China Construction Bank (CCB) has signed a multi-million dollar contract with SchlumbergerSema for its credit card processing system CardLinK.
Under the agreement, the credit card solution will be integrated with CCB's existing retail banking systems.
The bank, which is launching its international credit card services at the end of the year, says China has a huge card market potential as it currently has less than a million credit cards in use.
Ping Lee, vice president and general manager, CCB, says: "We believe that card issuers will soon find themselves competing aggressively in terms of market share and product innovations."