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Chinese HNWIs barred from using UnionPay to buy investment-linked insurance in HK

31 October 2016
Image: 0053500103, License: Rights managed, a sign on a store window for Union Pay Chinese credit cards, in a store in Tokyo, Japan, Thursday 7th January 2010., Property Release: No or not aplicable, Model Release: No or not aplicable, Credit line: Profimedia.com, Alamy

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…

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