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  • April 19, 2014
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  1. Business - Banking & Finance - REGULATION

    PBOC halts plans by Tencent, Alibaba for virtual credit cards

    Posted Mar 14th 2014, 02:39pm by Victoria Ruan and Sophie Yu

    ... to virtual cards hits Tencent News that the People's Bank of China had halted plans by mainland internet giants Alibaba and Tencent to offer virtual credit cards sent Tencent shares tumbling yesterday, along with those of partner China Citic Bank. The central bank suspended the introduction of payment products based on virtual credit cards and payments made through so-called Quick ...

    http://www.scmp.com/business/china-business/article/1448531/tencent-alibaba-hit-pboc-order-halt-mobile-payments-using
  2. News - Asia - SOUTH KOREA

    South Korean finance firms face 3-month ban after credit-card breach

    Posted Feb 03rd 2014, 01:44am by Bloomberg

    ... Bloomberg in Seoul Finance companies face three-month ban after credit-card breach South Korean regulators will order three consumer finance companies to suspend operations for three months as early as February 14 after the nation's biggest theft of data on credit-card holders, an official said. The Financial Services Commission planned to notify the card units of KB ...

    http://www.scmp.com/news/asia/article/1419333/south-korean-finance-firms-face-3-month-ban-after-credit-card-breach
  3. Business - Money

    Truant school kids jet off to the sun- with their own credit cards

    Posted Jan 26th 2014, 04:30pm by Anna Healy Fenton

    ... shortened their lovely holiday. If I was the parent of one of these 16-year old lovebirds who bought HK$40,000-worth of air tickets and a five star hotel stay with a credit card I’d trusted them ...   Call me old fashioned but… I would take a very dim view of everyone involved, starting with myself. For trusting them with a credit card and not putting a sensible limit on it. I’d be even ...

    http://www.scmp.com/business/money/wealth/article/1414187/truant-school-kids-jet-sun-their-own-credit-cards
  4. News - Asia - SOUTH KOREA

    Data from more than 100 million South Korean credit cards and accounts stolen

    Posted Jan 22nd 2014, 03:28pm by Reuters

    ... Reuters in Seoul Credit card and account details reportedly include those of President Park Geun-hye and UN chief Ban Ki-moon The theft of personal information from more than 100 million South Korean credit cards and accounts, reportedly including those of President Park Geun-hye and UN chief Ban Ki-moon, has ignited a storm of anger and litigation against credit firms. Worried ...

    http://www.scmp.com/news/asia/article/1411070/data-more-100-million-south-korean-credit-cards-and-accounts-stolen
  5. Business - Banking & Finance - BANKING

    Big bank battle is on the cards

    Posted Jun 05th 2013, 12:00am by KANIS LI

    ... Kanis Li kanis.li@scmp.com The city's five largest lenders are fighting to keep their customers as outsiders take them on in areas like credit cards and mortgages Big bank battle ... those from the mainland. Credit card and mortgage services are already the two main areas these rival banks compete in, but industry watchers warn that profits will not come easily. Retail ...

    http://www.scmp.com/business/banking-finance/article/1253538/big-bank-battle-cards
  6. News - Hong Kong

    Taxi driver jailed for storing more than 9,000 fake credit cards

    Posted Jan 21st 2014, 04:45am by Thomas Chan

    ... Thomas Chan thomas.chan@scmp.com Stash of fake credit cards lands cabbie in jail A taxi driver has been jailed for six years for storing more than 9,000 bogus credit cards disguised ... flat in Yau Tong on November 22, 2012 and seized 9,047 incomplete fake credit cards. The court did not hear why police searched Cheng's home. "Police found it more challenging ...

    http://www.scmp.com/news/hong-kong/article/1409874/taxi-driver-jailed-storing-more-9000-fake-credit-cards
  7. Business - Money - CREDIT CARDS

    The (low) price of credit card loyalty

    Posted Mar 04th 2013, 12:00am by Nicky Burridge

    ... Nicky Burridge What promotions and gifts are attached to each credit card? We look at the main incentive plans and find that the offerings can be a bit thin The low rewards of loyalty Credit cards do more than offer credit. They radiate aspiration- the top ones come with names like Ultima, Platinum and Infinite- and they come with perks. And it is for the perks that people ...

    http://www.scmp.com/business/money/spending/article/1173357/low-price-credit-card-loyalty
  8. Business - Companies - SHOPPING

    Warnings on hidden costs of Hong Kong's credit card craze

    Posted Dec 22nd 2013, 04:51am by Amy Nip

    ... Amy Nip amy.nip@scmp.com Credit card craze could prove costly As the Christmas spending frenzy reaches its peak, Hongkongers will be flashing, swiping and debiting almost 18 million credit ... In the first 11 months of this year, the Consumer Council received 406 complaints about credit card services, 43 per cent more than the same period last year. The biggest rise in complaints related ...

    http://www.scmp.com/business/companies/article/1387944/warnings-hidden-costs-hong-kongs-credit-card-craze
  9. News - World - DATA THEFT

    US lags in credit card security

    Posted Dec 23rd 2013, 05:04am by McClatchy-Tribune

    ... McClatchy-Tribune in Los Angeles Target data breach highlights problem of old technology that leaves millions of American consumers wide open to high risk of fraud U.S. lags in credit card security The massive data breach at Target this past week has again highlighted how the United States remains a relatively insecure backwater when it comes to credit card technology. Over the last ...

    http://www.scmp.com/news/world/article/1388457/us-lags-credit-card-security
  10. Business - Money - CONSUMER FINANCE

    Why don't banks give credit where it is needed?

    Posted Jan 21st 2013, 12:00am by JENNI MARSH

    ... working in Japan, HSBC would only offer the couple a joint credit card with a limit of HK$40,000, despite the balance on their savings account being 10 times that amount. "The limit ... ones. A growing number of Hong Kong expats with unblemished credit records, little debt, permanent employment contracts and respectable salaries find it difficult to obtain a credit card at all- ...

    http://www.scmp.com/business/money/spending/article/1131041/why-dont-banks-give-credit-where-it-needed

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