The Bank of China launched the first dual currency international bank card yesterday, part of a move to expand in the local market by offering both US dollar and Renminbi accounts on a single card.
People can get the card for a deposit of US$10 at the Bank of China office.
BOC’s Cambodia CEO Chen Changjiang expressed optimism about Cambodia’s future, citing the bank’s growth to 5,600 customers and $350 million in deposits since it opened in Cambodia in 2010.
BOC’s banking department first vice president Yang Hua said the card could be used at ATMs all over the world at no charge and with dual currencies; the card would automatically revert to the other currency if one wasn’t enough to cover a charge.
“We are very positive about the Cambodian market,” CEO Chen said. “China is Cambodia’s biggest investor; investing a lot in electric power, agriculture, the garment sector and infrastructure. For business between Cambodia and China, this card is the first choice,” he said.
Chen said BOC had the advantage of large capital reserves making it easy to get money from overseas and help local companies grow.
To contact the reporter on this story: Stuart Alan Becker at [email protected]