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International financial giant like HSBC and Citigroup are striding into the financial market in the Chinese mainland. And some other overseas financial institutions are slicing their share of the market segments. They are focusing more on professional fields like auto loans, housing mortgage and credit cards.
In August, China Banking Regulatory Commission extended a permission to GM Shanghai's financial arm. This marks foreign funded auto financial companies make their first foothold in the enormous market.
The expansion of the residential housing market in the country in recent years has brought vast possibilities for mortgage business. Foreign capital restrained from direct access into the market by the policy take a roundabout way to infiltrate into it.
Macquarie, for example, has a successful story about this. They are confident about their familiarity with the local mortgage market and assets now. And they are poised to enter into the turf "as soon as the policy permits".
Western Union and Money Gram which are specialized in individual remittance and payment, both include China into their global strategy.
Source: China Daily
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