Shanghai-based Fubon Bank (China) Co. has recently received approval to issue credit cards in the Chinese mainland, according to a Chinese mainland spokesperson Wednesday.

An Fengshan, spokesperson with the State Council Taiwan Affairs Office, said that it is the first Taiwan-funded bank to be granted with such permission, which allows it to offer more financial services to Taiwan enterprises and compatriots in the Chinese mainland.

The Chinese mainland’s preferential policies, also known as “31 measures,” have been implemented widely and have yielded positive outcomes, including aforementioned achievements in financial cooperations, An said.

Founded in Shanghai in 1997 as a joint venture, the bank became a fully-owned subsidiary of Taipei-based Fubon Financial in 2016, according to its official website.