Stanchart In Services Pact With Equifax

Standard Chartered Bank (SCB) yesterday entered into a tie-up with Equifax Venture Infotek (Evi) for payment services infrastructure for the bank's co-branded credit cards, which are to be launched in alliance with local banks.

Standard Chartered also intends to take advantage of this tie-up to expand its area of operations and issue its own credit cards in cities and towns where it currently does not operate, said Harpal Dugal, the bank's card services head.

Local banks with a loyal customer base and wide branch distribution network can take advantage of the tie-up in issuing co-branded credit cards to their customers, he said.

Equifax Venture Infotek's support services will enable Standard Chartered to partner local banks to focus on extending cardholder base to smaller towns across the country, said Dhruv Khaitan, chairman of Equifax, a 50:50 joint venture between US-based Equifax Inc and Venture Infotek.

Standard Chartered Bank , with 4.5 lakh customers in a span of four years, has an 18 per cent market share.