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China Banking Regulatory Commission (CBRC) is accepting bank card applications from overseas banks, sources with the CBRC told Xinhua Monday. 

Overseas banks that meet CBRC requirements and related standards can apply to run bank card operations in China, the sources said.  

China will allow foreign incorporated banks that qualify for RMB retail business to issue RMB bank cards which meet the operational and technical standards of China's banking cards, according to the decision reached at the China-US Strategic Economic Dialogue held last month.

 

These banks will enjoy the same treatment as Chinese banks, it said.

 

The move will allow overseas banks to offer a full range of RMB services.

 

Under the Administrative Rules on Foreign Banks, which took effect last December, overseas banks can issue their own brand of RMB bank cards when they register as local entities.

 

However, technical problems such as risk control and payment systems still need to be clarified in the new banking card regulations.

 

Many overseas banks that have incorporated in China or have plans to do so are waiting for the new bank card regulation to move forward.

 

An initial draft of the regulation has been completed by the Legislative Affairs Office of the State Council, the People's Bank of China and the China Banking Regulatory Commission, an earlier report said.

 

Meanwhile, overseas banks, including Bank of East Asia (China) Ltd., HSBC and Standard Chartered Bank, have said that they will announce their plans when the new regulation is issued.

 

Chinese banks have issued more than 1.1 billion bank cards -- 1.08 billion debit cards and some 50 million credit cards -- according to figures released by the People's Bank of China.

 

(Xinhua News Agency June 5, 2007)