James Cracchiolo, president of American Express's travel-related services outside the US, said in an interview that the company's credit-card business in the Asian-Pacific region "is actually now at volume levels that would be pre-crisis." Volume measures the amount of business, or spending, charged on cards.

Cracchiolo also said default rate on American Express cards have fallen below those recorded before the Asian economic downturn began to unfold in mid-1997. He attributed the improvement in part to the implementation of stronger risk-management systems in the region. "We understand our customers a bit more and we understand where to grant credit and how to manage the credit granted,'' he said.

American Express doesn't disclose volume figures, revenue or defaultrates by region. Cracchiolo, who is based in New York, has been visiting the company's operations in Asia.

Cracchiolo attributed the recovery in total spending to the fact that American Express has introduced a number of new credit-card products in the region and expanded its customer base. However, he said that generally "for individual customers, the spend levels aren't yet at the level they used to be." While he said the company sees some "improvement" in individual spending levels, he expects it will be some time before card holders in Asia really step up their buying.

Meanwhile, Cracchiolo said, "We're continuing to invest appropriately and strengthen our presence in the region." Among the initiatives launched during the crisis is the company's "platinum" card in Malaysia, Singapore and Taiwan, and a "blue" card in markets including Australia, India and Singapore. The new blue card, which offers a revolving credit facility that enables holders to stretch out their monthly repayments, as opposed topaying them off each month, is aimed at younger consumers.

American Express also launched several co-branded cards in partnership with various companies in Australia, Hong Kong and Thailand.

Over the past year, American Express launched 22 new products in the region. As a result, Cracchiolo said, American Express increased its market share in regional markets including Singapore, Hong Kong, India, Australia and New Zealand.

Regionwide, he said he expects the company's credit-card volume over the next three years to grow as fast as it did in the years immediately preceding the crisis. "We'll be able to expand at the same rate, if not greater," he said.

As for the next two years, Cracchiolo said he regards Japan, Australia and India as the top three most promising markets for American Express-card business.

The Asian wall Street Journal