Asia: Bank of China Singapore launched a co-branded credit card with Singapore’s biggest publication

Bank of China (BOC) recently launched a co-branded credit card with Lianhe Zaobao, a Chinese newspaper of Singapore Press Holdings (SPH) in Singapore. The BOC Zaobao Diamond Credit Card will be equipped with UnionPay QuickPass, allowing cardholders to make contactless payments, and will be compatible with BOC’s e-wallet app which will enable QR payments through the UnionPay network.

On top of discounts offered on Lianhe Zaobao and other SPH publication subscriptions, the card will also offer up to 30% savings on petrol as well as 10% rebates on selected dining, online, and retail merchants in Singapore and rebates on spending in mainland China.

According to RFi Group data, all of BOC credit card holders are from Chinese ethnicity and a significant portion of the bank’s card holders (68%) are affluent customers, those who own total assets of SGD 200,000 or above.

BOC’s tie-up with SPH is a prudent move and should see an increase in the bank’s presence within the affluent Chinese space in Singapore.

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