Financial Times

Standard Chartered to expand market share
Standard Chartered, the second largest issuer of credit cards in Sri Lanka with a 20 percent market share, will be strategizing on product innovation and value addition to expand its market share this year.

One such initiative is the Standard Chartered Cricket Card which made its debut in Sri Lanka last week with test star Kumar Sangakkara playing a couple of shots at a pitch made to mark its official launch.

Standard Chartered hopes to provide more exciting innovative products in the next six months where the newly launched Cricket credit card is expected to increase the bank’s stake in the credit card industry here.

This Master Card offers the first 500 primary applicants a free Sri Lanka cricket team track suit, discounts at the Cricket Shop, Austasia International Sports Complex and the Asian Cricket Academy. Also on the card are opportunities: to meet with famous cricketers, win tickets to international matches as well as coaching camps for cardholders’ children.

While the savings rate is low and people here are spending more, Sabry Ghouse, Head of Corporate Banking, Standard Chartered said customers also need to apply financial discipline to ensure that credit cards are used in keeping with their individual income and payment capabilities.

“The credit card provides a convenient secure method of payment - both locally and internationally (e.g. when travelling and making Internet payments), eliminating the risk of carrying cash. It also provides a credit facility in times of emergency and operates as a tool for cash flow management. Having said that, as an international bank we ensure that all card requests are evaluated according to strict credit guidelines and a limit is provided based on income and repayment capability,” Mr. Ghouse said.

He said the credit card market in Sri Lanka is nowhere near saturation. “In Sri Lanka there are approximately 700,000 cards issued for a population of 20 million. At 10% penetration one would assume a card base of 2 million - which means there is still plenty of market share left,” he added.

Back to Business