Bank of Suning, the first private bank launched by Jiangsu last June, issued its first debit card on Tuesday.
As the country’s first O2O bank, the Bank of Sunning gained access to the China UnionPay network on September 8th.
The basic business of the Suning debit card is similar to the traditional bank debit card, with access to cash, transfer, consumption, self-help inquiries, authorized billing and other functions at more than 30 million of businesses and ATM machines worldwide.
Since the first private bank opened in 2014, 17 private banks have been approved in China with 9 of them opening for business.
The latest data show that the first batch of 5 private banks achieved a basic profit in 2016 and 5 others registered net profit between one million to tens of millions of yuan in the first half of this year.
Most of them rely on the Internet to develop online banking business. The issuance of debit card means a step further for the private banks to seek further exploration in personal finance.
