HashKey and Visa Unveil Co-Branded Credit Card in Hong Kong with Up to 4% Rewards

Introduction of a Unique Credit Card

In a significant development for the cryptocurrency and financial sectors, HashKey Exchange, Shanghai Commercial Bank, and Visa have launched a co-branded credit card in Hong Kong. This innovative product allows HashKey members to earn rewards of up to 4%, which are automatically converted into HKD cash vouchers each month.

Rewards System and Usage

The card enables cardholders to utilize their rewards flexibly. Vouchers may be used to purchase supported cryptocurrencies or for offsetting trading fees on the HashKey Exchange. Cardholders earn one point for every HK$1 spent, with 250 points equating to HK$1 in cash vouchers, credited directly to their HashKey accounts.

Application Process for Eligible Members

Eligible members of the HashKey Exchange can apply for the Shanghai Commercial Bank HashKey Visa Signature Credit Card through the respective mobile applications of HashKey and the bank. To qualify, applicants must live in Hong Kong, be at least 18 years old, and have a HashKey account. The final decision regarding credit approval lies with Shanghai Commercial Bank.

Promotional Offers and Reward Structure

During the promotional period, the card offers 4% rewards on eligible overseas spending and 2% on local purchases. New customers are also eligible for additional promotional offers, including up to HK$1,200 in HashKey HKD Cash Vouchers or HK$1,000 in spending credit, based on specific terms.

Targeting Practical Use of Digital Assets

According to Haiyang Ru, CEO of HashKey Exchange Business Group, this partnership aims to expand regulated digital asset usage beyond mere trading, positioning digital assets alongside broader financial services. Paulina Leong, General Manager at Visa Hong Kong and Macau, echoed this sentiment by highlighting the goal of integrating digital asset services with established payment methods.

Significance in the Growing Market

The introduction of this credit card comes as part of HashKey’s larger strategy to engage actively with the growing market for crypto reward cards in Asia. Notably, this follows the launch of HashKey’s licensed retail operations in August 2023, making it one of the first licensed exchanges to cater to retail customers in Hong Kong. The card represents a model that separates cryptocurrency transactions from credit rewards, allowing increased flexibility for users seeking to purchase digital assets.