CCTV News: According to the website of the State Administration for Financial Regulation, in order to implement the "Agreement II on the Service Trade Agreement on the Revision of the "Agreement II on the "Agreement II on the "Agreement II on the "Agreement II on the Establishment of Closer Economic and Trade Relations between the Mainland and Hong Kong" and "Agree II on the Revision of the "Agreement II on the Service Trade Agreement on the Establishment of Closer Economic and Trade Relations between the Mainland and Macao" approved by the State Council to cancel the restrictions on the prohibition of mainland branches of Hong Kong and Macao's banks to open bank card business, the State Administration for Financial Regulation recently issued the "Notice on Matters Related to the Establishment of Bank Card Business of Hong Kong and Macao's Bank of China" (hereinafter referred to as the "Notice"), which will be implemented from March 1, 2025.

The "Notice" clarifies relevant matters involved in the establishment of bank card business of mainland branches of Hong Kong and Macao Bank. First, mainland branches of Hong Kong and Macao banks are allowed to open foreign currency bank card business and RMB bank card business for customers other than Chinese citizens. The second is to clarify that the reporting system applies to the establishment of debit card business by mainland branches of Hong Kong and Macao banks, and the approval system applies to the establishment of credit card business. The third is to clarify the reporting procedures and material requirements for mainland branches of Hong Kong and Macao Bank to start debit card business. Fourth, it is clear that the application of Hong Kong and Macao banks to start credit card business shall be carried out in accordance with the relevant provisions on the establishment of credit card business in the "Implementation Measures for the Administrative License of Foreign-funded Banks of China Banking and Insurance Regulatory Commission" on the establishment of credit card business. Fifth, clarify the procedures for Hong Kong and Macao banks to set up multiple branches in the mainland to start bank card business, and the procedures for the management bank to open bank card business but other branches plan to open bank card business. Sixth, it is clear that if the mainland branches of Hong Kong and Macao banks start bank card business and should pass the review by other administrative departments in accordance with the law, they shall be handled in accordance with their regulations. 7. It is required that mainland branches of Hong Kong and Macao banks should effectively protect consumers' legitimate rights and interests when opening bank card business, strengthen system construction, compliance management and risk control, strengthen network security, data security and business continuity management, effectively protect personal information, strictly abide by relevant laws, regulations and regulatory regulations, and require the management to perform overall management responsibilities. Eighth, strengthen the supervision responsibilities of the local regulatory bureaus, and require all local regulatory bureaus to strengthen supervision and management of bank card business in mainland branches of Hong Kong and Macao banks, urge institutions to carry out bank card business in accordance with the law, effectively prevent risks, and protect consumers' legitimate rights and interests.

The release and implementation of the "Notice" is an important measure for the State Administration for Financial Regulation to implement the decisions and deployments of the CPC Central Committee and the State Council. It will further promote high-level opening up, increase financial support for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, deepen financial cooperation between the mainland and Hong Kong-Macao, and improve the quality and efficiency of financial services of mainland branches of Hong Kong and Macao Bank.