their customers, according to a notice issued by the National Financial Regulatory Administration on Feb 20.

Under the new policy, the mainland branches of Hong Kong and Macao banks will be allowed to issue foreign currency and renminbi bank cards. Foreign nationals can open both types of accounts, while public customers of the bank branches — including enterprises, public institutions, and governmental organizations both within and outside China — are also eligible to apply for foreign currency and renminbi bank cards.

The issuing of debit cards must follow a reporting system, which requires banks to notify regulators within five business days of launching services, while credit card issuance requires regulatory approval.

This policy applies to commercial banks from Hong Kong and Macao that have legally established branches in the Chinese mainland. It does not cover subsidiaries of foreign-owned banks in the Chinese mainland, such as HSBC China, Standard Chartered China, and DBS Bank China, as these operate under separate regulatory frameworks.

Under the new regulations, all banks must take measures to safeguard customer privacy, prevent online risks, and protect consumer rights.

The move aims to further deepen economic cooperation between the mainland and the SARs, according to the notice.

Source: Xinhua