State Administration of Financial Supervision: Allowing Mainland Branches of Hong Kong and Macao Banks to Offer Foreign Currency Bank Card Business

In order to implement the relevant agreements approved by the State Council, the State Administration of Financial Supervision recently issued the "Notice on Matters Related to the Opening of Bank Card Business by Mainland Branches of Hong Kong and Macao Banks" (hereinafter referred to as the "Notice"), which will come into effect on March 1, 2025. The "Notice" clarifies the relevant matters involved in the opening of bank card business by mainland branches of Hong Kong and Macao Banks. First, it allows mainland branches of Hong Kong and Macao Banks to open foreign currency bank card business and RMB bank card business to customers other than Chinese citizens. Second, it clarifies the applicable reporting system for the opening of debit card business by mainland branches of Hong Kong and Macao Banks, and the applicable approval system for the opening of credit card business. Third, it clarifies the reporting procedures and material requirements for the opening of debit card business by mainland branches of Hong Kong and