Mandates and payments roundup, June 21

China Merchants Bank to partner with Renren for new card

China Merchants Bank has teamed up with Renren, the China-based social networking internet platform that completed its US IPO at the beginning of May, to issue a new credit card. The new social credit card, co-branded as the Renren CMB credit card, will have additional social, location and mobile services and features.

“Social networking is increasingly penetrating many aspects of people’s lives,” said Joseph Chen, chairman and chief executive of Renren, in a statement. “Through this co-branded credit card programme, we see a business model we previously envisioned start to materialise, combining social, location and mobile services...