China Merchant Bank, the leading commercial bank in China, and Renren inc., the leading real name social networking internet platform in China, have announced that they are teaming up to create a co-branded “Renren CMB” credit card which will combine social, location and mobile services with a traditional credit card in a way that has never been seen before. The card will allow card holders to “check in” from their current location and automatically receive promotional information from CMB merchant partners located in the vicinity. It will also offer a wide range of loyalty incentive programs, and will allow companies to directly target consumers who are interested in their services.
Jialong Liu, General Manager of CMB Credit Card Center, expressed his enthusiasm for the new agreement saying, "We are very excited about this partnership with Renren. This is truly a milestone in the socialization of financial services. Renren has a large base of young, highly educated users. We very much look forward to attracting many loyal consumers to our financial products through innovative social services provided by Renren."
Joseph Chen, Chairman and Chief Executive Officer of Renren, seemed equally satisfied with the agreement saying, "Social networking is increasingly penetrating many aspects of people's lives. We are very pleased to have the opportunity to work with CMB, one of the best commercial banks and the leading credit card issuer in China, on this important project. Through this co-branded credit card program, we see a business model we previously envisioned start to materialize, combining social, location and mobile services to make people's lives more convenient, more informed, and more fun!"
Renren CMB co-branded credit cards are expected to be issued in July of 2011.
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