KUALA LUMPUR, May 5 -- Standard Chartered Bank Malaysia Bhd is confident of expanding its credit card market share to seven percent over the next 24 months.
"Currently, the bank's credit card market share is about five percent which translates to close to half a million cardmembers," said the the bank's consumer lending general manager Francis Loh at the launch of its JustOne smart financial solution.
The bank expects the JustOne card to be well received and has targeted the solution to bring in 50,000 new cardmembers within the next 12 months, he said.
Loh said the new card was targeted at young professionals who have an increasingly fast-paced and complex lifestyle.
He said statistics showed that more than 52 percent of the Malaysian population is below 30 years old, and this is the huge market that the bank is targeting.
Offering simplicity, the new card is a combined credit, debit and automated teller machine (ATM) card along with current account as well as with additional rewards and attractive interest rates.
Those with an income of RM40,000 per year are eligible to apply for the card through all Standard Chartered Bank branches nationwide.
Loh said the card is expected to be introduced in foreign markets later as Malaysia is the first among the Standard Chartered markets to offer the JustOne card.
"Our ability to continue launching new products and services in the current environment is a testament to the strength of our Malaysian franchise and the strong support we receive from our customers," he said.
"As an international bank we have strong foundations and are in good shape to continue standing beside and helping our customers," he added.
The bank currently has more than 30 branches across Malaysia.
-- BERNAMA
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