Bank Islam Malaysia Bhd. is looking to double its credit cardholder base by the end of March 2011, an official from the Kuala Lumpur-based financial institution tells PaymentsSource.
“We will sign credit card cobranding agreements with two companies, including a telecom operator, either this month or the next,” the official says. “The agreements are being made to increase brand awareness about the bank’s credit cards.”
The bank currently issues 500,000 credit cards in Malaysia. The two possible, undisclosed partners have large customer bases, the official adds, declining to be specific.
Bank Islam Malaysia issues both Visa- and MasterCard-branded credit cards in platinum, gold and classic variants. The bank’s credit cardholders spent 70 million ringgits (US$20.4 million or 14.2 million euros) per month on an average in 2009, according to the official.