Chinese authorities have banned mainland customers from using the ubiquitous UnionPay credit card to purchase investment-related insurance product sales via private banks in Hong Kong. The state-backed company issued a statement on its UnionPay International website advising customers that they can no longer conduct transactions for insurance solutions with “investment-related contents” using the card. However, products that cover accidents, illnesses and deaths would still be…
Chinese HNWIs barred from using UnionPay to buy investment-linked insurance in HK
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