Citi is targeting China's fast-growing pool of emerging affluent through its sole-branded credit cards, which it launched today. The move makes it the first foreign bank to get permission to launch a card in its own name in China, paving the way for further relaxing of the country's foreign investment laws.

The cards will lure new customers with rewards and airmiles, segmented into three different categories: Fashionista, Homemaker or Yuppie. Premier Miles Card is targeted at the affluent segment of frequent business travelers.

Cardholders will have redemption choices of over 50 airlines, access to over 600 airport lounge worldwide six times per year, and will also have the flexibility of transferring miles to friends and family, saidCiti.

The Wall Street bank expects China to be the world’s largest credit card market in the world by the end of the decade. In Asia Citi has over 16 million card accounts in 14 markets, with China being the 15th market in the region where the bank now offers credit cards.

“The launch of our sole branded cards business in China marks a significant development in our growing presence in China and we are honored to be the first global bank to issue credit cards in China. We were the first global bank to enter the retail banking market in China in 2002 and Citi is deeply committed to China,” said Citi's Asia chief executive, Stephen Bird.

Asia's so-called 'millionaire next door' pool is its fastest growing, according to a report yesterday from Royal Bank of Canada Wealth Management and Capgemini. On average, Asia's millionaires have US$3 million in net worth. There are now 3.7 million millionaires, the largest high net worth community in the world.