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| CUP, UOB Jointly Issue Credit Cards in Singapore |
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2008-12-9 |
On December 9, 2008, China Unionpay (CUP), together with United Overseas Bank (UOB), launched a grand CUP Standard Cards issuance ceremony in Singapore, marking UOB’s official issuance of CUP Standard Platinum Cards in Singapore. Mr. Li Minglin, Minister Counselor of Chinese Embassy in Singapore, Mr. Cai Jianbo, Executive Vice President of CUP, Mr. Eddie Khoo, Executive Vice President of UOB and etc. attended the ceremony.
Established in 1935, UOB is the first local bank in Singapore to issue CUP Standard Cards as well as the largest Singaporean issuer. The CUP Standard Platinum Cards issued by UOB are the first credit cards issued jointly by CUP and a local issuer in Singapore. The successful cooperation between CUP and UOB symbolized a step forward in CUP’s overseas card-issuance business, which will play an important role in promoting the issuance of CUP standard cards in Southeast Asia.
The CUP Standard Platinum Cards issued in Singapore mainly cater to the needs of regular Singaporean cardholders and visitors to China, providing them with convenient payment services when for business, trip and study in China. Backed by CUP network, the card could not only be swiped for purchase and currency withdraw in Singapore, but used on over 1 million CUP networked merchants, 160-odd networked POS terminals and 150,000 networked ATMs in China. Apart from that, the card could also be swiped in other countries and regions where CUP cards acceptance business is available.
Recent years have witnessed increasing social and economic exchanges between China and Singapore. Statistics indicate that in 2007, 830,000 Singaporeans visited China and 1.1 million Chinese went to Singapore. China has undoubtedly become the second largest destination for Singaporean visitors.
In January 2005, CUP officially launched CUP card acceptance business in Singapore. Up till now, CUP cards can be used to withdraw currency and check balance on almost all ATMs and swiped for purchase at on over 10 thousand POS terminals in Singapore. In the first 11 months of 2008, the accumulated CUP transaction amount in Singapore realized an increase of 85% over the same period of last year. CUP cards have become a priority brand for Chinese cardholders in Singapore.
According to Mr. Eddie Khoo, Executive Vice President of UOB, China is a key market for UOB to carry out business operations and expand its service scope. To issue CUP Standard Platinum Cards is a move forward of UOB in improving customer service and promote self-development.
Mr. Cai Jianbo, Executive Vice President of CUP, proclaimed at the issuance ceremony that, following the CUP cards merchant acceptance business, UOB has succeeded in issuing CUP Standard Cards, which ushers a new era of cooperation between the two parties. With China’s sustained economic growth and increased foreign exchanges, CUP is dedicated to accelerating its internationalization process, stepping up its efforts to expand overseas acceptance network. Meanwhile, where conditions permit, CUP issues the bankcards aligned to CUP technology and business standards, providing domestic and overseas cardholders with increasingly convenient and safe overseas payment services.
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