Mr Lorimer told The Financial Express that the bank had recently acquired New York-based Chase Manhatton in Hong Kong at $1.3 billion. It also picked up 75 per cent equity in Nakinthorn, a leading bank in Thailand.

``We are focusing on a mix of organic and inorganic growth including acquisitions, buying portfolios and alliances across Asia,'' he said. ``In Asia, the bank will focus on India and Hong Kong, besides Thailand, Malaysia, the Philippines and Singapore.''

``The credit card is emerging as a middle class product in many parts of the world, besides its existing acceptance in the sophisticated market,'' he said. However, India was still at the bottom of the market with a tiny base of 0.5 per cent (of the total population) along with Indonesia, the Philippines and Thailand against 29 per cent in the US and 15 per cent in Hong Kong. ``Thanks to the IT revolution, India's online spend is expected pick up,'' he said.

Mr Lorimer said the credit card market was still growing at 10 per cent in the US against 30 per cent in India. The number of merchants who accepted credit card was quite low in India compared to its Asian neighbours.

However, he credited the large volume of the country's young population - 60 per cent of the total population under the age of 30 - as a positive factor for the credit card market. According to him, the de-regulation and commercialisation will also propel the industry. ``The newer technologies including WAP, e-banking and the Internet are expected to boost the credit card industry in a major way.''

Revolutionary software on the anvil
Stanchart is in the process of developing a revolutionary software to facilitate safety to its customers who transact online. ``The product is expected to do away the existing security hassles related to online transactions,'' Mr Lorimer said.

The bank was currently in talks with four leading software developers from various parts of the world. Within a fortnight, the bank would zero in on a developer. The e-security product was expected to be launched early next year. ``Initially, the product will hit the Hong Kong market, then Indian market, and so on,'' he said.