Singapore lender United Overseas Bank's Hong Kong credit card centre boss Lawrence Tsong says the bank has found a lucrative niche in Hong Kong's increasingly crowded credit-card market, primarily by projecting a lifestyle image for its cards in television and print. The market newcomer issued its first card in December and now has three cards in the market with a five-figure card base and average spending per card at 45 per cent above the industry average of HK$1,000 a month. This performance, says Mr Tsong, means the bank is on track to reach a break-even card base of 150,000 to 200,000 within two to three years. All three cards were narrowly targeted at what UOB defined as a 'work-tech' marketplace consisting of young professionals aged between 25 and 45 with stable annual incomes of at least HK$500,000.
