Green Light for Chinese Mainland Branches of Hong Kong, Macau Banks to Issue Bank Cards

By Wu Xiaomeng, Xia Yining and Denise Jia

Chinese mainland citizens will soon be able to open foreign currency bank accounts at mainland branches of Hong Kong and Macau banks, though restrictions on opening offshore bank accounts remain unchanged.

The National Financial Regulatory Administration (NFRA) announced Wednesday that these branches will be allowed to issue bank cards to existing customers from March 1. Under the new policy, foreign citizens can open both foreign currency and renminbi accounts, while corporate clients — including enterprises, public institutions and government agencies — will be eligible for both types of accounts.

An NFRA official said the decision aligns with a State Council-approved trade agreement between the Chinese mainland, Hong Kong and Macau, which lifted previous restrictions on issuing bank cards at these branches. The move aims to enhance financial integration, support development in the Greater Bay Area and improve banking services.

The policy applies to commercial banks from Hong Kong and Macau that have legally established branches in the Chinese mainland. It does not cover foreign-owned banks’ subsidiaries in Chinese mainland, such as HSBC China, Standard Chartered China, and DBS Bank China, which operate under different regulatory frameworks, Caixin learned from industry insiders.

Under the new framework, the issuing of debit cards will follow a reporting system, requiring banks to notify regulators within five business days of launching services. Credit card issuance will require regulatory approval, following guidelines set by the China Banking and Insurance Regulatory Commission. Applications must be reviewed within three months, with authorities providing a written decision.

For banks with a number of mainland branches, the NFRA requires that the designated managing branch be first to launch bank card services. If the managing branch does not plan to issue cards, other branches may apply under specific guidelines.

The NFRA emphasized that banks must strengthen consumer protection, compliance measures, cybersecurity and risk management. The managing branch will oversee all bank card operations to ensure regulatory adherence and to safeguard personal data.

Contact reporter Denise Jia (huijuanjia@caixin.com)

caixinglobal.com is the English-language online news portal of Chinese financial and business news media group Caixin. Global Neighbours is authorized to reprint this article.

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