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| CUP Signs MOU with DBS Bank |
| 2008-09-02 |
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On Sep. 1st, 2008, China Unionpay (CUP) signed a Memorandum of Understanding (MOU) of strategic cooperation with Singaporean DBS Bank. DBS Bank is not only the largest commercial bank in Singapore, but also the first Singaporean bank offering CUP card acceptance and handling services. According to the MOU, both parties will conduct comprehensive cooperation in retail banking sector in Singapore and Hong Kong markets. At the same time, DBS Bank has announced to open all its network merchants in Singapore to CUP. The MOU was jointly signed by Cai Jianbo, Executive Vice President of CUP, and Rajan Raju, Managing Director of Consumer Banking Group, DBS Bank. ,Present at the signing ceremony were Li Minglin, Chinese Minister -Counselor to Singapore, representatives from Singapore Tourism Board, Chinese banks and enterprises in Singapore, and local media.
In April, 2007, DBS Bank opened the acceptance and handling services of CUP cards on ATM network. CUP cardholders can draw money from nearly a thousand ATMs deployed by DBS Bank in Singapore and Hong Kong, and can also pay for their purchases on POS terminals deployed by DBS Bank in Hong Kong and Macau. Through its cooperation with CUP, DBS Bank can provide, within its service market, complete sets of CUP card products and related services, including the issuance of CUP standard debit and credit cards in the Chinese Mainland, Hong Kong, Singapore and Indonesia. At present, DBS Bank has already issued CUP standard debit card in Hong Kong.
The strategic cooperation reached between CUP and DBS Bank will further enhance the competitiveness and influence of the two parties in Asia. Through cooperation, the Singaporean merchants of DBS Bank will realize CUP card acceptance and handling in an all-round manner. Through the merchant network of DBS Bank, CUP cards have basically covered all middle-and-high-end general merchants in Singapore, including a large number of department stores well received among Chinese tourists.
Recent years have witnessed increasingly frequent social and economic exchanges between China and Singapore, with the latter having become a major destination country for outbound Chinese tourists. Statistics from Singapore Tourism Board indicate that the number of tourists from Chinese Mainland visiting Singapore amounted to 1.1 million in 2007, and China has become the second largest inbound tourist destination country of Singapore. To meet the expanding payment demands triggered by the exchanges between Singapore and China, CUP has been vigorously exploring the Singaporean market. Up till now, CUP card has made it possible for cardholders to draw money and check balance on almost all ATMs in Singapore and pay for purchases in nearly ten thousand merchants and POS terminals.
Cai Jianbo, Executive Vice President of CUP, said that the cooperation between CUP and DBS Bank would provide more convenient payment services for Chinese people travelling, doing business and studying in Singapore and CUP is ready to further its cooperation with DBS Bank.
Rajan Raju, Managing Director of Consumer Banking Group, DBS Bank, said that the signing of this MOU demonstrated DBS Bank’s objective to provide all-dimensional products and services for Chinese citizens at home and abroad, which would boost DBS Bank’s business development in Asia, especially in Great China Area.
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 used to pay for purchases on merchants’ POS terminals in 27 countries and regions outside China. Compared with the payment channels opened by other banks, to use CUP cards and choose CUP Network can save the currency conversion fees, which account for 1% to 2% of the card swiping amount.
About DBS Bank
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia operating business in 16 markets. Measured by assets, it is the largest bank in Singapore and is one of the major banks in Hong Kong; DBS‘ "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region.
DBS provides comprehensive financial services in Asia and Middle East, which include banking services for large, medium and small sized enterprises and personal banking and wholesale banking services. DBS is committed to expanding the Pan-Asia banking services, and promote the continuously increasing trade and investment in Asia through its expanding business network in the Chinese Mainland and Hong Kong. Meanwhile, DMS focuses on expanding comprehensive and sustained services to provide financial support for such rapidly developing countries as Indonesia and India. |
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