Green Light for Chinese Mainland Branches of Hong Kong, Macau Banks to Issue Bank Cards
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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.
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- Chinese mainland citizens can open foreign currency accounts at mainland branches of Hong Kong and Macau banks, starting March 1. Restrictions on offshore accounts remain unchanged.
- New policies allow foreign citizens and corporate clients to open both foreign currency and renminbi accounts, enhancing financial integration and banking services in the Greater Bay Area.
- Hong Kong and Macau banks can issue debit cards, with credit card issuance requiring approval. They must ensure consumer protection and regulatory compliance.
- HSBC China
- The article states that HSBC China, along with other foreign-owned banks' subsidiaries in the Chinese mainland, is not covered under the new policy allowing branches of Hong Kong and Macau banks to issue bank cards. HSBC China operates under a different regulatory framework and will not be affected by these changes.
- Standard Chartered China
- Standard Chartered China, as a subsidiary of a foreign-owned bank, is not covered by the new policy allowing Hong Kong and Macau bank branches in the Chinese mainland to issue bank cards. These banks operate under different regulatory frameworks, so Standard Chartered China remains subject to existing regulations governing foreign-owned banks in the mainland.
- DBS Bank China
- DBS Bank China, as a subsidiary of a foreign-owned bank, is not covered by the new policy allowing Hong Kong and Macau banks to open foreign currency accounts in the Chinese mainland. It operates under a different regulatory framework from mainland branches of Hong Kong and Macau banks and thus remains subject to existing restrictions on offshore bank accounts.
- February 19, 2025：
- The National Financial Regulatory Administration (NFRA) announced that Hong Kong and Macau banks can issue bank cards to mainland customers from March 1, 2025.
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