China Union Pay, Singapore's DBS Bank sign deal to expand CUP card services
1/9/2008 17:21
China-based electronic payment operator China Union Pay (CUP) and
Singapore's DBS Bank signed a deal today, allowing 1.6 billion Chinese CUP
cardholders the convenience of using their credit and debit cards at more retail
outlets in Singapore.
With this strategic alliance, DBS said it can now offer
the full suite of CUP card products and related services in markets it operates
in, including China and Indonesia. This covers debit and credit card issuance,
CUP card acceptance at DBS point-of sales ( POS) terminals and CUP card
acceptance for cash withdrawal at all DBS's ATMs regionally.
At present, CUP
cardholders already can withdraw cash at more than 950 DBS ATMs in Singapore and
Hong Kong through an initiative launched last April. CUP cars are also accepted
at DBS POS terminals in Macau and Hong Kong.
Kicking of the DBS' CUP merchant
card acceptance program today is Singapore's largest department store,
Takashimaya Department Store, which is also one of Chinese tourists' favorite
shopping destinations.
DBS said it would take some time for all its thousands
current merchant partners in Singapore to sign up to the new CUP payment
service.
Speaking at the signing ceremony, Cai Jianbo, the Chinese electronic
payment company's first executive vice president, said, "Through this
collaboration with DBS, shopping and dining will now be much convenient for
Chinese tourists, as well as the growing number of Chinese expatriates and
students residing here."
Rajan Raju, managing director and head of consumer
banking group of DBS, said, "The signing of this memorandum of understand
underscores DBS's commitment to strengthen our product and service offerings to
Chinese both at home and away. It reinforces our focus in Asia, especially
Greater China, and leverages on our existing regional networks."
About 1.1
million Chinese tourists visited Singapore in 2007, a 29 percent increase from
2005's number of 850,000. Their total spending increased by almost 50 percent
over the same period to 934 million Singapore dollars (about US$662 million)
last year.
Xinhua
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