Revenues at Citis Asia consumer division rose 3% in the Q3 from 2015, helped by a 4% rise in credit card sales which was aided by partnerships with more digital technology-focussed firms, reuters.com reports.
We now acquire one out of every four new cards online and over 46% of our credit card payments in China are now settled via digital partners, Asia CEO Francisco Aristeguieta said.
For Western banks, digital banking is a cheaper and faster way to grow in Asia than traditional banking channels because they can offer loans, fund management and payment services via mobile Internet.
The US bank added in September Grab and Lazada to its network of credit card partnerships, which include Alipay, and Chinese messaging app WeChat.
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