50,000 platinum cards target by AmexPETALING JAYA: American Express (Amex), which jointly launched its platinum credit card with Malayan Banking Bhd (Maybank) yesterday, expects to issue 50,000 of the premium card this year.
Head of global network services (Japan, Asia Pacific and Australia) Kula Kulendran said the 50,000 cards, which represented 20% of Amex's existing subscriber base of 200,000, was a realistic target.
"Malaysia is a sizeable market for American Express in South-East Asia. We have confidence in this (Malaysian) market," Kula told a press conference before the card launch yesterday.
He also said Amex had targeted to add 100,000 cards in other categories apart from the 50,000 platinum cards. "We have a large customer base to tap on."
Maybank, which took over Amex's charge card and merchant acquiring business in Malaysia last August, expects the new product to boost its consumer banking business.
"This new card is recognition of the growing affluence of Malaysians," said Maybank acting chief executive officer Datuk Aminuddin Md Desa.
Maybank is the country's biggest issuer of credit, debit and charge cards, and merchant acquirer.
The banking group currently has 1.5 million credit card holders and more than 50,000 merchants accepting debit, credit and charge card payments.
"Consumer spending is still relatively good. We anticipate a 20% year-on-year growth on our credit card billing for the financial year ending June 30, " said head of card business, B. Ravintharan.
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