What: Shein has launched its first branded credit card globally through a partnership with Mexican fintech Stori.

Why it is important: This collaboration aims to expand Shein's presence in Latin America, boost financial inclusion in Mexico's credit market, and enhance consumer engagement with the fast-fashion retailer's platform.

Shein, the Chinese fast-fashion giant, has teamed up with Mexican fintech Stori to introduce its first global branded credit card. The initiative seeks to tap into Mexico's rapidly growing e-commerce market and increase financial inclusion by attracting more Mexicans to the credit market. The Mastercard-branded card will offer loyalty points for purchases on Shein's website, with double points for clothing purchases, enhancing customer engagement and incentivising spending.The partnership is strategic for both companies as Shein looks to strengthen its foothold in Latin America, a region where it has seen significant growth. This move also aligns with Shein's plans to build a manufacturing plant in Mexico and expand its distribution network in Brazil. For Stori, which has already attracted 3 million clients in Mexico, the collaboration supports its mission to serve underbanked consumers and further penetrate the financial services market.The new credit card will be available only to new Stori clients, offering features like interest-free installment payments and no annual fees, making it appealing to first-time credit users. This launch is part of Shein's broader strategy to diversify its offerings beyond fashion into financial products, leveraging Stori’s expertise in reaching underserved populations.

Shein partners with Stori to launch branded credit card in Mexico