Trillium Software
     

20/06/2011

By Scott Thompson

China Merchants Bank and social networking platform Renren are to issue a co-branded credit card with social features. When card holders 'check in', they will receive promotional information from CMB merchant partners located in their current location. In addition, a range of loyalty incentive programmes will be on offer. The credit card is set to be issued in July.

Jialong Liu, general manager at CMB Credit Card Center, says: "We are very excited about this partnership with Renren. This is truly a milestone in the socialisation of financial services. Renren has a large base of young, highly educated users. We very much look forward to attracting many loyal consumers to our financial products through innovative social services provided by them."

Joseph Chen, chairman and CEO at Renren, comments: "Social networking is increasingly penetrating many aspects of people's lives. We are very pleased to have the opportunity to work with CMB, one of the best commercial banks and the leading credit card issuer in China, on this important project. Through this co-branded credit card programme, we see a business model we previously envisioned start to materialise, combining social, location and mobile services to make people's lives more convenient, more informed, and more fun."

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