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| CUP Card Acceptance and Issuance Launched In Mongolia |
| 2008-08-01 |
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On August 1, 2008, Khan Bank of Mongolia held a grand ceremony in Ulan Bator, announcing the launch of ATM and POS acceptance of CUP cards and the issuance of CUP standard cards across Mongolia. Executive Vice President of UnionPay, Cai Jianbo, and the Governor of the Khan Bank, Morrow, jointly attended the business opening ceremony.
Khan Bank is Mongolia‘s fourth largest commercial bank, hosting the largest branch network in Mongolia, covering almost the entire territory of Mongolia with its nearly 400 outlets.
Business entities and ATMs that are approved for accepting CUP cards are mainly located in the capital Ulan Bator, covering the airport, department stores, scenic spots, restaurants and hotels and other places most frequented by Chinese people.
Together with the launch of CUP card acceptance, issuance of UnionPay standard cards in Mongolia is another feature of UnionPay and Khan Bank’s cooperation. It is also for the first time that China UnionPay realizes ATM and POS acceptance and Unionpay Standard card issuance simultaneously during its overseas market exploration.
As friendly neighbors, China and Mongolia have close economic and trade exchanges and frequent personnel exchanges, with a high demand of cross-border trade settlement. China has been Mongolia‘s largest trade partner and largest investor for several consecutive years. In 2007, Sino-Mongolian bilateral import and export volume reached 2.03 billion U.S. dollars; China invested 1.18 billion U.S. dollars in Mongolia. In March 2006, Mongolia officially becomes a Chinese citizen outbound tourism destination. There are about 150,000 Chinese people visiting Mongolia each year, while there are about 700,000 Mongolians visiting China annually.
The Executive Vice President of China UnionPay, Cai Jianbo, said that the launch of CUP card acceptance and Unionpay Standard card issuance in Mongolia are the outcome of joint efforts between UnionPay and Khan Bank with the support of the People‘s Bank of China, which will extremely facilitate the exchanges between the two countries. Based on existing cooperation, UnionPay and Khan bank will unremittingly incorporate more and more business entities and ATMs into CUP card acceptance, and expand the issuance of UnionPay standard cards, driving the bilateral cooperation to a higher level, thus providing quality, safe and efficient payment services for exchanges between the two countries. |
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