-
Advertisement

Aeon in talks on expansion into China

Reading Time:1 minute
Why you can trust SCMP
SCMP Reporter

Aeon Credit Service (Asia) Co is in talks with several banks in China on the possibility of expanding its cash-dispensing machine network on the mainland.

General manager Derek Lai said the company had an agreement with Industrial and Commercial Bank of China (ICBC) in Shenzhen which enabled Aeon card-holders to get cash advances from the bank's 150 automated teller machines in the city.

He said ICBC would charge Aeon a fee when card-holders used the bank's machines.

Advertisement

Aeon would get all the interest revenue derived from the cash advances.

Mr Lai said the forthcoming co-operation would take more or less the same form as the ICBC venture but Aeon would have no control over the number of machines in China which would be equipped with the company's cash advance function.

Advertisement

Aeon has no immediate plans to recruit card-holders from China.

Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x