UnionPay International was inaugurated by Mr. Liu Shiyu, Vice Governor of People’s Bank of China (third from left); Mr. Cai Esheng, Vice Chairman of Chinese Banking Regulatory Commission (fifth from left); Mr. Tu Guangshao, Member of Shanghai Municipal Standing Committee and Vice Mayor of Shanghai (second from left); Mr. Xu Lin, Member of Shanghai Municipal Standing Committee and Secretary of Pudong District Committee (fourth from right); Mr. Jiang Liang, Vice Chairman of Shanghai People‘s Political Consultative Committee and Chief Executive of Pudong District Government (first from left); Mr. Wang Xiaoyi, Deputy Director General of State Administration of Foreign Exchange (third from right); Mr. Cao Yu, Director of the Second Bureau of Secretary of General Office of the State Council (second from right); Mr. Su Ning, Chairman of China UnionPay and Chairman of UnionPay International (fourth from left); Mr. Xu Luode, President of China UnionPay and Vice Chairman of UnionPay International (first from right).
30 November Shanghai, China UnionPay officially launched UnionPay International Corporation Limited (“UnionPay International”) as the subsidiary focusing on international business. Mr. Han Zheng, Member of the Political Bureau of the Central Committee of Communist Party of China, Sectary of Shanghai Municipal Committee, and Mayor of Shanghai, sent a congratulatory letter. UnionPay International was inaugurated by Mr. Liu Shiyu, Vice Governor of People’s Bank of China; Mr. Cai Esheng, Vice Chairman of Chinese Banking Regulatory Commission; Mr. Tu Guangshao, Member of Shanghai Municipal Standing Committee and Vice Mayor of Shanghai; Mr. Xu Lin, Member of Shanghai Municipal Standing Committee and Secretary of Pudong District Committee; Mr. Jiang Liang, Vice Chairman of Shanghai People‘s Political Consultative Committee and Chief Executive of Pudong District Government; Mr. Wang Xiaoyi, Deputy Director General of State Administration of Foreign Exchange; Mr. Su Ning, Chairman of China UnionPay and Chairman of UnionPay International; Mr. Xu Luode, President of China UnionPay and Vice Chairman of UnionPay International. Attendees at the opening ceremony were from more than 100 institutions including the People’s Bank of China, Chinese Banking Regulatory Commission, State Administration of Foreign Exchange and other state ministries and commissions, Shanghai Municipal Committee of Communist Party of China and Shanghai Municipal Government, and major commercial banks from both within and outside China.
Before the opening ceremony, UnionPay International held the Founding Member Meeting, attended by over 60 domestic and overseas key commercial banks. The purpose of establishing UnionPay International is to further expand UnionPay card’s usage globally and provide wider and more convenient bankcard services via more flexible management participation and more open business model. Learning from international practices, UnionPay International adopted membership structure so that the ideas of member institutions could be better reflected. This demonstrates UnionPay International’s concept of mutual development and has attracted active participation by institutions within and outside China.
Mr. Han Zheng, Member of the Political Bureau of the Central Committee of Communist Party of China, Sectary of Shanghai Municipal Committee and Mayor of Shanghai, congratulated the establishment of UnionPay International. In the congratulatory letter, he said, “The establishment of UnionPay International in Shanghai is a strategic step adapting to the globalization trend of China’s financial services, and another significant achievement of China’s fast growing bankcard industry. The new subsidiary will certainly enhance the competitive advantages of China UnionPay and largely contribute to the construction of Shanghai international financial centre. In the past 10 years, China UnionPay has extended its services from Shanghai to the whole country, and gradually to the world with broadly-recognized accomplishments. After the establishment of UnionPay International, Shanghai Municipal Committee and Shanghai Municipal Government will strongly support its innovations and development so that UnionPay International could grow into a multi-national financial group with first class brand, management, technology and services.”
Mr. Liu Shiyu, Vice Governor of People’s Bank of China commented, “Recent years has been witnessing significant achievements of China’s payment system. The bankcard, as a non-cash payment tool, has been widely used in every field of the society. By the first half of this year, the consumption made by bankcards has reached 42.7% of the total retail sales. China UnionPay is a pivotal part of China’s payment system and is greatly boosting the bankcard industry. China UnionPay’s international business not only provides Chinese people and enterprises with convenience in payment, but also provides a new choice of payment brand for overseas cardholders. The establishment of UnionPay International marks a new stage for the development and globalization of China UnionPay. We hope China UnionPay will take this opportunity to speed up innovations towards a win-win platform for all the players, and develop UnionPay brand into a key international bankcard brand.”
Mr. Tu Guangshao, Member of Shanghai Municipal Standing Committee and Vice Mayor of Shanghai, delivered a speech at the opening ceremony. Mr. Tu said, “Since the establishment of China UnionPay in Shanghai, it has attracted both domestic and overseas financial resources to this city. Shanghai has not only become a show case for domestic bankcard industry, but also a congregation place for international payment capital, institutions and talents. The establishment of UnionPay International echoes the “Go global” policy of China and injects new energy into the construction of Shanghai international financial centre. We hope UnionPay International would achieve globalized operation through innovations, make better use of its advantages as resources congregation and integration platform to attract more payment institutions and resources to Shanghai and give greater support and generate momentum to the construction of Shanghai international financial centre and economical and social development.
Mr. Su Ning, Chairman of China UnionPay and Chairman of UnionPay International, said, “Since China UnionPay carried out the internationalization strategy, UnionPay cards are accepted in more and more countries and regions, and the demands of cardholders are better satisfied through UnionPay’s cooperation with domestic and overseas institutions. UnionPay is proud to be the largest cardholder group in the world, providing services to both Chinese and global cardholders. UnionPay International will adapt to the development trend of international payment industry through innovations, upgrade international cooperation, provide better card services in wider area, and achieve win-win cooperation with business partners.”
Attendees from Industrial and Commercial Bank of China and Crédit Agricole also commented that the establishment of UnionPay International will better support business partners to extend into international markets, and the membership structure will attract more business partners. Leveraging UnionPay International’s advantages in network coverage and client resources, UnionPay International and its member institutions will share the market opportunities in China and the world, and jointly enhance the services for clients in a win-win situation.
Since 2004 when China UnionPay started to go international, the overseas acceptance, issuance and cardholder services have been progressing continuously. During the past 8 years, the acceptance network has been extended to 135 countries and regions, so that the initial target “To use UnionPay card wherever Chinese people travel” is nearly accomplished. Apart from serving outbound Chinese cardholders, China UnionPay has also brought UnionPay card products and services to more and more overseas cardholders. UnionPay cards are now issued in around 30 countries and regions through the cooperation with domestic and overseas institutions. In addition, China UnionPay keep upgrading other cardholder services and security system such as overseas emergency cash advance service, cross-border online payment, cross-border remittance, VIP lounge for UnionPay platinum cardholders, etc.