JCB, a leading international payment brand, is happy to announce the June launch of a new Bank of Shanghai Shen Card (JCB) to be issued by Bank of Shanghai (BOS).
JCB and BOS, one of China's largest commercial banks, signed a licensing agreement in October of last year for card issuing in China, and the Bank of Shanghai Shen Card (JCB) will be the first JCB brand credit card issued by the Bank of Shanghai.
The new BOS Shen Card (JCB) will be denominated in both local Chinese currency and US dollars and be issued in both Standard and Gold. As an international brand card for the general Chinese populace, the card is targeted at Shanghai's business travelers and other consumers requiring enhanced card payment usability. BOS is targeting 50,000 cardmembers in the first year alone through active promotion of the new BOS Shen Card (JCB).
"We are very pleased to partner with Bank of Shanghai. Above all, its issuing license means that BOS can take advantage of JCB's 40 years of experience in the credit card industry and extensive infrastructure in Asia to develop even higher quality services for JCB cardmembers in China" said Mr. Kunio Yoshizawa, President of JCB International Co., Ltd. "By combining Bank of Shanghai's expertise in its local customer relationships and their dynamic local operations with our global acceptance network, we can expect a synergetic effect that will offer both Bank of Shanghai and JCB the opportunity to increase share in the international credit card market in China," he added.
The BOS Shen Card (JCB) carries worldwide acceptance through JCB's 12.2 million merchant network located in 190 countries and territories. Cardmembers will enjoy special discounts at Bank of Shanghai serviced merchants, while cardmember services provided by the JCB brand include access to JCB Plaza customer service centers in 31 popular destinations around the world as well as other value-added benefits.
Also, JCB is currently working with other leading Japanese partners to develop new services for JCB cardmembers in China. Examples include offering discounted package prices for tours in Japan and special deals on mobile phone rental in Japan. Exclusive services such as these provided in cooperation with partners are a significant element in the JCB brand value proposition.
Since 1982, JCB has partnered with prestigious financial institutions in China for merchant services, to meet increasing demand from JCB cardmembers who travel to and within China. Bank of Shanghai is the second major bank to start issuing JCB brand cards in China, following Bank of China in April of this year.
Rapid growth in the Chinese economy such as the increase in air travel between China and Japan, the openings of big global events like the Beijing Olympics in 2008 and the Shanghai World Expo in 2010 indicate that the Chinese market is one of the largest potential credit card markets in the world. In anticipation of this growth, JCB has been focusing on expanding relationships with licensee issuers in China in order to establish a business base for the JCB brand.