Zhu Shumin (right 6 in the front), Vice President, Bank of China, Cai Jianbo (left 5 in the front), First Executive Vice President of China UnionPay and CEO of UnionPay International attended the signing ceremony
April 23th 2013, UnionPay and Bank of China have signed a cooperative agreement in Singapore, agreeing to issue the first UnionPay travel card (with card number starting with 62 and UnionPay logo on card face) outside China in Singapore by the end of the year, providing local residents special services for travelling at home and abroad. Zhu Shumin, Vice President, Bank of China, Cai Jianbo, First Executive Vice President of China UnionPay and CEO of UnionPay International attended the signing ceremony.
UnionPay travel card has integrated the advantages of UnionPay card acceptance network at home and abroad and the tourism and service resources of related partners. As the functions and services of the product become more diversified, it will contribute to the sharing of tourism service resources in the countries and regions covered by UnionPay card acceptance network and provide cardholders who travel at home and abroad with exclusive privileges and services covering scenic spots, hotels, insurance, shopping, etc.. In recent years, as Singaporean tourists have made presence around the world, more than one million of Singaporeans travelled to China in 2012. The travel card jointly issued by UnionPay and Bank of China has been designed to provide Singaporean residents more convenient and favorable payment service based on such a tourist consumption trend.
Zhu Shumin, Vice President, Bank of China says Bank of China pays high attention to satisfying clients with their overseas payment requirement. To this end, Bank of China has issued UnionPay cards in 12 countries and regions including Singapore, Indonesia and Thailand, making it the first Chinese-funded institution to issue UnionPay cards in overseas markets other than Hong Kong and Macau. The global card acceptance networks and product resources of UnionPay are fitted with the requirement of Bank of China to internationalize its products and service. As two enterprises with transnational operations, UnionPay and Bank of China have broad space for cooperation. Mr. Zhu believes that as the cooperation is further deepened, the two sides will be able to seek mutual benefits in more business fields.
Cai Jianbo, First Executive Vice President, China UnionPay, and CEO, UnionPay International says the UnionPay card as a special product integrating tourism service resources from at home and abroad is popular among domestic residents. As one of the first domestic banks to issue travel card, Bank of China is also taking the lead to introduce UnionPay travel card into overseas markets, which will bring local residents a new payment choice. UnionPay International will continue to improve UnionPay card product and service system while stepping up and optimizing the construction of UnionPay card acceptance environment overseas in an effort to better support the internationalization of cooperative partners and bring better service to cardholders with joint efforts.
Currently, UnionPay cards can be used to withdraw Singapore Dollars on almost all ATMs in Singapore and acceptable by more than 60% of POSs across the country.