Chinese Bank Ordered to Cease Offering Free Labubu Dolls to Customers

Ping An Bank in Shenzhen, China, has been instructed by the National Financial Regulatory Administration’s Zhejiang branch to discontinue its promotion of giving away Labubu dolls to new customers. The bank had initially planned to reward customers who deposited a minimum of $7,000 and maintained it in their account for three months with the popular stuffed toy created by artist Kasing Lung. Regulators raised concerns about the potential increase in banking costs associated with such non-banking-related perks. Labubu dolls, known for their cute monster designs, have gained popularity and collector’s value, especially after being seen with celebrities like Blackpink’s Lisa and Rihanna. (Upi)