New | Chinese billionaire Wang Jianlin takes aim at the global credit card system, promising to become No 1

Wang Jianlin, China’s richest man, is turning his sites on the global credit and payment card system, saying he has plans to become a major player in the sector by 2020.

Wang, the chairman of Dalian Wanda Group, China's largest commercial property company, told the Asia Financial Forum in Hong Kong on Monday that he hopes to issue 500 million Feifan cards, a type of credit and payment card for Wanda merchants and customers, in the coming five years.

The billionaire, whose personal net worth is estimated at US$30 billion, much of it from building shopping malls across China, was whirled in and out of the Wan Chai venue like a rock star.

A special session dedicated to Wanda’s Internet finance development drew hundreds of bankers and other attendees – many crowding into the back of the hall standing throughout the one-hour session.

While he didn’t provide details to his IPO plans for his card payment system, Wang, 61, fielded a range of questions on the activities of Hong Kong-listed Wanda.

Asked about future acquisition plans, Wang said he will continue shopping around after the recent US$3.5 billion takeover of Legendary Entertainment. “People often said Wanda knows nothing but to buy, buy and buy,” said Wang. “So I just keep buying.”

When asked whether his plan of covering 700 to 800 million Chinese consumers with Wanda services will result in a monopoly, Wang replied that his monopoly, if there will be one, will be not as bad as other monopolies.