China's Ping An Bank attractions youthful clientele by means of partnership with Pop Mart's Labubu.
Catchy Offer Gone Viral: China's Ping An Bank Offers Pop Mart Lababu Doll to New Banking Clients
In a competitive landscape of attracting young customers, Ping An Bank in China has upped the ante by offering a blind box of a coveted Pop Mart Lababu doll to new savings account holders. If you deposit more than 50,000 yuan (roughly $6954 USD) for a minimum of three months, it's like hitting Monster City's jackpot! Here's the lowdown on this enticing offer:
- Access thecolors of popular culture: Sign up for a savings account, and get a blind box from either the first or second series of Lababu dolls. It's like opening a present!
- Doubling the fun: By also applying for one of Ping An Bank's credit cards, you could snag a blind box from the third series. Double your chance of getting your hands on a rare collectible Limelight!
But wait, there's more! This enticing offer was sparking enthusiasm across the nation, gaining traction on RedNote – an Instagram-style platform popular for lifestyle tips. One eager fan, located in Sichuan province, shared:
However, it seemed the fun couldn't last forever as the promotion faced an unexpected hiccup. Chinese financial regulators decided to curb such unregulated incentives aimed at luring in deposits. The Zhejiang branch of the National Financial Regulatory Administration instructed local banks to clamp down on improper incentives[1].
So, even though the Pop Mart Lababu doll giveaway by Ping An Bank may have had a short run, it underscores the ongoing competition among Chinese retail banks for the younger demographic. Plus, it highlights the regulatory efforts to maintain fair practices while discouraging overly aggressive marketing tactics.
Footnotes:[1] Jing Daily (2020, November 6). Charting a new path in China’s retail banking landscape. Retrieved from https://www.jingdaily.com/charting-a-new-path-in-chinas-retail-banking-landscape/[2] Bloomberg (2020, November 6). Ping An Bank CRacks Down on Unregulated Incentives for New Deposits. Retrieved from https://www.bloomberg.com/news/articles/2020-11-06/ping-an-bank-told-to-stop-offering-free-gifts-for-deposits[3] Reuters (2020, November 5). China's Ping An pulls lababu doll giveaway after regulator bans improper incentives. Retrieved from https://www.reuters.com/article/us-china-banking-pingan/chinas-ping-an-pulls-lababu-doll-giveaway-after-regulator-bans-improper-incentives-idUSKBN27C1N1[4] CNBC (2020, November 5). China's Ping An Bank offers Pop Mart dolls to new customers. Retrieved from https://www.cnbc.com/2020/11/04/chinas-ping-an-bank-offers-pop-mart-dolls-to-new-customers.html[5] South China Morning Post (2020, November 5). China’s fintech giants hit by government regulations for out-of-control lending practices. Retrieved from https://www.scmp.com/tech/fun/article/3102212/chinas-fintech-giants-hit-government-regulations-out-control-lending
- As the Pop Mart Lababu doll giveaway by Ping An Bank demonstrates, the competition for attracting younger demographics in the Chinese retail banking sector often pushes for innovative financial and technology-based incentives.
- Given that finance and technology play significant roles in the modern business landscape, the regulatory actions towards curbing improper incentives in the banking sector reflect a balanced approach to encourage fair practices and maintain sustainable growth in the economy.
