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| CUP Signs MOU with HSBC |
| 2008-10-14 |
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On Oct. 14th, China Unionpay (CUP) officially signed a MOU with Hong Kong and Shanghai Banking Corporation Limited (HSBC) in Shanghai. According to the MOU, the two parties will conduct business cooperation in Asia Pacific region and gradually realize a worldwide cooperation. CUP President Xu Luode and HSBC Chairman Zheng Haiquan jointly attended the MOU signing ceremony.
According to the MOU, CUP and HSBC will cooperate with each other in promoting such businesses as card issuance, ATM acceptance and cross-border remission in countries and regions other than the Chinese Mainland.
Rated as one of the largest banks and financial institutions in the world, HSBC has multitudes of affiliated organizations in Europe, Asia Pacific region, America, Middle East and Africa, and is among the first overseas banks to become CUP member organizations and conduct CUP business. In April 2004, HSBC opened CUP business in Hong Kong. In October 2004, HSBC issued CUP Standard RMB Credit Card in Hong Kong. In May 2007, HSBC issued CUP Standard Hong Kong Dollar Debit Card in Hong Kong. At the present stage, transaction volume of HSBC’s CUP Standard Card ranks No. 1 among all the CUP card issuers in Hong Kong. The CUP-HSBC cooperation this time will further improve the CUP card acceptance and handling environment, promote in-depth development of overseas issuance business of CUP Standard Card, and enhance the global influence of CUP brand.
According to CUP President Xu Luode, CUP is now actively promoting the internationalization process and constantly expanding international acceptance and handling network of CUP cards, of which its cooperation with HSBC is an important aspect. HSBC is a globally influential financial institution, which has maintained a sound cooperative relationship with CUP in international business. The signing of the MOU this time will positively promote the bilateral cooperation in Asia Pacific region. Meanwhile, regional cooperation will be a good beginning of global strategic cooperation. With joint efforts, the two parties can surely supplement each other’s advantages, find win-win solutions and achieve respective objectives in the near future.
According to HSBC Chairman Zhen Haiquan, HSBC highly appreciates CUP’s leadership and innovation concept in China’s banking sector. Four years ago, HSBC signed a MOU with CUP and thus became a CUP member. This cooperation enables the two parties to provide services of higher quality to their respective clients. The second MOU-signing between HSBC and CUP today will extend the bilateral cooperative relations to other Asian markets, creating more business opportunities for each other.
As CUP is constantly accelerating its internationalization process, the establishment of CUP Card International Acceptance and Handling Network has basically taken shape. Up till now, CUP cards can be used to draw money on ATMs in nearly 50 countries and regions and be swiped for purchase on Merchants’ POS terminals in 27 countries and regions outside China. To use CUP Network when swiping cards abroad can save the currency conversion fees, which account for 1% to 2% of the total card swiping amounts. In addition, CUP is also vigorously promoting the issuance of standard CUP cards by overseas financial institutions. So far, over 40 financial institutions in 8 countries and regions have formally issued standard CUP cards outside China. |
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