UnionPay International has signed a cooperation agreement with Cambodia’s Canadia Bank for issuance of UnionPay debit cards.
The debit cards, due to be launched at the beginning of 2016, is projected to boost cross-border payments between China and Cambodia, as well as help local citizens get access to easier card-using experiences locally and in other Asian regions.
In 2008, the Cambodian lender became the first local bank to launch UnionPay card business, with all its ATMs and merchants accepting UnionPay cards.
The cooperation scope between the two entities has now extended from acceptance to issuance through joint efforts, with target customer expanding from UnionPay cardholders visiting Cambodia to local residents.
Canadia Bank CEO Datuk Michael Lor said: "The middle class in Cambodia is growing, and with this growth comes a very real demand for financial solutions that match their financial status. The longstanding relationship with a global leader in card services helps us offer the best card solutions and choices to our customers."