More foreign banks arrive as Chengdu becomes financial hub

The government has helped set up a range of new local corporate financial institutions in the recent years. The Bank of Chengdu and Chengdu Agricultural & Commerce Bank are also growing rapidly.

Sichuan Jincheng Consumer Finance is one of four consumer finance companies approved by the China Banking Regulatory Committee and the only in the central and western regions.

The company's general manager Huang Qili said that the major businesses of the company include installment payments and loans for consumer goods like mobile phones and home renovation, and for services like weddings, travel and education.

Chengdu Tianfutong Financial Services Co is working on a third-party electronic payment system. The company's latest product, the Tianfutong card, allows users in the city to pay for public transport and water, gas and electricity with just a swipe.

Zhou Jun, a staff member in the company's marketing department, said that more than 10 million Tianfutong cards have been issued and every day the cards average 3.8 million transactions. People can also use the card for movies, shopping at supermarkets, dinning and even travel at the city's major tourism spots.

The card now covers suburban areas around the city. The company has been working on expanding its service area to cover cities near Chengdu.