Cards take Bank of China into personal banking
Play
Bank of China's Bangkok branch is using the credit-card business to expanding its customer base not only in the Kingdom but elsewhere in the region, which will become a single market in 2015.
General manager Che Jun said yesterday that the bank had set an ambitious strategy to move into personal banking in Thailand, rather than only serving corporate clients and Chinese companies operating in this country.
Bank of China has transformed the image of its Bangkok branch to that of a local bank in the past three years in a bid to capture Thai customers. The bank began offering Internet banking and debit cards two years ago and credit cards last year.
In the first stage of its expansion into personal banking, it will strongly promote the Bank of China-Great Wall International MasterCard with an offer of up to 8 per cent cash back on purchases with this credit card.
The card targets private companies’ employees, executives and entrepreneurs aged over 20. The three variations offered are Platinum, Gold and Classic cards.
The bank aims to have 40,000 credit cards in circulation this year, with that number surging to 250,000 within three years.
It will launch a wealth-management centre to capture private banking customers, while its Platinum credit card will also serve this segment.
Travel by Chinese and Thai people is an opportunity for its credit-card business, Che said. Thailand is a popular destination for Chinese tourists, as each year about 1 million of them visit, while 500,000 Thai tourists travel to China.
Retail products
In the next stage, the bank plans to offer more retail products, including unsecured loans.
With the implementation of the Asean Economic Community, cross-border trade and travel will be bolstered, further benefiting the credit-card business.
“We are only three years away from the AEC, which is certain to transform the economic landscape of this region considerably,” Che said.
“Thailand is geographically positioned at the centre of it all. The country’s tourism, conference, exhibition, distribution and medical industries are set to benefit from the AEC with at least 25-per-cent growth in trade. This is also an important base for Chinese investment.”
Bank of China has a strong network in the Asean region, including three branches in Thailand – two in Bangkok and one in Amata City Industrial Estate in Rayong province. Outside Thailand, it has branches in Cambodia, Malaysia, Indonesia, Singapore, and Vietnam and a representative office in Myanmar. It also plans to open a branch in Laos.
