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1 April 2009
Standard Bank has entered into a strategic partnership with China UnionPay (CUP) allowing for CUP cardholders who visit South Africa to withdraw cash from over 4 300 Standard Bank ATM machines and make payments through its point-of-sale (POS) terminal network in South Africa.
The two parties have commenced work on the implementation of the system and expect it to be fully functional by the end of 2009. By being able to withdraw cash and make payments directly at Standard Bank ATM machines and its merchant POS networks, CUP cardholders will be offered a convenient, safe and cost-effective experience during their stay in South Africa.
Craig Bond, CEO of Standard Bank China & ICBC Strategic Partnership, says: "Our timely partnership with China UnionPay highlights the growing importance of the Sino-African ties, with the increase in numbers of Chinese tourists coming to South Africa and in the rise of business activity between the two countries.
"We hope that this joint initiative and service will prove to be invaluable for CUP cardholders as it marks a key milestone for Standard Bank and represents our first cooperation with a Chinese partner in the retail banking sector."
Cai Jianbo, Executive Vice President of China UnionPay, adds: "We are very excited to be entering this partnership with Standard Bank, a major banking player in Africa. We are impressed with their knowledge on China and are keen to explore similar initiatives in other emerging markets where Standard Bank has a strong presence. We look forward to working closely with Standard Bank and hope for a long, fruitful and seamless cooperation."
Founded in March 2002, China UnionPay is China's only domestic credit card organization and interbank network in China excluding Hong Kong, Macau and Taiwan, linking the ATMs of all major state banks and many smaller commercial banks throughout mainland China. By the end of 2008, 196 CUP domestic member banks issued more than 1.8-billion cards.
Standard Bank is a leading credit card and debit card issuer in South Africa. Every month, in excess of 9-million transactions are made through Standard Bank's merchant POS networks.
According to South African Tourism Bureau, some 47,000 Chinese tourists visited South Africa in 2007, an 13% increase compared with 2006, making South Africa one of the fastest-growing Chinese tourist destinations. The World Cup due in 2010 is expected a much bigger number of tourists including Chinese to explore the country's best sites as well as watch the games.
About China UnionPay
Headquartered in Shanghai, China UnionPay (CUP) was founded in March 2002. It is a bankcard association established with the approval of the State Council and under the approval of the People's Bank of China.
As the central and pivotal part of bankcard industry in China, CUP underpins the development of Chinese bank-card industry. At present, CUP has made itself a bankcard association with more than 200 domestic and overseas members serving not only China but also more and more countries and regions. The acceptance network of CUP cards covers nationwide, and is extended to many countries and regions in Asia, Europe, America, Africa and Oceania.
By the end of 2008, 196 CUP domestic member banks issued more than 1.8 billion cards. The number of domestic CUP merchants totaled 1.18 million with 1.85 million POS terminals, and ATMs reached nearly 160 thousand, increased by 7.8, 8.4 and 4.2 times respectively over the end of 2001 (prior to CUP's establishment).
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