Bank of China’s Singapore branch has partnered with local e-commerce retailer Qoo10 to launch a co-branded Mastercard credit card designed for working adults and students.

The BOC Qoo10 World Mastercard will offer 20% rebate on Qoo10 purchases, dining and transport, including Grab, taxis and public transport, in the form of Qoo10’s own virtual currency called Qmoney.

Cardholders will be able to use this virtual money during future online Qoo10 purchases.

The annual card fee will be waived for the first year and customers can continue availing the benefit upon making a minimum of five purchases on Qoo10 or spending at least $800 over the past 12 months.

In addition, the partners are offering a BOC Qoo10 Platinum Mastercard that does not have any income requirements for students and comes with a $500 monthly credit limit.

Bank of China general manager of Singapore branch and country head Qiu Zhikun said: “As consumers today increasingly turn to online retail channels for better bargains, we want to help them maximise that value and bring greater savings to an ever-growing segment of savvy online shoppers.

“The new Bank of China Qoo10 Mastercard card aims to reward and incentivise customer loyalty, bringing greater value to an ever-growing segment of savvy online shoppers.”

Qoo10 Singapore country manager Cho Hyun Wook said: “This partnership with Bank of China helps us elevate our offerings for our database of more than three million registered users by allowing them to get more of what they love – better value and convenience even beyond the Qoo10 platform.”