JCB, Japan's only international payment brand, and its international subsidiary, JCB International, signed an issuing license agreement today with Industrial and Commercial Bank of China (ICBC).
Aiming for launch in 2009, JCB and ICBC will begin to develop credit card products with functions and services targeting the Chinese consumer. Since 1982, JCB has been pursuing business alliances with banks and financial institutions including Bank of China to increase convenience in China.. Now, ten Chinese partner banks and financial institutions conduct JCB merchant acquiring license business, and approximately 70,000 merchants across the nation accept JCB card for payment.
As the China market represents enormous growth potential for the credit card business, JCB has started to promote JCB card issuance for Chinese consumers. Six JCB licensee banks in China, BANK OF CHINA, BANK OF SHANGHAI, CHINA EVERBRIGHT BANK, CHINA MERCHANTS BANK, SHANGHAI PUDONG DEVELOPMENT BANK, and CHINA MINSHENG BANKING CORP., LTD. have now issued approximately 1.8 million JCB cards to residents of the country. ICBC is one of the largest commercial banks in the world, ranking first in the world in total assets, and first in China in the number of credit cards issued. ICBC and JCB entered into an acquiring partnership in 1991 to enhance the JCB merchant network.
ICBC's nationwide branch and customer network will accelerate JCB card issuance, further enhancing the JCB cardmember base, and building a stronger presence in China for JCB as an international brand. For ICBC, in turn, partnering with the only Japanese international credit card brand will expand its customer service and create additional value in its product lineup.
JCB is looking forward to building new alliances with leading banks and business partners to further expand the JCB cardmember base and JCB card acceptance network, providing more convenience and service to JCB customers around the world.