Chinese payments firm UnionPay International has signed card issuing agreements with eight financial institutions in five Asia Pacific countries.
The pacts were signed with Bank of China Macau Branch, PAObank, BOC Credit Card (International), Bangkok Bank, Trade and Development Bank of Mongolia, KBank, and South Korean card issuer Wooricard.
Under the agreements, the partner firms will issue a range of physical as well as digital cards. They will also undertake card product promotion in their respective regions.
Pursuant to the terms of the contract, Bank of China Macau Branch will promote UnionPay card products, aimed at encouraging cardholders to use UnionPay cards for shopping.
BOC Credit Card (International) will issue UnionPay credit cards and the cardholders will be able to avail UnionPay mobile payment services.
Thailand-based commercial lender Bangkok Bank has agreed to issue TPN-UnionPay dual-label debit cards in the country.
Another Thai lender KBank will also issue UnionPay credit cards at a large scale in Thailand.
PAObank will be the first virtual lender to issue UnionPay-branded virtual debit cards in Hong Kong.
Trade and Development Bank of Mongolia launched the UnionPay-branded Diamond Credit card for the first time in Mongolia.
Wooricard issued K-CHECK UnionPay debit cards specially designed for foreigners in South Korea.
China UnionPay chairman Shao Fuqjun said: “With the rapid development of financial technologies, the global payments industry is undergoing fundamental changes: becoming more and more convenient, open and orderly.”
UnionPay has established regional member councils in important regions as part of its strategy to build open platforms for cooperation among members.