Oriental City Group Plc (PLUS Ticker: OCGP; Frankfurt Ticker :TCN, WKN:
A0MMTC), the Hong Kong based financial services group specialising in
Lifestyle Credit Card issuance and payment services, announces that after
five years of partnering with established banking institutions in Asia, it has
acquired its own banking license from the Autonomous Island of Anjouan, Union
of Comoros.
The board expects this milestone will open up new business opportunities and
allow the Group to expand its business model. By teaming up with Asian banks
to secure local licenses for the issuance of credit and debit cards, OCG is
working towards being a qualified card-issuer in its own right, allowing it
vertically to integrate its successful lifestyle card business, in order to
provide one-stop financial services to its card members and increases its
revenue potential.
The Group considers that the banking license will be the initial step to
developing its proprietary diversified financial products and services, and
will be crucial in targeting its existing client base (i.e. its lifestyle card
members). Ultimately, OCG hopes to become a new-generation lifestyle financial
services provider, starting in Greater China and expanding across Asia.
The Group is already an established issuer of lifestyle credit and debit cards
through partnerships with established banks and OCG is also already providing
card acceptance services by working with China Unionpay in Thailand.
This month the Group has seen its Golf Card membership rise above 40,000. Its
card remains the only lifestyle payment card using Golf as the main theme in
China at present. By working alongside the leading banks in China, OCG believes
it will maintain this position, as well as developing its business model across
other PRC provinces and cities, e.g. Guangdong Province, Beijing and Shanghai.
Furthermore, it expects to develop its Golf Services Platform further,
attracting more golf related companies, organisation and golf clubs in
Hong Kong, China and South East Asia.
HENRY YU, FOUNDER AND CHIEF EXECUTIVE OF OCG, COMMENTED: “OCG will focus on
providing a quality level of financial products and services to this generation
of consumers. Starting in Asia, our customers are lifestyle-focused with their
specific needs and expectations, and our OCG lifestyle card and payment
platforms, together with the proposed lifestyle financial services will be
oriented to meet their increasing demand.”
OCG’s agreement with United Overseas Bank (“UOB”) ended on 30 June 2007
following the expiration of its term. Subsequently, UOB is making claims for
outstanding sums alleged to be due, which OCG is resisting pursuant to legal
advice. Legal proceedings have not yet commenced.
The Directors of Oriental City Group Plc accept responsibility for this
announcement.
-ends-
For further information:
ORIENTAL CITY GROUP PLC
Henry Yu, Chief Executive
Henry.yu@ocg.com.hk
Anthony Mak, Vice President +852 (2546) 8808
anthony.mak@ocg.com.hk
ATLANTIC LAW LLP
Matthew Thompson +44 (0) 20 7616 2888
matthew.thompson@atlantic-law.com
CONDUIT PR LTD
Christian Taylor-Wilkinson/Jos Simson +44 (0) 20 7429 6603
jos@conduitpr.com
Christian@conduitpr.com
NOTES TO EDITORS:
Oriental City Group Plc issues Lifestyle Credit Cards in south-east Asia and
offers platform-wide privileges to customers based on their respective
lifestyle interests.
Founded in 2001, OCG launched its first Lifestyle Card in Hong Kong 2002, the
‘Golf VISA Card’, accumulating over 20,000 members within one year and today
has the largest golfers’ database in Asia.
Since then OCG has launched a further three Lifestyle Cards in Hong Kong,
including the Lady’s Card and Man’s Card for the health & beauty market, the
Family Card, and the first ever ‘Golf Card’ in China. OCG is set to further
expand its portfolio with four more Lifestyle Cards set to be introduced in
China in 2007.
OCG is among the first financial institutions introducing China Unionpay Card
Payment Services internationally outside China, in order to meet the increasing
payment needs of the growing Chinese tourists around the globe.