CIMB Bank Singapore and Wirecard have inked a License Agreement to begin JCB merchant acquiring services in Singapore. Through the partnership, JCB card acceptance facilities will be available at CIMB merchants.
Having established similar collaborations in Malaysia and Indonesia, this new License Agreement extends the collaboration into other parts of Southeast Asia and enhances cooperation in the region.
Through the partnership, JCB card acceptance facilities will be available at CIMB merchants. With its ASEAN footprint firmly in place, CIMB is a befitting partner with JCBI on both the local and regional front.
Tourism is a key contributor to the Singapore economy and the country is a popular destination for regional JCB cardmembers. This new merchant acquisition partnership with CIMB will bolster the JCB card acceptance network in the market and promote new merchants to JCBI’s rapidly expanding cardmember base from Asia during their stay in Singapore.
CIMB Bank Singapore’s one-stop merchant solution is in partnership with Wirecard, a leader in electronic payment and mPOS technology and infrastructure. Wirecard has been providing an integrated payment platform that supports eCommerce, mCommerce, mobile and traditional Point-of-Sale, to facilitate merchants’ real-time tracking of transactions across multiple sales channels as part of the partnership.
CIMB Bank Singapore is part of CIMB Group’s longstanding commitment to Singapore – the Group has had a local presence since 1947 through Ban Hin Lee Bank and acquired GK Goh Securities in 2005. CIMB Bank Singapore represents the consumer banking arm of CIMB Group, a leading ASEAN universal bank.
CIMB Group is Malaysia’s second largest financial services provider and one of ASEAN’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services.
Headquartered in Kuala Lumpur, the Group is now present in nine out of 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar and Laos). Beyond ASEAN, the Group has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Taiwan, Korea, the US and UK.
CIMB Group has the most extensive retail branch network in ASEAN with close to 1,000 branches as at 30 June 2016. CIMB Group’s investment banking arm is also one of the largest Asia Pacific-based investment banks, offering amongst the most comprehensive research coverage of more than 1,000 stocks in the region.
Wirecard offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licenses for card and account products.
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