China’s UnionPay International and Bank of China Singapore Branch are teaming to issue the first UnionPay platinum debit card in Singapore. Previously, Bank of China Singapore Branch had issued quite a few UnionPay credit card products.
The new UnionPay platinum debit card is a dual-currency international payment card in RMB and SGD, and can be used in UnionPay acceptance network in over 150 countries and regions worldwide, including Singapore. This card has several highlights. First, settlement can be conducted flexibly in double currencies: in RMB in China and in SGD outside China.
During the promotion period (from now on to April 30, 2016, the same hereinafter), no service fee is charged when cardholders withdraw cash from ATMs of Bank of China in the Chinese mainland. Second, cardholders can enjoy exclusive privileges such as lifelong exemption of annual fees, cash refund, and concierge services of platinum cards. Third, cardholders are able to receive various preferential treatments offered by merchants engaged with UnionPay worldwide. For instance, cardholders can enjoy the special two-for-one deal when buying Shaw Brothers tickets in Singapore during the promotion.
The UnionPay dual-currency debit card issued by Bank of China will integrate the resources of the two sides and provide more convenient local and cross-border payment services for cardholders. UnionPay International is an important partner of Bank of China, and our close cooperation will enable us to deliver a high quality financial service to our common clients.
In recent years, UnionPay card business in Singapore has developed rapidly and it is driving the development of the Southeast Asian market. To date, the 10 ASEAN nations have all realized the acceptance of UnionPay cards and have all landed UnionPay card issuing programs. Currently, almost all ATMs and over 70% of merchants in Singapore can accept UnionPay cards, including Shaw Brothers cinemas, Singapore Petroleum, The Verge, Kinokuniya, Peach Garden and other places daily frequented by local residents. Meanwhile, quite a few major local institutions are also accelerating the issuing of UnionPay card products.
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