In ancient Babylon, banks began paying interest on deposits. Two thousand years later, Standard Chartered has come up with an alternative.
Any of the bank’s Hong Kong depositors with enough cash in their accounts can forgo interest payments and accept instead rewards from Asia Miles, the loyalty programme owned by Cathay Pacific.
“The interest rate has been so low in Hong Kong that some customers are happy to trade interest for miles,” said Samir Subberwal, StanChart’s head of retail banking in Greater China and north Asia.
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