RMB cards. Hong Kong banks were invited to apply to become the designated clearing bank for RMB business; the People's Bank of China subsequently chose BOCHK as the clearing bank, for a term of three years.

According to the Hong Kong Monetary Authority, the major responsibilities of the clearing bank are to:

open RMB settlement accounts for participating banks for the acceptance and withdrawal of RMB funds

open a settlement account with the PBOC's Shenzhen sub-branch to centralise the acceptance and withdrawal of RMB funds of the Clearing Bank and the participating banks

Nanyang Commercial Bank

Founded in 1950 in Hong Kong, Nanyang Commercial Bank is a wholly owned subsidiary of BOCHK, with 41 branches. Nanyang primarily focuses on corporate customers, in particular small and medium sized trading and manufacturing companies. It alsohas a loyal following amongst the overseas Chinese community, especially in South East Asia. It relies on BOCHK for back-end office and IT support.

Chiyu Banking Corporation

Founded by Tan Kah Kee, an overseas Chinese in 1947, Chiyu Banking Corporation Limited has 23 branches in Hong Kong and focuses on serving the community of residents of Fujian descent in Hong Kong.

Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in Xiamen and the rest of Fujian province in China. Since its founding, it has spent more than HK$1 billion in education in the province, primarily through funding Jimei University and its related schools.

JETCO

JETCO (traditional Chinese: 銀通) (Joint Electronic Teller Services Limited) is the biggest network of automatic teller machines in Hong